From Yahoo Finance: 2024-03-28 08:00:00

Redfin reports a surge in new listings, offering more options for buyers. The typical monthly U.S. housing payment hit a record high of $2,721, up 10% from last year due to elevated mortgage rates and rising home prices. Mortgage rates sit near 7%, with a median home sale price of $375,000. New listings are up 15%, the largest increase in almost three years, with the total number of homes for sale up 6%. This increase in supply has sparked renewed demand, keeping price growth strong. Mortgage-purchase applications are up 14% from a month ago, with pending home sales only 1% lower than a year ago. Some indicators suggest price growth may soften in the coming months, with nearly 6% of sellers reducing asking prices this week. Months of supply also hit a high not seen since 2020, showing a more balanced market. Key indicators show a daily average 30-year fixed mortgage rate of 6.91%, down from a week earlier, with an uptick from last year. Mortgage-purchase applications are up 14% from a month earlier. Redfin’s Homebuyer Demand Index is also up, while Google searches for “home for sale” are on the rise. Metro highlights include an increase in median sale prices in cities like West Palm Beach and San Jose, with a decrease in pending sales in areas like San Francisco and Atlanta. New listings and pending sales have seen major increases and decreases, with some metros experiencing more activity. To view the full report, visit Redfin’s website. Redfin is a technology-based real estate company offering brokerage, rentals, lending, and other services to help customers buy and sell homes. Since 2006, they have saved customers over $1.6 billion in commissions. With subsidiaries like Bay Equity Home Loans and WalkScore, Redfin serves over 100 markets across the U.S. and Canada, providing top agents and innovative technology to make the home buying and selling process easier for customers. For more information or to contact a local Redfin agent, visit their website.



Read more at Yahoo Finance: Rising Supply Draws in Some Buyers, Even as Housing Payments Soar 10% to All-Time High