Tag Archives: Redfin

According to Redfin, overall homebuying slowed in 2023 because it was the least affordable year on record and there was a severe supply shortage.

Increased home listings and declining mortgage rates are breathing early signs of life into the homebuying market according to a new analysis from Redfin.

While affordability issues linger for many, a new study from Redfin has found that just a small portion of homes were deemed affordable by modern lending standards.

In November, new listings jumped to their highest level since October 2022, while home prices also posted its biggest increase since the same time last year. Pending home sales also continued to rise, but many home purchases fell through at a record rate as some homebuyers got cold feet, according to a new Redfin report.

The least affordable markets were Anaheim and San Francisco, where homebuyers with the typical local income would’ve needed to spend over 80% of their pay on monthly housing costs. Detroit and Pittsburgh were the most affordable.

The least affordable markets included Anaheim and San Francisco, where homebuyers with the typical local income would’ve needed to spend over 80% of their pay on monthly housing costs.

Redfin has made new predictions for the 2024 housing market, leading with the notion that next year may finally turn in favor of buyers as home prices fall and listings rise. Here’s what else they are forecasting.

“Mortgage rates are dropping due to easing inflation and investors betting the Fed will cut interest rates sooner than expected," said Redfin Economics Research Lead Chen Zhao. “Declining rates, along with a sizable year-over-year increase in new listings, are leading to more favorable conditions for some buyers."

The tech hub of Austin, Texas, has been a beacon of migration during the pandemic, but tastes are changing, leading to Nashville becoming a destination hotspot for the first time since 2021.

On the one hand, new listings are up year-over-year. On the other, buyers are entering the market in droves, offsetting gains. Click through for more on Redfin’s most recent Market Report.