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…
High Mortgage Rates Dampen Home Buying Amid Limited Inventory
April 7, 2023
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Mortgage Demand Drops to Lowest Level in 26 Years as Housing Market Slump Continues
January 5, 2023
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Mortgage demand has fallen in the past two weeks to its lowest level since the 1990s as elevated mortgage rates and fears of a recession take a toll on the market, according to latest data from the Mortgage Bankers Association (MBA). The Market Composite Index, which measures the volume of mortgage loan applications, fell 13.2…
Home Sales Plunge Over 30 Percent in Biggest Drop on Record: Redfin
January 3, 2023
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Sales of luxury and non-luxury homes fell by more than 30 percent in the three months ended Nov. 30, with price growth nationwide slowing down, among which Californian metropolitan areas saw some of the biggest sales declines, according to real estate brokerage Redfin. Luxury home sales fell by 38.1 percent during the period year over…
Total Number of Homes for Sale Jumps by Record Amount as Housing Market Slowdown Continues
December 9, 2022
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Home sale numbers in the United States rose by a record, while new listings fell amid a slowing down in the housing market, according to real estate brokerage firm Redfin. There was a 15 percent increase in the total number of houses available for sale for the week ended Dec. 4 when compared to a…
Home Prices Will Fall for First Time in 10 Years: Real Estate Brokerage
December 8, 2022
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Yearly home prices in the United States are set to fall next year for the first time in a decade, with residential property sales also declining, according to real estate brokerage Redfin. The median home sales price is expected to drop by 4 percent to $368,000 in 2023, which will be its first annual decline…
Homebuilder Sentiment Falls to Low Levels as Buyer Traffic Evaporates
November 16, 2022
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Homebuilder sentiment in newly built single-family homes dropped in November as prospective buyers shied away from making a purchase due to high costs, according to the National Association of Home Builders (NAHB). The NAHB/Wells Fargo Housing Market Index (HMI), which measures homebuilder sentiment, declined five points, to 33, and registered the 11th consecutive monthly decline,…
Mortgage Demand Drops as Rates Rise to 7.14 Percent, Near Highest Level Since 2001
November 10, 2022
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With interest rates remaining high, demand for mortgages dropped during the week ended Nov. 4, according to the latest data from the Mortgage Bankers Association (MBA). The Market Composite Index, which measures mortgage loan-application volume, fell 0.1 percent from a week ago on a seasonally adjusted basis, according to an MBA press release on Nov. 9….
Homebuilders Worried About Steeper Downturn in the Housing Market
November 1, 2022
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As the housing market cools down, homebuilders are concerned that the downturn might be too steep for them to handle. The COVID-19 economy was a good time for homebuilders as low interest rates and higher demand saw home prices spike by more than 40 percent in two years. But now that mortgage rates are elevated,…
Real Estate Firm Predicts Sharpest Turn in Housing Market Since 2008 Crash
September 16, 2022
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The average rate for a 30-year fixed mortgage topped 6 percent this week for the first time since the financial crisis of 2008–09, making it difficult for buyers as well as considerably softening the sellers’ grip on the market. Mortgage lender Freddie Mac reported on Sept.15 that the 30-year fixed mortgage rate for the week…
Houses for Sale Are Staying on the Market Longer as Bidding Wars Fizzle, Demand Sinks
July 25, 2022
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Houses in the United States are taking longer to sell as bidding wars have decreased and demand has dipped, according to real estate brokerage firm Redfin. For the four weeks ending July 17, the typical home was on the market for 19 days before being sold, one day more than the same period in 2021,…
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