The typical home that sold in August went for nearly 4% under its asking price–the steepest discount for that month since 2019. One of every six (16.7%) U.S. home sellers dropped their asking price in August, up from 15.9% a year earlier and the highest share for that month in records dating back to 2012. […] The post Home Sellers Are Cutting Prices at a Record Rate to Lure Skittish Buyers appeared first on Redfin Real Estate News.| Redfin Real Estate News
Pending U.S. home sales fell 1% year over year as mortgage rates ticked up after nine straight weeks of declines. Some would-be buyers are hesitant due to economic uncertainty, including jitters about potential layoffs and the government shutdown. Pending U.S. home sales fell roughly 1% from a year earlier during the four weeks ending September […] The post Pending Home Sales Slide, But There Are Bright Spots: Buyers Have Bargaining Power, Starter-Home Sales Improving appeared first on Redf...| Redfin Real Estate News
The typical U.S. luxury home sold for $1,250,000 in August, up 3.9% from a year earlier. Luxury home sales fell 0.7% to the lowest August level in Redfin’s records, which go back to 2013. Non-luxury home sales also fell (-0.6%) to the lowest August level on record. The typical luxury home sold in 46 days […] The post Typical U.S. Luxury Home Price Rises 4% to $1.25M as Sales Fall to Lowest August Level in Over a Decade appeared first on Redfin Real Estate News.| Redfin Real Estate News
The median sale price of starter homes hit a record $260,508 in August, up 2.2% from a year earlier. Starter-home sales grew 3.8% year over year, rising for the 12th consecutive month to the highest August level in three years. In comparison, sales of mid- and high-price homes fell 0.6% and 1.2% respectively. Providence, RI […] The post Starter-Home Sales Up 4% as Demand for Higher-Priced Options Stumbles appeared first on Redfin Real Estate News.| Redfin Real Estate News
The share of mortgaged U.S. homeowners with a rate of at least 6% rose to 19.7% in the second quarter, the highest level since 2015. And with the weekly average mortgage rate fluctuating above 6% since September 2022, that share is growing steadily—rising between 0.8ppts and 1.4ppts each quarter for the past two years.| 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
Four of last month’s most expensive home sales were in Southern California, five were in coastal Florida and one was on Martha’s Vineyard.| 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
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
1 in 7 deals fell through last month. The share was higher in much of Florida—home to 5 of the 10 metros with the highest cancellation rates.| Redfin Real Estate News
Mortgage rates are forecasted to stay elevated near 7%.| 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
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
Homebuyers on a $3,000 monthly budget have gained over $20,000 in purchasing power since mortgage rates peaked in the spring.| 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
Empty-nest baby boomers own 28% of the nation’s large homes, while millennials with kids own just 14%. Empty nesters take up a lot of large homes because affordability was better when they were young, and there’s no financial incentive to sell now.| Redfin Real Estate News
That's down from 21% in 2022 and over 40% before the pandemic homebuying boom. Fortunately, housing affordability is expected to improve in 2024.| Redfin Real Estate News
