Housing Supply Drops Most in 2 Years as Low Demand Spooks Sellers
Existing-home sales should end 2025 roughly in line with 2024—the slowest year since 1995—but the outlook could improve if mortgage rates fall further.| Redfin Real Estate News
Existing-home sales should end 2025 roughly in line with 2024—the slowest year since 1995—but the outlook could improve if mortgage rates fall further.| Redfin Real Estate News
Condo inventory is soaring and pending sales are dropping in major Florida and Texas metros like Miami, Jacksonville, Austin and San Antonio, causing prices to decline. Surging HOA fees, high insurance costs and destructive natural disasters are making buyers question the feasibility of owning a condo.| Redfin Real Estate News
Condo sales dropped 12%—more than three times as much as sales of single-family homes—amid rising HOA fees and insurance costs.| Redfin Real Estate News
There are roughly 500,000 more home sellers than buyers, meaning buyers have negotiating power. But the tables could turn if mortgage rates fall further.| Redfin Real Estate News
Pending home sales are up just 0.8% from a year ago, with many house hunters hoping rates will drop more. But if that happens, sellers would regain the upper hand and home prices would likely rise more.| Redfin Real Estate News
Last Week In A Nutshell Geopolitical tensions and regional bank worries brought rates down last week as investors piled into the safety of Treasuries from the stock market. Upcoming Attractions CPI report (Friday): Originally scheduled for Oct. 15, the CPI data will be released on Friday Oct. 24 to allow the Social Security Administration to […] The post Redfin Economists’ Weekly Take: Inflation Report Unlikely to Stop Fed From Cutting Rates Next Week appeared first on Redfin Real Estat...| Redfin Real Estate News
The typical home that sold last month went for 1.4% less than its final list price—the biggest September discount in six years—as a slow housing market empowered buyers to negotiate. The typical home that sold also spent 50 days on the market—the slowest September pace in nearly a decade. Existing-home sales inched up to the […] The post Homebuyers Are Scoring the Biggest Autumn Discounts Since 2019 appeared first on Redfin Real Estate News.| Redfin Real Estate News
29% of U.S. homebuyers are paying in cash, down essentially unchanged from last year and down from a peak of nearly 35% two years ago due to declining mortgage rates. The typical down payment is climbing, partly because in today’s expensive market, many buyers are affluent. It now sits at a record $70,000, and in […] The post 29% of U.S. Home Purchases Are Made in Cash, Essentially Flat From a Year Ago appeared first on Redfin Real Estate News.| Redfin Real Estate News
California compounds and Colorado ski houses made up the lion’s share of September’s most expensive home sales. The Green Gables estate in the Bay Area, which consists of seven houses on 74 acres, was the most expensive home sale of September, bringing in $85 million. It’s followed by an Aspen, CO property that sold for […] The post September’s Most Expensive Home Sales Include Ellen DeGeneres’ Former Montecito Mansion appeared first on Redfin Real Estate News.| Redfin Real Estate News
Even though mortgage rates are sitting near their lowest level in a year, house hunters are spooked by stubbornly high home prices and jitters about a possible recession and the government shutdown.| Redfin Real Estate News
With the Fed out of its blackout period, there is a crowded schedule of Fed speakers this week. The remarks will be analyzed for clues about the potential for rate cuts at the October and December meetings.| Redfin Real Estate News
There are still lots of alternative data sources for economists to parse, but these often come with many more drawbacks than the official government statistics. The main question is what the Fed decides to do if it doesn’t have October data before their October 29 meeting.| Redfin Real Estate News
In response to new controls on rare earth exports, President Trump said that the US would add an additional 100% tariff on Chinese goods beginning November 1. Ten-year treasury yields dropped about 10 bps on the news while global equities fell.| Redfin Real Estate News
The impact of a government shutdown on the housing market would be fairly limited, though potentially larger in the Washington D.C. area—especially if the shutdown coincided with a reduction-in-force.| Redfin Real Estate News
Mortgage rates will remain mostly steady after the Fed executed the already priced-in 25 bps cut and painted a muddy picture in their projection for future rate cuts.| Redfin Real Estate News
The housing market was worth $45 trillion at the end of 2022, down 5% from the June record high—the largest June-to-December drop since 2008.| Redfin Real Estate News
The combined value of U.S. homes climbed to $49.7 trillion in 2024. Two upstate New York metros—Albany and Rochester—had the fastest growth in aggregate home value, while Florida metros grew more slowly. San Diego and Seattle look set to join eight other metros with homes worth $1 trillion in 2025.| Redfin Real Estate News
The typical home that sold in August went for nearly 4% under its asking price–the steepest discount for that month since 2019.| Redfin Real Estate News
Luxury home sale prices rose 3.9% year over year to a median $1.25 million, a record high for the month of August, but down from the all-time high of $1.35 million in March, a month when prices are typically higher.| Redfin Real Estate News
Starter-home sales increased 3.8% year over year, rising for the 12th consecutive month to the highest August level in three years. In comparison, sales of mid-price homes fell 0.6% year over year in July, while high-price homes) fell 1.2%. Sales of mid- and high-price homes have declined year over year each month since February.| 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
Homebuyers, take note: Many listings are selling for under asking price, and most are lingering on the market. Florida homebuyers are seeing the biggest discount.| Redfin Real Estate News
The typical home that sold in January sat for 56 days—the longest of any January since 2020—as mortgage rates hit an 8-month high.| Redfin Real Estate News
The five U.S. metro areas where pending sales are falling most are all in Florida, though the declines are easing in some metros.| Redfin Real Estate News
New listings are still rising, allowing some buyers to get deals.| Redfin Real Estate News
The $469,729 median asking price is 9% higher than the $431,057 median sale price—the largest gap since 2020.| Redfin Real Estate News
