Redfin, Seattle, said demand for vacation homes has fallen below the pre-pandemic baseline for the first time in two years, with mortgage-rate locks for second homes down 4 percent from before the pandemic in May.
Redfin, Seattle, said sales of luxury U.S. homes fell 17.8% year over year during the three months ending April 30, the largest drop since the onset of the coronavirus pandemic sent shockwaves through the housing market.
Multifamily performance continued its strong run in May, reported Yardi Matrix, Santa Barbara, Calif. In a separate report, Redfin, Seattle, said median monthly asking rents topped $2,000 for the first time.
Homebuyers—particularly first-time buyers squeezed by competition and soaring home prices—are considering many options, including relocating to other parts of the country, said Bankrate, New York. And according to a similar report from Redfin, Seattle, migrating could be their best option.
Redfin, Seattle, reported a record 8.2% of U.S. homes—six million—valued at $1 million or more in February, up from 4.8% (3.5 million) two years earlier, just before the coronavirus was declared a pandemic.