Housing Inventory Crunch Finally Subsides as Supply Posts First Annual Gain in Nearly Three Years

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September Home Sales Slump, Prices Post Smallest Increase Since the Market Bottomed in 2012 U.S. home-sale prices increased just 2.1 percent in September compared to a year ago, to a median of $292,000 across the 171 metros Redfin tracks. This was the smallest increase in home prices we’ve seen since February 2012, when the median home price bottomed out at … Read More

Spring’s Fastest Markets are Slowing Down this Fall

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Seattle, San Jose and Denver—among the nation’s fastest housing markets—are seeing a dramatic slowdown, with as little as one in three homes going under contract within 14 days, down from two in three earlier this year. As the housing market heated up this spring there were fourteen metro areas around the country (see chart below) where half or more of … Read More

Redfin Housing Demand Index Unchanged For Fourth Consecutive Month in August

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The Demand Index posted its largest year-over-year decline since March 2016 The Redfin Housing Demand Index has remained roughly unchanged for the past four months, inching up 0.3 percent from July to 125.2 in August, as an increase in price drops and softening demand in previously hot markets point to an environment enabling homebuyers to be more choosy. The number … Read More

Since 2012, Broad Home-Equity Gains Across Minority and White Neighborhoods

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Minority Neighborhoods Had the Largest Percentage Gains in Home Equity But Starting with More Equity, White Neighborhoods Had the Largest Absolute-Dollar Gains Homeowners in white, minority and mixed-race neighborhoods posted substantial gains in home equity from 2012 to 2018. Minority neighborhoods started with the lowest levels of home equity but had the largest percentage gains. White neighborhoods had the lowest … Read More

New Construction Home Prices Increased 3.2% in Second Quarter

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Second-quarter 2018 new construction metrics compared to second quarter 2017: 22.3% of newly built homes sold above their list price, down from 24.8%. For the past seven quarters, the percentage of new construction homes that sold above list has been declining. For existing homes, the percentage sold above list has been increasing over the same time period. New construction home … Read More

Redfin Housing Demand Index Flattens from May to June

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Buyers Become More Selective and Price-Sensitive as More Homes Hit the Hottest Housing Markets   The Redfin Housing Demand Index fell 0.7 percent month over month to 120 in June. The decline was driven by a 2.2 percent decrease in the seasonally adjusted number of homebuyers requesting tours, and a 12.2 percent decrease in the number making offers on homes … Read More

Redfin Survey: Homebuyers Face Rising Mortgage Rates Head On

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As expected , mortgage rates have crept up from below 4 percent in late 2017 to greater than 4.5 percent in June for an average 30-year fixed-rate mortgage. But few homebuyers are halting their searches. In May, Redfin commissioned a survey of more than 4,000 people who had bought or sold a home in the last year, attempted to do … Read More

Redfin Survey: 36% of Millennial Homebuyers Took a Second Job to Save for Down Payment; 10% Sold Cryptocurrency

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In March, Redfin commissioned a survey of 2,000 U.S. residents who planned to buy or sell a primary residence in the next 12 months. The purpose of the survey was to better understand the objectives, perspectives and concerns of those about to enter the real estate market. We focus this report on the more than 500 respondents between the ages … Read More

Redfin Housing Demand Index Up 7% in May

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The Redfin Housing Demand Index increased 7.4 percent month over month to 116 in May. The rise was driven by a 6.3 percent increase in the number of homebuyers requesting tours, and a 9.7 percent increase in the number making offers on homes from April to May. The Demand Index is based on thousands of Redfin customers requesting home tours … Read More