News

Homebuyers Lost Six Figures Worth of Spending Power This Year As Mortgage Rates Doubled

Raising rates is necessary to fight inflation, but buyers may need to get creative to afford a home with high monthly mortgage payments.  A homebuyer on a $3,000 monthly budget can afford a $479,750 home with today’s 6% mortgage[...]
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Seattle’s Housing Market Is Cooling Faster Than Any Other in the U.S.

Seattle’s housing market is slowing faster than any other housing market in the country amid rising mortgage rates, inflation, a slowing stock market and broad economic uncertainty. That’s according to a Redfin analysis that[...]
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Luxury-Home Purchases Plummet 28%, the Biggest Drop on Record

Luxury-Home Purchases Plummet 28%, the Biggest Drop on Record

Sales of luxury U.S. homes fell 28.1% year over year during the three months ending Aug. 31, 2022, the biggest decline since at least 2012, when Redfin’s records begin. That eclipsed the 23.2% plunge that occurred when the onset of the[...]
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Housing Market Update: Rising Prices Amid Falling Demand and Supply Reflect a “New Weird”

Housing Market Update: Rising Prices Amid Falling Demand and Supply Reflect a “New Weird”

Home prices increased 1% in the last two weeks after 11 weeks of declines as mortgage rates soared past 6%. The Federal Reserve’s aggressive interest rate hikes have successfully cooled off homebuying demand by dramatically reducing[...]
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Prospective Home Sellers and Buyers Retreated as Mortgage Rates Approached 6%

Prospective Home Sellers and Buyers Retreated as Mortgage Rates Approached 6%

Seasonally-adjusted new listings of homes for sale fell 8% from July to August to their lowest level since May 2020, when the housing market was paralyzed by the onset of the COVID-19 pandemic. Prior to the pandemic, we hadn’t seen so few[...]
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