Tag Archives: Sale-to-list price ratio

“There’s a fair amount of demand for lower-priced single-family homes, which in this area means around $400,000 and under,” said Redfin Premier Agent Brynn Rea.

“Even though buyers are trepidatious about high mortgage rates, we’re seeing bidding wars in several pockets of the market because there are so few options and even fewer good options,” said Redfin Premier Agent Jordan Hammond.

According to HouseCanary's latest Market Pulse report, net new listing volume continues to trail behind contract volume, putting further downward pressure on housing inventory and dampening market activity nationwide.

Due to a significant lack of homes for sale, the median U.S. home-sale price is down 0.9% year-over-year, according to a new housing market update from Redfin, representing the smallest decline in nearly four months.

"Although a lot of homebuyers have acclimated to rates in the 6% range and many are finding ways to lower their monthly payments, like using a 2-1 buydown, high rates are handcuffing potential sellers,” said Redfin Deputy Chief Economist Taylor Marr.

This number is just above recorded lows set in January 2023.

While spring is typically a hot homebuying season, new listings of homes for sale dropped 19% year-over-year in May, according to a new report from Redfin, leaving homebuyers circling an even smaller pool of listings.

“The collapse of three banks in March coupled with additional rate hikes from the Fed could have significant implications for mortgage rates heading into the spring buying season,” said Jeremy Sicklick.

As a result of slowing market activity and steadily increasing interest rates, a new HouseCanary report revealed early signs of housing market activity growth halted due to the latest round of rate hikes.