Tag Archives: Months of supply

According to Redfin's latest Housing Market Update, inclement weather that froze parts of the U.S. slowed overall homebuying activity recently. Conversely, agents in warmer regions report that buyers and sellers remain active, despite mortgage rates remaining in the high-6% range.

A new report notes that 2023 foreclosure filings were up from 2022 but still below pre-pandemic levels. "Reflecting on 2023, we see the recent rise in foreclosure activity as a market correction rather than a cause for alarm. It signals a return to more traditional patterns after years of volatility," said Rob Barber, CEO at ATTOM.

While the total number of listings is down year-over-year, a new Redfin report revealed that mortgage applications are rising as more home sellers list their homes on the market, offering buyers a lower rate from their October-high and more inventory to choose from.

The median mortgage payment dropped by the end of 2023, which has allowed some buyers who had been sitting on the sidelines to finally dive back into the housing market.

Inventory increased by a modest amount, pushing it past three months’ of supply, while the median existing home sales price grew for the third month in a row. Find all the details in this breakdown of new NAR data.

Home purchases fell through at a rate of 15.7% in August, a number which is up 14.3% year-over-year and the highest number recorded since October 2022.

As mortgage rates remain elevated, a new market report from Redfin revealed the typical homebuyer’s monthly payment is now at a record high of $2,666, representing a near 9% year-over-year change as housing costs continue to rise nationwide.

While mortgage-purchase applications fell to a 28-year low in August, the median U.S. home-sale price is up nearly 5% year-over-year. Due to a severe lack of inventory, high housing costs continue to dampen homebuying demand, according to a new report from Redfin.

Home prices were up 3% year-over-year, despite stunted demand due to a shortage of homes, as inventory nationwide posts its biggest slide in 18 months.

High mortgage rates have pushed monthly mortgage payments to a record $2,656, as slightly lower rates may escalate competition for the limited number of homes available and push up prices for the foreseeable future.