Economic Jitters, High Costs Stifle Spring Home Sales
New listings are still rising, allowing some buyers to get deals.| Redfin Real Estate News
New listings are still rising, allowing some buyers to get deals.| Redfin Real Estate News
The median monthly mortgage payment is just $25 shy of its record high, sidelining would-be buyers. But the tide is turning for buyers: Redfin economists expect home prices to decline by the end of the year, and a surplus of listings is motivating sellers to negotiate.| Redfin Real Estate News
With new listings rising and pending sales declining, Redfin agents suggest sellers set their asking price fairly from the start to attract buyers and avoid price drops.| Redfin Real Estate News
The median monthly mortgage payment fell to a seven-month low of $2,631 during the four weeks ending August 10, down more than $200 from its May peak of $2,846. Last week marked the 12th consecutive week that monthly payments either dropped or stayed flat.| Redfin Real Estate News
Pending home sales and mortgage applications improved a bit at the start of April. But since then, the back-and-forth on President Trump’s new tariff policy, rising mortgage rates and the increased odds of a recession have likely pushed down homebuying sentiment.| Redfin Real Estate News
The median U.S. home price rose 5.2% year over year this week, and mortgage rates hit their highest level since November 2023. Prices continue to rise partly because there are still serious buyers searching for homes.| Redfin Real Estate News
Slowing price growth is good news for homebuyers. So are shrinking housing payments, with the median U.S. mortgage payment falling to its lowest level in five months.| Redfin Real Estate News
Soaring housing payments are keeping many homebuyers on the sidelines, but new listings are ticking up and there are signs some house hunters are emerging as we enter spring.| Redfin Real Estate News
While the median home-sale price is sitting at a record high, it’s notably lower than the median asking price. That’s because sellers are open to negotiating in today’s cooling housing market, in which sellers outnumber buyers.| Redfin Real Estate News
The U.S. housing market has tilted in favor of buyers for the first time this decade, with 3.7 months of for-sale supply sitting on the market in January. That's the most since February 2019 and up from 3.3 months a year ago. It’s worth noting that the picture looks different across different areas of the country, with buyers favored across Sun Belt metros, while sellers generally have more power in the Northeast and Midwest.| Redfin Real Estate News
Would-be buyers are sidelined by record-high housing costs and economic instability, allowing inventory to pile up.| Redfin Real Estate News
U.S. home prices are growing half as fast as they were at the end of last year.| Redfin Real Estate News
Pending home sales posted their biggest decline since February during the four weeks ending June 30. The good news for prospective buyers: There are more new listings to choose from, and monthly housing payments are down nearly $100 from their April peak as mortgage rates decline.| Redfin Real Estate News
The median U.S. home price rose 5.2% year over year this week, and mortgage rates hit their highest level since November 2023. Prices continue to rise partly because there are still serious buyers searching for homes.| Redfin Real Estate News
