Tag Archives: Months of supply

While mortgage-purchase applications fell to a 28-year low in August, the median U.S. home-sale price is up nearly 5% year-over-year. Due to a severe lack of inventory, high housing costs continue to dampen homebuying demand, according to a new report from Redfin.

Home prices were up 3% year-over-year, despite stunted demand due to a shortage of homes, as inventory nationwide posts its biggest slide in 18 months.

High mortgage rates have pushed monthly mortgage payments to a record $2,656, as slightly lower rates may escalate competition for the limited number of homes available and push up prices for the foreseeable future.

Today, a monthly budget of $3,000 can afford a home valued at $450,000—a far cry from the $510,000 home it could have purchased a year ago.

Spring is typically a busy homebuying season, but new listings of homes for sale are down 24% from a year ago, according to a new report from Redfin. The total number of homes for sale is also down nearly 10%, representing the biggest drop in over a year.

The first month of the typically hot summer buying season produced less than stellar available home numbers, falling over 7% to a new record low.

According to a new report from Redfin, high home prices and mortgage rates are pushing the monthly mortgage payment on a median-priced home to $2,573.

The average, median-priced home declined a bit more than 0.5%—the first annual drop recorded since 2012.