Tag Archives: Price drops

As Americans continue, "grappling with limited purchasing power," according to Redfin Senior Economist Sheharyar Bokhari, housing supply remained below pre-pandemic levels in December, preventing home prices from dropping further as buyers continue to compete for a limited supply of homes for sale.

A new report notes that 2023 foreclosure filings were up from 2022 but still below pre-pandemic levels. "Reflecting on 2023, we see the recent rise in foreclosure activity as a market correction rather than a cause for alarm. It signals a return to more traditional patterns after years of volatility," said Rob Barber, CEO at ATTOM.

While the total number of listings is down year-over-year, a new Redfin report revealed that mortgage applications are rising as more home sellers list their homes on the market, offering buyers a lower rate from their October-high and more inventory to choose from.

While seasonal price trends typically place downward pressure on rents throughout the fall and winter, it may be no surprise that rents dropped in November, according to a new Rent. report. Asking rents have declined year-over-year in three of the last four months.

While nearly 40% of total U.S. residents live in coastal regions, a new CoreLogic report revealed that approximately 41 million U.S. residents face the risk of flooding along rivers and streams. Click here to see how flood risk impacts overall home values in the Sunshine State.

While a slight increase in new listings offers potential buyers more housing inventory to choose from, Redfin has found that many are backing out of the market, as mortgage rates sit near levels last seen two decades ago.

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.

While pending home sales rose a meaningful 0.7% in July, overall, this number is only marginally better than its low point hit in March earlier this year.

As the total number of homes for sale declined 11% from a year earlier, a new report from Redfin revealed the typical U.S. home is now selling for an estimated $4,000 less than last year’s all-time high, while new listings fell nearly 30% from 2022.

With nearly 26% fewer homes newly listed for sale compared to last year, active inventory slowed for the fourth month in a row, according to the Realtor.com Monthly Housing Trends Report for June.