Newly Listed Homes in Short Supply, Down 12% in January
Home sales posted strong monthly gains despite rising mortgage rates and record-low supply.
Tim Ellis has been analyzing the real estate market since 2005, and worked at Redfin as a housing market analyst from 2010 through 2013 and again starting in 2018. In his free time, he runs the independently-operated Seattle-area real estate website <a href="https://seattlebubble.com/" title="Seattle Bubble"><em>Seattle Bubble</em></a>, and produces the <a href="https://dispatches.fm/" title="Dispatches from the Multiverse">"Dispatches from the Multiverse" improvised comedy sci-fi podcast</a>.
Home sales posted strong monthly gains despite rising mortgage rates and record-low supply.
Portland and Austin saw the largest increases, with rents surging more than 30% year over year.
A record 57% of homes sold in two weeks and the typical monthly mortgage payment soared to a new high, approaching $2,000.
People who need to move now are pinched by rising mortgage rates, sky-high home prices and rising rents.
Redfin economists predict mortgage rates will hit 3.9% by the end of the year. At that level, homebuyers could afford a $382,250 home on $2,000
Despite a dearth of homes for sale and the typical monthly mortgage payment reaching a new high, homebuyers are eager to get their foot in the door before mortgage rates tick up further.
Home sales posted strong monthly gains despite rising mortgage rates and record-low supply.
Portland and Austin saw the largest increases, with rents surging more than 30% year over year.
A record 57% of homes sold in two weeks and the typical monthly mortgage payment soared to a new high, approaching $2,000.
People who need to move now are pinched by rising mortgage rates, sky-high home prices and rising rents.
Redfin economists predict mortgage rates will hit 3.9% by the end of the year. At that level, homebuyers could afford a $382,250 home on $2,000
Despite a dearth of homes for sale and the typical monthly mortgage payment reaching a new high, homebuyers are eager to get their foot in the door before mortgage rates tick up further.