The pandemic broke open houses. Can a financial downturn fix them?

Open houses have been on the decline for decades, with the typical seller hosting only one open house event. However, data shows the current downturn could breathe new life into the practice. Continue reading

Texas, Florida buyers are trading civil rights for affordability: Redfin

Residents in Florida and Texas would rather live in states with abortion care and LGBTQ rights, but affordability worries force them to stay in their current states, according to a new Redfin survey. Continue reading

Buyers need $7,200 more than in 2022 to afford ‘starter’ homes

The annual paycheck for a first-time homebuyer is roughly $64,500 to afford the typical U.S. “starter” home in 2023 — up 13 percent from a year ago, according to a report from Redfin. Continue reading

There’s a ‘magic number’ that moves homes. Will we ever hit it?

Homebuyers have been holding out for a 5.5 percent rate, Maegan Sherlock told Intel. It may take a while for them to adjust their expectations. Continue reading

Median sale price climbs to $426K for only 2nd time in US history

Undeterred by elevated mortgage rates, homebuyers battling over scant inventory pushed June’s median sales price to the second-highest level in history, according to new data released Monday by Redfin. Continue reading

In 5 months, homebuyers have lost $30K in purchasing power

It doesn’t matter that there are fewer buyers to compete against. Rising mortgage rates and depleted inventory continue to erode options. Continue reading

Summer Cooldown: Newly built homes will offer a lifeline for agents

Three leading economists share what’s ahead for the summer, from sellers’ continued struggles with mortgage rates to the resurgence of bidding wars and the gift of new-home sales. Continue reading

Compass CEO: Pandemic craze will return once mortgage rates hit 5%

Compass CEO Robert Reffkin revealed on CNBC how volatile mortgage rates are sidelining homesellers and why a boost in existing-home inventory could happen as early as December. Continue reading

And the cheapest state to buy a home is…

Although median home price growth has slowed from its once-maniacal pace, purchasing a home is still an expensive feat as existing-home prices reached $375,700 in March. Inflation and elevated mortgage rates have created additional financial pressure a… Continue reading

‘My phone is ringing’: Homebuyer demand soars to 9-month high

Mortgage applications increased 2 percent from a week earlier, marking the fourth week of increases, while purchase applications rose 19 percent from a month earlier, according to data released Friday by Redfin. Continue reading