Housing Costs Will Affect Voters In November

Housing Costs Will Affect Voters In November

More than half of homeowners and renters will partly base their choice for President on housing affordability. That’s according to a new survey commissioned by Redfin and conducted by Qualtrics last month.  The survey found that 53.2% of respondents will be informed by housing in November’s presidential election. On top of that, 64.2% of homeowners…

Election 2024: Biden’s Housing Problem
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Election 2024: Biden’s Housing Problem

By KIMBERLEY HAAS With just weeks left before the Iowa caucus and the presidential primary in New Hampshire, home affordability is weighing on the minds of voters and at least one leading economist says the issue could take center stage as the race for the White House heats up. Daryl Fairweather, chief economist for Redfin,…

What Will It Take To Get Millennials In Homes?
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What Will It Take To Get Millennials In Homes?

Despite being the largest cohort of potential homebuyers in the country, Millennials are lagging behind other generations in purchases. That applies to Baby Boomers now – who are snatching up the few homes for sale thanks to home equity and greater savings – and Boomers when they were the same age as Millennials today. Just…

Home Values Slip For Second Month Straight
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Home Values Slip For Second Month Straight

The value of a typical American home dropped for the second straight month, down 0.3% from July to August in the largest monthly dip since 2011. Zillow’s latest market report found that affordability is directing market declines, with lower-priced homes staying hotly competitive while expensive markets see drastic declines. The U.S. typical home value is…

Americans Predict A Housing Market Crash– And Zoomers Are Hoping For It

Americans Predict A Housing Market Crash– And Zoomers Are Hoping For It

As the housing correction continues, most Americans have a gloomy outlook for the market’s future. A ConsumerAffairs survey found that 78% of Americans expect the housing market to crash and soon. More than half of baby boomers said they believe 2023 will bring a housing crisis. Most Zoomers went so far as to say they’re…

Housing Market Cooling To Feb 2020 Levels
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Housing Market Cooling To Feb 2020 Levels

Zonda’s New Home Pending Sales Index for June 2022 finds the housing market cooling to levels seen in February 2020. The New Home PSI posted a reading of 125.5 for June, down 7.5% YOY and 27.9% below cycle highs. It measures new home orders and average sales rate per community. New home sales dropped month-over-month…

June Home Purchase Apps Down 12% YOY

June Home Purchase Apps Down 12% YOY

New home purchase applications fell 12% YOY in June, and were down 10% from May, according to the Mortgage Bankers Association’s (MBA) Builder Application Survey. New single-family home sales ran at a seasonally-adjusted annual rate of 620,000 units in June, down 14.7% from May’s pace of 727,000 units. The unadjusted rate was estimated to be…

Inventory Rebounded In June
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Inventory Rebounded In June

Housing inventory rebounded in June, rising 2% across the country, according to a new report from Redfin. This is the first annual inventory increase since July 2019. Rising mortgage rates, home price appreciation, and a looming recession have pushed some potential homebuyers to the sidelines. Home sales were down almost 16% YOY, the largest drop…

Consumer Sentiment On Housing Hits Lowest Level Since May 2020
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Consumer Sentiment On Housing Hits Lowest Level Since May 2020

By KIMBERLEY HAAS Consumers across the country continue to report difficult homebuying conditions due to inflation, higher mortgage rates, and home price appreciation. Doug Duncan, Fannie Mae Senior Vice President and Chief Economist, says that in April their Home Purchase Sentiment Index fell to its lowest level since the spring of 2020. The percentage of…

More Sellers Are Dropping Asking Prices As Monthly Mortgage Payments Rise 42% YOY

More Sellers Are Dropping Asking Prices As Monthly Mortgage Payments Rise 42% YOY

As affordability declines, the hot housing market is starting to see signs of cooling. In April, 15% of home sellers dropped their asking prices, a 5.9% YOY increase, Redfin reported. The increase is a six-month-high and the largest annual gain on Redfin’s record, which dates back to 2015. But buyers still outnumber sellers, so the…

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