(1/6) More homebuyers are returning to the market, motivated by a record share of listings with price drops and mortgage rates falling to a four-month low.
“Homebuyers may catch a break this month,” said our Deputy Chief Economist @TaylorAMarr. #housing
“Homebuyers may catch a break this month,” said our Deputy Chief Economist @TaylorAMarr. #housing
(2/6) Our Homebuyer Demand Index—a measure of Redfin homebuying activity—rose 7 points during the last week of July.
Meanwhile, mortgage purchase applications increased for the first time in five weeks.
Meanwhile, mortgage purchase applications increased for the first time in five weeks.
(3/6) We’ll have to wait and see if this increased homebuying activity results in sales.
In July, pending sales posted their largest decline since May 2020.
In July, pending sales posted their largest decline since May 2020.
(4/6) Sellers are reluctant to enter the market—new listings fell 11% from a year ago, the largest decline since June 2020.
(5/6) Homes sold in a median of 21 days, up from the record low of 16 days set in May and early June.
Additionally, the average home sold for 0.8% above its asking price, down from 1.9% a year earlier.
Additionally, the average home sold for 0.8% above its asking price, down from 1.9% a year earlier.
(6/6) “There are deals to be had on some homes that have been sitting on the market with reduced prices, said @TaylorAMarr.
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