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Luxury-Home Purchases Sink a Record 45% to the Second-Lowest Level on Record

Luxury-Home Purchases Sink a Record 45% to the Second-Lowest Level on Record

Sales of luxury U.S. homes declined a record 44.6% year over year to the second lowest level on record during the three months ending Jan. 31, 2023. That outpaced the record 37.5% drop in sales of non-luxury homes. Redfin’s records date[...]
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Housing Market Update: Demand For Mortgages Ticks Up As Rates Drop Amid Banking Turmoil

Housing Market Update: Demand For Mortgages Ticks Up As Rates Drop Amid Banking Turmoil

Whether more buyers return to the market depends largely on how the Fed reacts to unrest in the banking industry alongside persistent inflation. If the Fed presses pause on interest-rate hikes next week or announces just a small increase,[...]
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Home Prices Fell 1% in February—First Annual Drop Since 2012

The median U.S. home sale price fell 1.2% in February to $386,721, the first year-over-year decline since 2012. Sellers have been forced to lower their expectations because high mortgage rates have put homebuyer demand on[...]
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Housing Market Update: Home Prices Fall Annually For First Time in a Decade As Mortgage Rates Pass 7%

Housing Market Update: Home Prices Fall Annually For First Time in a Decade As Mortgage Rates Pass 7%

The median U.S. home-sale price declined 0.6% year over year in February, marking the first annual drop since 2012–but high rates mean homes aren’t more affordable. The milestone comes as daily average mortgage rates hit 7.1%,[...]
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The Typical U.S. Home Changes Hands Every 12 Years, Down From 2020 Peak

The Typical U.S. Home Changes Hands Every 12 Years, Down From 2020 Peak

The typical U.S. homeowner has spent 12.3 years in their home. That’s down from the peak of 13.4 years hit in 2020 and 12.9 years in 2021. But the typical American is still living in their home much longer than before, with median[...]
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