News

There Were Fewer Homes for Sale in May Than Any Other Month on Record

There Were Fewer Homes for Sale in May Than Any Other Month on Record

The number of homes for sale in the U.S. fell 7.1% year over year to 1.4 million on a seasonally adjusted basis in May. That’s the lowest level in Redfin’s records, which date back to 2012, and the first annual decline since April 2022.By[...]
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Housing Market Update: The Average U.S. Home Is Selling Above Its Asking Price For the First Time in Nearly a Year

Housing Market Update: The Average U.S. Home Is Selling Above Its Asking Price For the First Time in Nearly a Year

This is the first time since last August the average sale-to-list price ratio has surpassed 100%. Low inventory and steady demand are buoying home prices. The average sale-to-list price ratio hit 100.1% during the four weeks ending[...]
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Housing Market Update: The Spring Homebuying Season That Never Happened

Near-7% mortgage rates are preventing both would-be homebuyers and would-be sellers from entering the market. But even though the spring buying season ended with a whimper, homebuilders are ending spring with a bang: Construction of[...]
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Rental Market Tracker: Asking Rents Fall 2% in the West But Rise 5% in the Northeast, Midwest

Rental Market Tracker: Asking Rents Fall 2% in the West But Rise 5% in the Northeast, Midwest

The median U.S. asking rent fell 0.6% year over year to $1,995 in May—the largest annual decline since March 2020, when the coronavirus was declared a pandemic. That compares with a near-record 16.5% increase one year earlier. May’s[...]
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Housing Market Update: Mortgage Rates Are Up, Home Sales Are Down, Prices Are Resilient

Housing Market Update: Mortgage Rates Are Up, Home Sales Are Down, Prices Are Resilient

Mortgage rates hitting a 7-month high and limited listings are sidelining homebuyers, but many are ready to pounce when rates decline and more homes hit the market. The silver lining of low inventory is that it’s propping up prices for[...]
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