News

Pending Home Sales Post Record Drop in October as Deal Cancellations, Price Cuts Hit Record High

Pending Home Sales Post Record Drop in October as Deal Cancellations, Price Cuts Hit Record High

Pending home sales fell the most on record in October and deal cancellations and price cuts hit record highs as buyers were spooked by the biggest mortgage-rate jump in over four decades.Pending sales dropped 32.1% year over year last[...]
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Rental Market Tracker: Rents Rose 7.8% in October—Slowest Growth in 14 Months

Rental Market Tracker: Rents Rose 7.8% in October—Slowest Growth in 14 Months

The median U.S. asking rent in October rose 7.8% year over year to $1,983, the smallest annual increase since August 2021. October marked the second-straight month of single-digit rent growth following roughly a year of double-digit[...]
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Homebuyers Need $107,000 Annually to Afford the Typical U.S. Home–Up 46% From a Year Ago

Homebuyers Need $107,000 Annually to Afford the Typical U.S. Home–Up 46% From a Year Ago

Homebuyers across the country need to earn substantially more money than they did a year ago to buy a home, due to high mortgage rates and persistently high home prices. The increases are especially big in Florida. A homebuyer must earn[...]
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Housing Market Update: The Fastest Mortgage-Rate Drop in 40 Years Saves Homebuyers $100 Per Month

Housing Market Update: The Fastest Mortgage-Rate Drop in 40 Years Saves Homebuyers $100 Per Month

Mortgage rates dropped from over 7% to 6.6% this week on better-than-expected inflation news, bringing some hope to prospective buyers. The largest weekly drop in mortgage rates in four decades, along with the slowest annual[...]
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Housing Market Update: Homebuying Demand Ticks Up Slightly After Last Week’s Record-Fast Rate Drop

Housing Market Update: Homebuying Demand Ticks Up Slightly After Last Week’s Record-Fast Rate Drop

Mortgage-purchase applications and Redfin’s Homebuyer Demand Index both increased as rates stayed around 6.6%, down sharply from 7% earlier this month, saving the typical buyer over $100 in monthly mortgage payments. Still, supply[...]
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