Tag Archives: sale-to-list-price ratio

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.

“The slight increase in December listings indicates the impact of lower mortgage rates is beginning to trickle down into the market, which comes as an optimistic sign as we head into the new year," said Jeremy Sicklick, Co-Founder and CEO of HouseCanary.

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.

While pending home sales rose a meaningful 0.7% in July, overall, this number is only marginally better than its low point hit in March earlier this year.

July marked the first month-over-month decline in home sales since earlier this year in April, a signal that may mark the peak has passed for the typically busy summer buying season.

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.

Today, a monthly budget of $3,000 can afford a home valued at $450,000—a far cry from the $510,000 home it could have purchased a year ago.

While both listed and closed prices experienced positive year-over-year growth in June, experts predict that market activity will remain at relatively low levels heading into Q3 2023, with the Federal Reserve continuing to increase rates at a slow pace.

As the total number of homes for sale declined 11% from a year earlier, a new report from Redfin revealed the typical U.S. home is now selling for an estimated $4,000 less than last year’s all-time high, while new listings fell nearly 30% from 2022.

According to a new report from Redfin, high home prices and mortgage rates are pushing the monthly mortgage payment on a median-priced home to $2,573.