Tag Archives: Housing Supply

Due to a significant lack of homes for sale, the median U.S. home-sale price is down 0.9% year-over-year, according to a new housing market update from Redfin, representing the smallest decline in nearly four months.

Annually, new listings of homes for sale dropped nearly 26%, falling below their previous pandemic lows, according to Realtor.com.

While the state of Arizona recently limited homebuilding in the Phoenix area, a new report from Redfin revealed out-of-town homebuyers are still moving to popular Sun Belt metros despite the high risk of drought and flooding.

While rents remain nearly 25% higher compared to the same time in pre-pandemic 2019, rent prices in the expensive West are seeing the largest year-over-year declines, according to Realtor.com's May 2023 Rental Report.

According to a new study from StorageCafe, California to Texas is the most popular interstate relocation route in the U.S. Roughly 111,000 people took that route in 2021, with an estimated 46% of people who migrated being millennials.

According to a new report from Redfin, near-7% mortgage rates continue to prevent both would-be homebuyers and potential home sellers from entering the market, despite the construction of new single-family homes nearing their highest level in almost 20 years.

Pending home sales are down nearly 20%, representing the biggest decline in over four months, but people are still showing interest in homebuying despite the total number of U.S. homes for sale declining 6% from last June.

Freddie Mac reports that anticipated Federal Reserve rate hikes forced the 30-year fixed-rate mortgage downward yet again, leading to a slight rise in overall application activity.

The MBA reports that mortgage credit availability fell for the third straight month in May, dropping to levels last recorded in January 2013.

According to Zillow's May 2023 Market Report, newly pending listings are up nearly 10% from April, as homebuying competition is driving home prices up and housing inventory down to record lows for this time of year.