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Baby boomers are aging in place largely because they've paid off their homes or they don't want to trade in their lower mortgage rate.
This trend is increasing homeowner tenure, exacerbating the shortage of homes for sale, and pushing up prices.
#realestate
The median U.S. rent price in October was $1,978, nearly the same as a year ago.
That’s because an increase in new rentals drove up vacancies, making it harder for landlords to raise prices 👉
#housing
The tides turn for renters as rent prices post the biggest decline in over three years.
The median U.S. asking rent fell 2% year over year to $1,967 in November as landlords grapple with rising vacancies due to a building boom in recent years.
#housing
For the first time since June 2020, the portion of homes selling for above list price decreased.
Additionally, the average home isn't selling as far above list price as last year. Homebuyers, rejoice 🙌
Roughly 53,000 U.S. home-purchase agreements were canceled in September.
“When buyers don’t feel like they’re getting a good deal, they’re backing out,” said Redfin agent, Heather Kruayai.
#realestate
More and more home sellers are dropping prices.
"Buyers, who earlier this year had to race to beat the competition, can now take their time touring homes and perhaps even wait to see if sellers drop the price," said our Chief Economist
@FairweatherPhD
.
#realestate
We predict 2024 will be the year homebuyers catch a break as home prices and mortgage rates fall while sales and listings rise.
Let’s break down our 7 predictions👇
#housing
Migration Report: Denver joins Seattle and San Francisco as a tech hub with more people looking to move out than in. In the first 3 months of the year, Denver posted a net outflow of Redfin users for the first time:
Roughly 54,000 U.S. home purchases were canceled in October as buyers backed out due to sticker shock or when sellers didn't meet their requests.
The cancellation rate could tick down this month as buyers take advantage of the decline in mortgage rates.
#realestate
(1/6) U.S home prices fell 4.1% ($17,603) year over year in April. That’s the biggest dollar drop and the largest percentage decline since January 2012.
In pandemic boomtowns and pricey coastal markets, home prices are falling even further.
#housingmarket
The housing market can be… a lot. That’s why we update listings every 5 minutes so you can find homes first and tour homes fast. Wanna win? Choose Redfin.
.
@BobbyBerk
of
@QueerEye
stars in a hit Netflix show, travels the world on press tours, and runs an interior design company. Bobby told us how he does it all AND recently found his dream home with the help of Redfin's technology and agents.
(1/5) The number of homes for sale is finally climbing but not because more homes are being listed…because more buyers are backing off.
As a result, more sellers are dropping prices.
#housing
Nearly 7% of homes for sale each week had a price drop—the highest portion on record.
Elevated mortgage rates have forced some sellers to lower their asking price to make up for high interest rates on monthly payments 👉
#housing
Nationwide, new listings are up 10% compared to a year ago as declining mortgage rates bring back sellers and buyers.
#realestate
New listings increased most YoY in:
1. Phoenix, 32%
2. San Antonio, 26%
3. Dallas, 21%
4. Washington, D.C., 21%
5. Montgomery County, 20%
No, this is not an April Fools joke—we’re seeing the early signs of a cooler housing market.
It still feels hot but a slowdown in online searches, home tours, and mortgage applications suggests a shift is coming.
#housing
There are a few signs that home price growth could soften👇
1. Nearly 6% of listings had a price drop, the highest share of any March on record.
2. Months of supply hit its highest level of any March since 2020, indicating that the market is becoming more balanced.
New listings are down 12% from a year ago, the steepest decline since June 2020.
Still, overall housing supply is on the rise—a sign that buyers are pulling back more than sellers 👉
#housing
(1/6) U.S. real estate investors lost money on roughly 1 in 7 homes they sold in March—nearly the highest share since 2016.
That’s almost triple the share of a year earlier.
#realestate
The share of homes with price drops keeps climbing to new heights.
"I think the power will continue to shift towards buyers, resulting in mild price declines from month to month," says our Chief Economist
@FairweatherPhD
.
Nationwide, new listings rose 10% year over year, the biggest increase in two months 👉
#housing
New listings increased most YoY in:
1. Jacksonville, 34%
2. Dallas, 33%
3. Fort Worth, 26%
4. Fort Lauderdale, 25%
5. Austin, 23%
“It’s going to be a fairly balanced market for the next few months until the Fed makes another move,” says our CEO
@glennkelman
.
“Homes are going to get more affordable, prices are coming down." Watch the full interview:
Nationwide, new listings are up 3% annually—the biggest increase in two years.
