Housing Market
All Reports
November 28, 2022
Places where home prices shot up due to out-of-towners moving in with big budgets are now seeing prices rapidly decline. Home-price growth has slowed fastest in pandemic boomtowns including Austin, Phoenix and Boise as high mortgage rates and an uncertain economy deter would-be buyers. Austin’s median price per square foot was up 1.3% year over […]
November 23, 2022
Mortgage-purchase applications and Redfin’s Homebuyer Demand Index both increased as rates stayed around 6.6%, down sharply from 7% earlier this month, saving the typical buyer over $100 in monthly mortgage payments. Still, supply is piling up–posting a record annual increase–as pending sales fell the most on record. We are taking a short break from analysis […]
November 22, 2022
Investors are pumping the brakes—especially in pandemic boomtowns including Phoenix and Las Vegas—as economic uncertainty and the prospect of falling home prices raise the risk of real estate investing. Investor home purchases fell 30.2% year over year nationwide in the third quarter, the largest decline since the Great Recession aside from the second quarter of […]
November 21, 2022
The historic slowdown may ease in the coming months if inflation continues to cool. Pending home sales fell the most on record in October and deal cancellations and price cuts hit record highs as buyers were spooked by the biggest mortgage-rate jump in over four decades. Pending sales dropped 32.1% year over year last month, […]
November 17, 2022
Mortgage rates dropped from over 7% to 6.6% this week on better-than-expected inflation news, bringing some hope to prospective buyers. The largest weekly drop in mortgage rates in four decades, along with the slowest annual home-price growth since the start of the pandemic, is providing some relief for would-be homebuyers’ budgets. Last week’s better-than-expected inflation […]
