Closed home sales hit their highest level since 2022. Inventory reached levels not seen in years, but pending home sales were flat due to May's rising mortgage rates, which stalled the market's temporary momentum. #realestate
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Prospective home sellers are backing off because homebuying demand has slowed down. Pending home sales ticked down 0.2% week over week during the week ending May 31–a small decline, but the third in a row. Mortgage-purchase applications fell to their lowest level in six weeks.
“The market has been tilted in buyer’s favor for many months, but their advantage started to shrink last month. With new supply declining now, people who are serious about selling their home may want to jump in while there’s at least slightly less competition from other sellers,” said Chen Zhao, Redfin’s head of economics research. #realestate
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Nationwide, 5.8% of all home listings were pulled from the market in April, with many sellers holding out for higher prices than buyers were wiling to pay. And some sellers who delisted in the last 12 months are now re-listing: 2.5% of homes for sale were previously on the market, the highest share since 2020.
“Prices aren’t soaring like they were five years ago–high gas prices and the rising cost of living overall is trickling down to the housing market, making buyers much less likely to bid prices up,” said Patricia Ammann, Redfin Premier agent in Arlington, VA. #realestate
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The typical down payment is shrinking as buyers gain leverage in today's housing market.
Would you put less money down if it meant getting into a home sooner?#RealEstate
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The free platform gives users access to downloadable national and local housing market data, including home prices, inventory and more.
A powerful resource for journalists, analysts, buyers, sellers, creators, and anyone tracking the market. #realestate https://t.co/7xCYdf0JtU
U.S. investor home purchases fell 6% year over year in the first quarter to their lowest level since 2020, when the start of the pandemic ground homebuying to a halt. Prior to 2020, the last time investors bought so few homes was in 2016.
"Higher mortgage rates, slowing price growth and rising construction costs are giving both investors and individual homebuyers pause. Flippers and investors are scaling back, and being much more strategic when they do buy homes," said Tamara Mattox-Kabat, a Redfin Premier agent in Denver. #realestate
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Contract cancellations dipped slightly in April as buyers and sellers gained more confidence in the housing market, though cancellations remained highest in Sun Belt buyer’s markets like Atlanta and San Antonio and lowest in San Francisco, where AI-driven demand continues to heat up the market.
“We’re seeing some buyers cancel purchase agreements, but no more than usual, and when buyers do back out it’s typically because of post-inspection repair costs and appraisals,” said Timothy Hourigan, Redfin Premier agent in Syracuse, NY. #realestate
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More than four in five (83%) prospective sellers say they are interested in a ‘coming soon’ approach to listing their home, and 84% say greater certainty their home would sell would make them more likely to list.
That's where Redfin's Early Access comes in. The program allows sellers to explore pricing strategies through “coming soon” and “private exclusive” listings before officially launching their home on the market.
Redfin’s chief of real estate services, Jason Aleem said, “There are homeowners out there who want to sell, but they need a low-risk way to gauge the housing market before committing. Testing the waters with Redfin Early Access can help homeowners feel more confident, and ultimately help them feel at peace with their home-selling journey." #realestate
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Your viral @HomeGoods find might actually help your home stand out to buyers. 👀
New Redfin research found that bold decor works best in moderation. Agents recommend keeping statement pieces to about 10% of a home’s design while leaning into natural textures like wood, stone and ceramics to create a more elevated feel. #realestate https://t.co/Gd2eXR256m