Tag Archives: Redfin

According to Redfin’s most recent Housing Market Report, mortgage rates dropped from over 7% last week to 6.6% this week on better-than-expected inflation numbers.

October marked the second month of single-digit rent growth following a year of double-digit gains, and the fifth month in which annual rent growth decelerated.

People gifted with remote work overwhelmingly chose to migrate to the Sun Belt, resulting in higher housing costs, which weigh on inflation figures.

According to a new report from Redfin, one-third fewer homes went under contract in October compared to last year.

Homes built during the pandemic boom are now going up for sale, according to Redfin's latest market report. The share of new construction homes reached 29%, marking a new high for any Q3 on record.

In a continued commitment to combat the effects of climate change, HUD has allocated $1.447 billion in grants to communities nationwide impacted by natural disasters in 2021.

“The pandemic-driven wave of relocation to suburbs and rural areas—which tend to lean more conservative than city centers—made those toss-up places more diverse,” said Taylor Marr, Redfin’s Deputy Chief Economist.

Redfin has found that one-third of homeowners have spent $5,000 or more to make their homes more resilient to climate risk, and 36% say they have an insurance policy covering flooding—a higher share than other climate risks.

Although the market frenzy has begun to slow, inflation and economic uncertainty are still prompting many Americans to hold off on significant financial decisions such as moving or buying a home, with rents rising nearly 10% year-over-year in September.

Despite the struggles faced by the overall housing market, luxury second home mortgage rate locks remained 152% above their pre-pandemic level in Q3 of 2019, with remote workers continuing to lead the charge.