Lowest level since August.īiggest uptick since August 2021. Prices are up partly because rapidly rising mortgage rates were hampering prices during this time last yearĭown $177 from all-time high set during the four weeks ending Oct. Weekly housing-market data goes back through 2015. metro areas, and is based on homes listed and/or sold during the period. Redfin’s national metrics include data from 400+ U.S. highlights: Four weeks ending December 3, 2023 ShowingTime, a home touring technology company 2)ĭown 30% from the start of the year (as of Dec.3)Īt this time last year, it was down 37% from the start of 2022 Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agentsĭown 4% from a month earlier (as of Dec. Up 3% from a month earlier (as of the week ending Dec. Redfin Homebuyer Demand Index (seasonally adjusted) Mortgage-purchase applications (seasonally adjusted)Įssentially unchanged from a week earlier (as of week ending Dec. Weekly average 30-year fixed mortgage rateĭown from two-decade high of 7.79% six weeks earlier Leading indicators Indicators of homebuying demand and activityĭaily average 30-year fixed mortgage rateĭown from 7.22% a week earlier lowest level since the beginning of August Redfin predicts prices will start declining in more metros in 2024, though they still have room to grow in inexpensive parts of the country. Home prices are falling from a year ago in five of the 50 most populous U.S. But there isn’t much wiggle room on price: I’m advising buyers to be reasonable with their offers because home values are still relatively high and sellers don’t want to let go of their home for less than what they feel it’s worth.” “People are taking their time looking at multiple homes, and they’re able to back out if the inspection uncovers problems because they can wait for something better to come on the market. “With the hope of a few more homes coming on the market, buyers who can afford 7% mortgage rates or pay in cash have some bargaining power,” said Phoenix Redfin Premier Van Welborn. The daily average 30-year fixed rate was 7.04% on December 6, down from 8% six weeks earlier and its lowest level since the start of August. This week, a softer-than-expected report on job openings is another piece of evidence on a growing pile that the Fed may cut interest rates sooner than anticipated. Mortgage rates are coming down because economic events are tilting in the housing market’s favor. New listings are up 7% year over year, the biggest increase since August 2021, and the number of homeowners contacting Redfin for help selling their home is up by double digits from a year ago. Mortgage-purchase applications are up 15% from the 28-year low they dropped to at the start of November. That’s spurring action from sidelined homebuyers and sellers. housing payment was $2,561 during the four weeks ending December 3, down $177 from the record high it hit in October. Homebuying is becoming more affordable as mortgage rates continue declining. Redfin predicts price declines will become more widespread in the new year. Data from securities advisory Green Street reported last week show the expected risk-adjusted return on built-to-rent investments is 8 percent on average, which is higher than the weighted average return of 6.1 percent across 18 different sectors.Prices are falling from a year ago in four Texas metros–Austin, San Antonio, Houston and Fort Worth–and in Portland, OR. The property type has been a boon for investors, too. Built-to-rent homes account for 6 percent of all homes being constructed nationwide, according to the New York Times, and represent the fastest-growing housing sector in the country. The number of built-to-rent homes, essentially constructed as single-family rentals, soared by 30 percent from 2019 to 2020. Single-family rentals are one of the housing market’s hottest sectors. 4, 151 homes in the portfolio are vacant and not leased, while 31 are vacant, but with leases in place. The average age of the homes, meanwhile, is about 20 years old. KBRA data show the average size of the homes in the portfolio is 1,969 square feet. By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.
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