![]() Second year-over-year increase since July 2022. Prices are up partly because elevated mortgage rates were hampering prices during this time last yearĭown $70 from the all-time high set 3 weeks earlier Subject to revision.īiggest increase in a year. Weekly housing-market data goes back through 2015. metro areas, and is based on homes listed and/or sold during the period. Redfin’s national metrics include data from 400+ U.S. highlights: Four weeks ending November 12, 2023 ShowingTime, a home touring technology company 6)Īt this time last year, it was also down 30% from the start of 2022 11)ĭown 30% from the start of the year (as of Nov. Unchanged from a month earlier (as of Nov. Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents Redfin Homebuyer Demand Index (seasonally adjusted)Įssentially unchanged from a month earlier (as of the week ending Nov. Up 3% from a week earlier (as of week ending Nov. Mortgage-purchase applications (seasonally adjusted) Weekly average 30-year fixed mortgage rateĭown from two-decade high of 7.79% two weeks earlier Leading indicators Indicators of homebuying demand and activityĭaily average 30-year fixed mortgage rateĭown slightly from 7.48% a week earlier, close to lowest level since mid-September There’s a variety of reasons why more homeowners are putting their homes on the market: Some are noticing the small uptick in homebuyer demand, some are worried home prices are going to decline if they wait any longer, and others are ready to give up their low mortgage rate after realizing rates are unlikely to drop back to pandemic-era levels anytime soon. The total number of homes for sale is near its highest level since the start of the year. New listings of homes for sale are up 3% from a year earlier, the biggest increase in two years and just the second increase since July 2022 (the first was last week). That means it’s almost certain the Fed won’t hike interest rates again this year–and they may start cutting rates earlier than expected. Mortgage rates are declining partly because this week’s CPI report shows that inflation is easing. Promising inflation report = good news for rates. House hunters are coming off the sidelines because mortgage rates are dropping from their peak: Average rates have declined from a two-decade high of 8% to the 7.4% range in the last month. And while pending home sales were down 8% year over year during the four weeks ending November 12%, that’s one of the smallest declines since April 2022. That marks the second straight week of increases. Mortgage-purchase applications rose 3% from a week earlier during the week ending November 10, bringing them to their highest level in five weeks. Mortgage-purchase applications are on the rise. Demand is rising partly due to an uptick in new listings, and listings are increasing partly because sellers are noticing more buyers enter the market. ![]() ![]() It’s a chicken-or-egg situation for homebuyers and sellers. ![]()
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