Inventory Piling Up As Buyer Demand Pulls Back

Inventory Piling Up As Buyer Demand Pulls Back

As buyer demand pulls back, inventory is increasing, causing houses for sale to pile up on the market with nowhere to go. Redfin reported that there are five months of for-sale supply on the market, up from 4.4 months at the same time last year and the most stock available since 2019. What would typically…

Falling In Love With A Home Seals The Deal For Young Couples
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Falling In Love With A Home Seals The Deal For Young Couples

By CHUCK GREEN Something’s lingering in the air, and what we seem to have here flaunts all the earmarks of, what else? Love. With Valentine’s Day right around the corner, thoughts turn to heaping bouquets of flowers, generously sprinkled with a frenzy of vivid bright colors, and, of course, chocolates for the house. Speaking of…

Lock-In Slowly Melting As More Buyers Accept Higher Rates

Lock-In Slowly Melting As More Buyers Accept Higher Rates

The rate lock-in effect is slowly melting away as homeowners find they can’t avoid near-7% rates. Across the country, 17.2% of homeowners have mortgage rates greater than or equal to 6%, the highest share since 2016, according to new data from Redfin. This is up almost 5% from 12.3% in Q3 2023. Redfin suggests this…

Pending Sales Improved Post Fed Rate Cut

Pending Sales Improved Post Fed Rate Cut

Home sale activity is finally rising in some areas of the country as buyers take advantage of a cooling rate period. Pending home sales rose 2% YOY in the four weeks ending October 6, Redfin reported. This is the biggest increase in three years. Early-stage demand indicators are also improving, with tours and other buying…

September Saw Refis, Pending Sales Improve
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September Saw Refis, Pending Sales Improve

September was a turning point for demand, as cooling rates sent refinances soaring and cautious potential buyers stepped out of the shadows. Mortgage lock volume increased 3.17% month-over-month, according to a new analysis from Mortgage Capital Trading. “This data signals a potential shift in strategy for loan officers, who are increasingly targeting borrowers looking to…

With Election Coming, U.S. Sees Lowest Home Turnover Rate In Decades

With Election Coming, U.S. Sees Lowest Home Turnover Rate In Decades

By KIMBERLEY HAAS Just 2.5% of U.S. homes changed hands in the first eight months of 2024 as elevated mortgage rates, low inventory, and political uncertainty kept people in place. According to a new report from Redfin, this is the lowest turnover rate in decades. In comparison, the turnover rate was 4% in 2021 and…

Down Payments Are Getting Bigger As Unaffordability Strains Buyers

Down Payments Are Getting Bigger As Unaffordability Strains Buyers

Down payments are getting bigger as home prices inflate and buyers strive to lower their monthly payments while competing with cash offers. The typical homebuyer put down 18.6% of the purchase price, new Redfin data showed, totaling more than $67,000 and up from 15% last year. Almost three in five buyers put down at least…

Monthly Housing Payments Are Down $250 From April

Monthly Housing Payments Are Down $250 From April

Buyers are paying less per month on housing than in April, and even better results are on the horizon. Redfin reports that the typical buyer’s housing payment was $2,588 during the four weeks ending August 11, almost $250 below April’s all-time high and up only 1% year-over-year. This is the smallest YOY increase in the…

Applications Turn Tail As Price Appreciation Deters Buyers

Applications Turn Tail As Price Appreciation Deters Buyers

Mortgage applications reversed course last week, turning down after getting a refi-inspired boost the week prior. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — fell by 2.2%, cutting into its 3.9% increase. Adjusted purchase applications decreased by 4%, while the unadjusted…

Existing-Home Sales Tanked In June As Seller’s Market Corrects

Existing-Home Sales Tanked In June As Seller’s Market Corrects

Existing-home sales continued to their downward spiral in June as buyers take a “wait and see” approach to cooling rates. Existing sales plummeted by 5.4% last month to a seasonally adjusted annual rate of 3.89 million, according to the National Association of Realtors. They were down the same amount YOY. The slump came as the…

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