Renters need to earn $63,680 to afford the median asking rent for a U.S. apartment—the lowest income required since early 2022. Texas metros Austin, Houston and Dallas are the most affordable for renters, while Providence, Miami and New York are the least affordable.| 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
Some sellers are reacting by, well, not selling; active listings posted the largest monthly drop since 2023.| Redfin Real Estate News
U.S. home prices nudged 0.1% lower in July on a seasonally adjusted basis—the third consecutive month that prices posted a monthly decline. On a year-over-year basis, price growth slowed to 2.9%, the lowest rate recorded in Redfin Home Price Index (RHPI) data going back to 2012.| Redfin Real Estate News
The upcoming week looks to be very quiet on market-moving economic events as economists eagerly await the next jobs report on September 5.| Redfin Real Estate News
Most homeowners have a mortgage rate far below today’s levels, prompting many to stay put, but this lock-in effect is starting to ease.| 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
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
2.3% of homes listed in the third quarter were marked sold or pending the same day they were listed, up from 1.5% two years earlier.| 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
Condo prices are up 5% year over year in inland Florida, but down a respective 5% and 3% on Florida’s Gulf Coast and Atlantic Coast.| 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
At no other point on record have sellers outnumbered buyers this much. Home prices will likely fall as a result.| Redfin Real Estate News
71% of Seattle sellers are giving concessions–the highest rate among the metros Redfin analyzed and nearly double the share from a year ago.| 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
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
U.S. home prices are growing half as fast as they were at the end of last year.| Redfin Real Estate News
A Redfin survey found that over 10% of Florida and California respondents have been dropped by their insurance companies.| Redfin Real Estate News
HOA dues are up more than 15% in Tampa, Orlando and Fort Lauderdale, compared with a median gain of 6% across the metros Redfin analyzed.| Redfin Real Estate News
Redfin’s Economics Lead Chen Zhao outlines what buyers, sellers and renters should be considering during periods of economic turmoil.| Redfin Real Estate News
The Court of International Trade has ruled that the White House cannot use the International Emergency Economic Powers Act to broadly implement tariffs. Mortgage rates are unlikely to move much in the near future because the administration has other options to implement tariffs. If most, or all, of the tariffs were called off, however, mortgage rates would likely fall.| Redfin Real Estate News
With rates now close to 7%, many homeowners aren’t moving, which is intensifying a shortage of homes for sale.| Redfin Real Estate News
The number of homes on the market in the Sunshine State rose 23% year over year to a record high in January.| Redfin Real Estate News
The Homes Americans are Buying are Older Than Ever | Redfin Real Estate News
The Price of Opportunity: Homes Cost 38% More in Neighborhoods That Offer the Best Shot at Upward Mobility | Redfin Real Estate News
Over half of home listings last month sat on the market for at least 60 days—the highest November share since 2019—creating a pileup of stale inventory.| Redfin Real Estate News
Redfin’s economists expect there will be more home sales in 2025, largely due to pent-up demand. But some would-be homebuyers will still be priced out, with home prices climbing and mortgage rates remaining near 7%. Rental prices, on the other hand, should stay flat while wages increase, improving affordability for renters.| Redfin Real Estate News
Rental Market News All Reports| Redfin Real Estate News
2024 Local Election Results Show Voters are Willing to Spend Big on Affordable Housing | Redfin Real Estate News
A much stronger-than-expected September jobs report will push mortgage rates up significantly today. Debate about Federal Reserve rate cuts will now shift from choosing between a pace of 25 bps or 50 bps cuts each meeting, to choosing between 25 bps each meeting or 25 bps every other meeting. Ultimately, the answer will be determined by data in upcoming months, clarifying how weak the labor market is.| Redfin Real Estate News
The pros and cons of owning a home versus renting one are changing along with the climate. Here are seven key considerations for anyone deciding to rent versus buy.| Redfin Real Estate News
Federal Reserve Chair Jerome Powell told the central bank’s annual gathering on Friday that “the time has come for policy to adjust,” all but confirming the Fed will cut rates at its next policy meeting on September 18.| Redfin Real Estate News
Roughly One-Third of Renters Have an Apartment That Costs Less Than $1,000 a Month—the Lowest Share on Record | Redfin Real Estate News
The March inflation report came in hotter than expected, which means the Fed is highly unlikely to cut interest rates in June–and could mean the Fed only cuts rates once this year. The news is already pushing up mortgage rates.| Redfin Real Estate News
Mortgage Rates to Fall a Little After Weak Jobs Report, But All Eyes on Election | Redfin Real Estate News
Active listings: The total number of listings of homes for sale that were active at any point during a given time period. Age of inventory: The typical (median) number of days that active listings of homes for sale have been on the market during a given time period. Average sale-to-list price ratio: A measurement of […]| Redfin Real Estate News
From Our Economists| 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 April jobs report is a step in the right direction for homebuyers. It should cause mortgage rates to decline slightly and puts 2024 rate cuts more solidly on the table–but the next inflation report will be more significant for the direction of rates.| Redfin Real Estate News
In their May 1 meeting, the Fed held interest rates steady and didn’t take the possibility of rate cuts later this year off the table. For homebuyers, the meeting shouldn’t move the needle on mortgage rates; the more important piece of economic news will be the next inflation report.| 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
Asking rents were up over 30% in Cincinnati, Seattle, and Nashville and nearly 50% in Austin.| Redfin Real Estate News
View and download the latest housing market data from Redfin, including home prices, sales, inventory, new listings, and days on market.| Redfin Real Estate News
