A record 33.9% of Redfin.com users nationwide looked to move from one metro to another in July and August, up from 32.6% in the second quarter and 26% before the pandemic.
Tag: Taylor Marr
Housing Market Roundup Sept. 22, 2022
Here’s a quick summary of housing/economic reports that recently came across the MBA NewsLink desk:
Staying Put: 85% of Homeowners with Mortgages Have Rate Far Below Current Level
With mortgage interest rates pushing well above 6 percent—the Mortgage Bankers Association on Wednesday reported 30-year rates up by 24 basis points to 6.25%–a growing number of homeowners are reluctant to sell because they have a lower rate locked in, said Redfin, Seattle.
Nearly 1/3 of Homes Bought All-Cash as Buyers Gain Upper Hand
Redfin, Seattle, reported nearly one-third (31.4%) of U.S. home purchases were paid for with all cash in July, near the eight-year high reached in February and up from 27.5% a year earlier. In a separate report, Redfin said higher interest rates have given home buyers the upper hand after several years of a “sellers’ market.”
Housing Market Roundup Aug. 10, 2022: More Home Listings ‘Stale;’ Opportunity Zone Home Prices Lag
Here’s a quick roundup of housing market stories this week:
Redfin: Demand for Vacation Homes Falls Below Pre-Pandemic Levels
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.
Luxury Home Sales See Biggest Decline Since Start of Pandemic
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.
A Summer Housing Market Cooldown?
Reports from House Canary, Washington, D.C., and Redfin, Seattle, point to slowing housing market activity this summer following a breakneck pace over the past two years.
Multifamily Posts Broad Gains; Asking Rents Top $2,000
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.
2nd Home Hotspots See Outsized Growth in Rental, Home Prices
As remote work prompted many Americans to relocate during the pandemic, housing costs soared in second-home hotspots even more than the rest of the country, according to Redfin, Seattle.