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
Homebuyers are more likely than renters to use stock investments to pay for housing, according to a Redfin survey. With stock values dropping, would-be homebuyers may back off as their bank accounts shrink and their confidence in the economy is shaken.| 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
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
More than $330 billion worth of listings have been sitting on the market for 60 days or longer. Rising inventory and slow homebuying demand is pushing up the total dollar amount of home listings, and will push down home-sale prices by the end of the year.| Redfin Real Estate News
Mortgage rates are forecasted to stay elevated near 7%.| Redfin Real Estate News
The jump in housing supply put downward pressure on prices, which grew at the slowest pace in nearly two years last month.| Redfin Real Estate News
More than half (55%) of survey respondents are less likely to make a major purchase this year, including 39% who are “much less likely.” More than a third of people do not have an emergency fund to cover mortgage or rent payments in the event of a personal financial crisis, like losing their job.| Redfin Real Estate News
More than one-third of home purchases in February were made with all cash. That's not far from the record high.| 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