Tag Archives: Mortgage Purchase Applications

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.

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.

While a slight increase in new listings offers potential buyers more housing inventory to choose from, Redfin has found that many are backing out of the market, as mortgage rates sit near levels last seen two decades ago.

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.

The median U.S. home-sale price is up 3.2% year over year, the biggest increase since November, and mortgage rates remain elevated.

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.

“The lack of supply is making it feel almost like 2021 all over again, but higher rates mean bidding wars are happening more in the $500,000 range than the $700,000 range because people can afford less,” said Redfin Agent Jeremy Lucas.

Spring is typically a busy homebuying season, but new listings of homes for sale are down 24% from a year ago, according to a new report from Redfin. The total number of homes for sale is also down nearly 10%, representing the biggest drop in over a year.

The overall lack of new listings nationwide has pushed the total number of homes on the market down 5% year-over-year, reaching their lowest level of any early June on record, according to a new housing market update from Redfin.