Inventory is growing more in Las Vegas than anywhere else in the nation while home sales fall, with many local residents backing off amid economic uncertainty and a faltering tourism industry. The total number of homes for sale in Las Vegas rose 31% year over year in July, the biggest increase of any major U.S. […] The post Las Vegas Housing Supply Rises 31% As Demand Stumbles, Pushing Sale Prices Down Slightly appeared first on Redfin Real Estate News.| Redfin Real Estate News
Declining mortgage rates have pushed monthly payments down to their lowest level since the start of the year, leading to a modest improvement in demand. But Redfin agents report that many prospective buyers are waiting for rates to drop lower before making a move. The weekly average mortgage rate is sitting at 6.58%, its lowest […] The post Pending Home Sales Rise 2% As Mortgage Rates Sit At Lowest Level in 10 Months appeared first on Redfin Real Estate News.| Redfin Real Estate News
There are an estimated 1.43 million homebuyers in the U.S. housing market—the lowest level in records dating back to 2013 aside from the start of the pandemic. That’s making sellers skittish; the number of sellers has dipped by roughly 14,000 since May, falling for the first time in two years. Still, there are 36% more […] The post Homebuyers Have Been Retreating. Now Sellers Are Too. appeared first on Redfin Real Estate News.| Redfin Real Estate News
The difference between mortgage rates and the 10-year treasury yield has narrowed, signaling a potential boost for homebuyers. A decrease in the mortgage spread can cause mortgage rates to fall, even without the Fed cutting interest rates. The gap between 10-year treasury yields and mortgage rates (known as the mortgage spread) has dropped to its […] The post The Mortgage Spread Has Dropped to a 3-Year Low. That’s Good News For Homebuyers and Refinancers. appeared first on Redfin Real E...| 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
The daily average mortgage rate dipped to 6.67% to start July, down from roughly 7.1% five weeks earlier. On-the-fence house hunters should consider jumping in while they have more purchasing power.| Redfin Real Estate News
Home prices, while at a record high for this time of year, are growing at the slowest clip since 2023 because sellers outnumber buyers.| 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
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