States including Florida, Texas, and Arizona exploded in popularity despite increasing climate change risk from storms, drought, wildfires, and extreme heat—but some insurance companies are pulling out of these markets.
Read More »Survey: Lenders Still Believe a Recession Is on the Horizon
A new poll by Fannie Mae has found that 73% of respondents believe the U.S. economy is on the “wrong track,” with a vast majority of lenders feeling the economy is "very likely" or "somewhat likely" to enter a recession in the next two years.
Read More »Mortgage Rates Keeping Inventory Down, Prices Up
“Even though buyers are trepidatious about high mortgage rates, we’re seeing bidding wars in several pockets of the market because there are so few options and even fewer good options,” said Redfin Premier Agent Jordan Hammond.
Read More »New Residential Construction Drops in June
“While permits, a leading indicator of future starts, ticked up 2.2% month over month, the pace of construction slowed as single-family housing starts were down 7.0% month over month, meaning less groundbreaking on new homes, and single-family completions were down 2.8% month-over-month, meaning less supply was added to the housing stock,” said First American Deputy Chief Economist Odeta Kushi.
Read More »Small Single-Family Homes Rank the Rarest to Find
Redfin reports that just 11 of every 1,000 two-and three-bedroom urban homes have changed hands so far in 2023, as options for prospective buyers continue to dry up.
Read More »High Interest and Prices Stunting Housing Demand
“Homebuyer demand has bottomed out,” Redfin Chief Economist Daryl Fairweather said. “High rates are still giving a lot of buyers pause, but the sticker shock is no longer as severe as it was when rates skyrocketed last year.
Read More »Blog: Is Homeownership Still the American Dream?
Even in light of recent market turmoil, the vast majority of Americans believe that owning a home is a greater achievement than raising a family, getting a college degree, or having a career.
Read More »Homebuyers Persist as Average Home Price Hits Record High
"Home buyers have persisted this spring despite daunting affordability challenges and record-low inventory," said Jeff Tucker, Senior Economist at Zillow.
Read More »Measuring the Resiliency of the U.S. Housing Market
Taylor Marr, Deputy Chief Economist for Redfin, recently sat down with MortgagePoint to discuss recent migration trends, the direction of the market, and much more. Click through to hear his insights on the state of the nation’s housing landscape.
Read More »Interest Rates Raise Typical Monthly Mortgage Payment to Over $2,600
”It shows that the Fed’s interest-rate hikes are working and increases the chance they’ll only hike rates one more time this year,” said Redfin Economic Research Lead Chen Zhao.
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