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.
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Housing Demand Outweighs Supply as Home Prices Continue to Rise
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.
Read More »‘Hot’ Spring Homebuying Season Doesn’t Live Up to Expectations
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.
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