Ahead of Friday's speech, futures markets had priced in about a 75% chance of a rate cut at the next Fed meeting, but Chair Powell’s speech will lead to falling mortgage rates as bond market investors will now fully price in a September 17 rate cut.| 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
15% of home purchases fell through last month—the highest July rate on record—as high homebuying costs made buyers skittish.| 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
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
Redfin publishes estimates on the number of homebuyers and sellers active in the U.S. housing market via reports on our news site and a dashboard on our data center. This post details the methodology behind our analysis. The estimated number of sellers in the market is simply the number of active listings in the MLS. […] The post Methodology: Estimating the Number of Buyers and Sellers in the Housing Market 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 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
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
Florida’s condo market is faltering as the increasing intensity of natural disasters pushes up home insurance costs, and HOA fees soar in the wake of the 2021 Surfside condo collapse.| Redfin Real Estate News
The U.S. counties most endangered by flooding, fire and heat have seen more people move in than out over the past two years.| 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
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
An additional 30% of baby boomers who own their home say they’ll hold onto it for at least a decade.| 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
Mortgage rates will remain steady after the Fed left rates unchanged at its June meeting, as expected. The Fed maintained a forecast of two rate cuts in the second half of 2025, but a growing number of Fed officials also predicted no rate cuts this year, reflecting the growing uncertainty about the path of the economy.| Redfin Real Estate News
New listings have hit their lowest level of any early June on record, limiting home sales and keeping prices afloat.| Redfin Real Estate News
The percentage of U.S. home purchases made in cash fell to 32.6% in 2024, a three-year low, as the total number of all-cash purchases dropped to its lowest level in a decade. Florida homebuyers were most likely to pay cash.| 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
Rents have been falling most of the past year thanks to an increase in new construction, but permits for new apartment buildings are slowing. It’s too early to assess the impact of federal government layoffs on the D.C. housing market, but rents could fall more if significant numbers of workers move away.| Redfin Real Estate News
Developers obtained permits to build 12.4 multifamily housing units for every 10,000 people in the U.S. over the past year—down 27.1% from the pandemic building boom and down 5.5% from before the pandemic.| Redfin Real Estate News
U.S. investor purchases fell 4% year over year in the fourth quarter. In parts of Florida, investor purchases fell much more: They were down 28% in Orlando and 21% in Miami.| 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
The typical home bought in the U.S. hit a record age of 36 years in 2024—up from 27 years in 2012. Buyers pay less for older homes (over 30 years old) than for newer homes (under five years old), but the gap is shrinking.| 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
21% of listings were affordable to the typical household, down from 40% in 2021. White households had three times as many options as Black households.| Redfin Real Estate News
The typical home costs an estimated 25% more to own than rent, but buying is more affordable in Detroit, Philadelphia, Cleveland and Houston.| Redfin Real Estate News
Prices are falling by double digits in the Bay Area and rising by double digits in South Florida–a gap that’s near a 30-year high. The wild pandemic-era housing market made price growth trends more local than they had been since 2009.| Redfin Real Estate News
14 of every 1,000 homes changed hands in the first half of 2023, compared to 19 of every 1,000 during the same period in 2019. The pandemic homebuying boom depleted supply, and it hasn’t been replenished because homeowners are hanging onto their relatively low mortgage rates. Turnover has declined most for large suburban houses.| Redfin Real Estate News
Sellers gave concessions to buyers in a record 46% of home sales during the three months ending February 28, up from 31.1% one year earlier.| Redfin Real Estate News
The typical home purchased in high-opportunity neighborhoods went for $470,000 last year—$130,000 more than the typical home in low-opportunity areas.| 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
Keeping up with economic news these days is no small feat, but Redfin’s economics team helps us make sense of it all. In a recent Q&A session for current and prospective Redfin agents, our experts broke down the headlines to highlight what really matters in the housing market right now. In this recorded session, […]| 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
Rising Mortgage Rates Haven’t Yet Slowed Pending Sales | Redfin Real Estate News
Mortgage Rates Won’t Budge Much After Warmer-Than-Expected CPI Report | Redfin Real Estate News
Nationwide, the median apartment asking rent rose roughly 1% year over year in June to the highest level since 2022.| 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
