Since real estate brokerage Redfin started taking records, fewer homes were available for sale in the United States in May 2023 than in any other month. The number of homes for sale declined by 7.1 percent year-over-year in May 2023 on a seasonally adjusted basis to 1.4 million units, according to a June 21 Redfin…
Number of US Homes For Sale Plunges to Lowest Level Since 2012
June 24, 2023
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US Homes for Sale Fall Nearly 40 Percent Amid Tight Market Conditions
June 16, 2023
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The number of homes for sale has declined from pre-COVID-19 pandemic levels, with high mortgage rates discouraging prospective sellers from putting their properties on the market, said real estate brokerage Redfin. There are now 39 percent fewer homes for sale on the market compared to five years ago in June 2018, according to a June…
‘Constrained’ Home-Purchase Activity: Mortgage Applications Register Fourth Consecutive Weekly Drop
June 8, 2023
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Mortgage applications have fallen for the fourth straight week amid elevated mortgage rates, according to a recent report by the Mortgage Bankers Association (MBA). The volume of mortgage loan applications fell by 1.4 percent for the week ended June 2, on a seasonally adjusted basis, said an MBA press release on June 7. On an…
US Mortgage Rates Hit 6-Month High as Home Sales Decline
May 26, 2023
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Mortgage rates in the United States have hit the highest level in six months while loan applications and home sales are declining. The average 30-year fixed-rate mortgage rate hit 7.12 percent on May 25, according to a May 25 post by Mortgage Daily News (MDN). The previous high of 7.10 percent was hit on March…
Monthly Mortgage Payments Could Spike 20-40% Over Next 3 Years: Bank of Canada
While a large number of mortgage holders have seen their monthly payment rates jump over the past year due to rising interest rates, the Bank of Canada (BoC) says the impact could become greater and more far-reaching over the next three years as average mortgage payment rates could spike by up to 40 percent. The…
Housing Payments Rise Across US Despite Fall in Home Prices
April 22, 2023
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Even though U.S. home prices have fallen by their biggest margin in over ten years, monthly housing payments have hit a record high, according to real estate brokerage Redfin. Median home-sale price fell 2.6 percent from a year back during the four weeks ending April 16, Redfin said in a press release Thursday—the biggest decline in…
High Mortgage Rates Dampen Home Buying Amid Limited Inventory
April 7, 2023
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High mortgage rates have dampened home-buying demand, although a dwindling inventory has resulted in available properties selling out fast in some parts of the country. In the four weeks ended April 2, new listings declined by 21.8 percent compared to a year earlier, according to a news release on April 6 by real estate brokerage Redfin. This…
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