WRE News July 30, 2023
Buyer
New listings of homes for sale dropped 19% year over year during the four weeks ending May 7, according to data from Redfin (NASDAQ: RDFN). As a result of the inventory shortage and mortgage rates that remain above 6%, there were 16% fewer pending home sales than one year earlier.
But despite the inventory crunch, Redfin reported pending sales have increased over the last week, as they typically do this time of year, and mortgage-purchase applications are up 5% on a seasonally adjusted basis. Nearly half of the homes that sell are purchased within two weeks of being listed and that share has increased over the last month – an atypical situation for this time of year. The median home sale price was $370,625, down 2.7% from a year earlier; this marked the 11th-straight four-week period of declines.
“This spring’s housing market is hot but cold, with scant listings making it less active than usual but fast and competitive at the same time,” said Redfin Deputy Chief Economist Taylor Marr. “The good news is that buyers are out there, trying to find a seat in a game of musical chairs. The bad news is there aren’t enough chairs.”
Marr added, “A lot of potential home sales are locked up until mortgage rates come down to a level for which current owners would be willing to trade in their 3% rate. The problem is that’s unlikely to happen anytime soon, as although inflation is steadily coming down from last year’s record-high levels, it’s still above target.”
Stay up to date on the latest real estate trends.
Lifestyle
July 26, 2024
A trip to Paris wouldn’t be complete without indulging in France’s most iconic culinary delights, from buttery croissants to fine cheeses and wine.
Buyer
July 26, 2024
Two newly published data reports are offering very different views on the best markets for rental housing.
Buyer
July 25, 2024
When 51-year-old Pazit Aviv walks her dog in her Silver Spring, Md., neighborhood, it takes an extra 30 minutes as she inevitably gets lost in an impromptu chat with a… Read more
Buyer
July 25, 2024
If you’re in the market to buy a home, there’s some exciting news for you.
Lifestyle
July 24, 2024
The success of a food or drink business is predicated on many things—quality, flavor, price and market reach, to name a few—but in a world plagued by climate change, w… Read more
Buyer
July 24, 2024
Even though data shows inflation is cooling, a lot of people are still feeling the pinch on their wallets.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today