That comes as some sellers notice the uptick in buyer demand, some worry prices will fall, and others realize rates are unlikely to hit pandemic-era levels anytime soon.
#realestate
“Mortgage rates well over 6% are spooking homebuyers,” said our Deputy Chief Economist
@TaylorAMarr
.
For a $2,500 monthly mortgage payment, buyers can now afford a $379K home compared to a $534K home last year when mortgage rates were 2.65%.
#mortgagerates
Mortgage rates hit 7.65% yesterday, a two-decade high 😵💫
As buyers’ budgets get squeezed further, 6.5% of homes for sale had a price drop in the last four weeks—the highest share since November 2022.
#housing
(1/6) The median U.S. rent price fell to $1,942 in January—the lowest level in nearly a year.
Rent price growth is cooling because of slowing demand for new leases and more rental construction.
#housing
(1/8) The housing market has begun to recover after hitting a low point in the second week of November.
We’re not out of the woods yet, but an uptick in buyers touring homes and contacting Redfin Agents is translating into sales.
#housing
(1/7) Let’s talk about Austin, TX. The former migration hotspot had more homebuyers looking to leave than move in for the first time on record, during Q3.
Once known for its fast home sales, Austin is now one of the slowest.
#Austin
Elevated mortgage rates are one reason why the typical home costs 25% more per month to own than rent.
If rates fell to 5%, mortgage payments would cost only 10% more than rental costs:
#housing
Homes are taking 33 days longer to sell than last year when the housing market was ultra-competitive.
In today’s market, homebuyers face less competition and have more room to negotiate 👉
#housingmarket
The housing market is no longer heating up as nearly 5% of listings saw price drops, the highest level since 2019.
Let’s break down our weekly update 👇
#housing
.
@BobbyBerk
of
@QueerEye
bought his first home with Redfin Agent, Nadine Guyaux. “Our Redfin Agent got us into the home of our dreams, and the app was fast and easy to use. I wouldn’t be in this home without Redfin.” Hear more from Bobby at
(1/7) With the average mortgage payment 35% higher than last year and rates reaching 5%, we’re seeing there’s a limit to homebuyer demand—even though over the past few years it seemed endless.
#housing
A lack of homes for sale continues to constrain buyers as new listings remain below 2020, 2021, and 2022 levels 👉
#realestate
New listings fell most YoY in:
1. Las Vegas, -48%
2. Phoenix, -41%
3. Providence, -37%
4. Seattle, -36%
5. Newark, -35%
For the first time in 17 months, the typical home sold below its asking price.
With mortgage rates ticking back up, expect the post-Labor Day slowdown to be even more intense than usual.
#realestate
For the first time in a decade, home sale prices fell from the prior year 👉
#realestate
Median sale prices fell most in:
1. Austin, TX
2. San Jose, CA
3. Oakland, CA
4. Sacramento, CA
5. Phoenix, AZ
(1/5) The median U.S. rent price fell 0.4% year over year to $1,937 in March amid economic uncertainty and an influx in rental units.
That’s the first annual decline since March 2020 and the lowest median asking rent in 13 months.
#housing
(1/5) The housing market turned a corner last month as the number of homes for sale fell at its slowest pace since the start of the pandemic.
#housingmarket
Nearly 18% of San Francisco sellers are losing money on their home sale. That's the highest level in over a decade and more than any other metro 👉
Following San Francisco came Detroit (10.8%), Cleveland (8.2%), St. Louis (8.1%), and Chicago (7.9%).
(1/5) Homebuyer competition has decreased for the sixth-straight month, hitting a new low since the onset of the pandemic.
“The market is wildly different,” said Redfin Agent Alexis Malin. “I haven’t written an over-asking offer in a month.”
#realestate
(1/6) The share of Redfin home offers facing competition dropped to the lowest level since March 2021—one of many signs the housing market is slowing.
#mortgagerates
Home prices are finally beginning to fall. The median home sale price came down 0.7% from its record-breaking June peak.
Sellers’ asking prices also came down 3% from their highest point in May 👉
Nationwide, new listings had the second-biggest annual decline since May 2020 👉
#realestate
New listings fell most YoY in:
1. Seattle (-43%)
2. San Diego (-41%)
3. Oakland (-41%)
4. Las Vegas (-41%)
5. Anaheim (-39%)
This year is likely to end with roughly 4.1 million existing home sales, the fewest since the housing bubble burst in 2008 after the subprime mortgage crisis 👉
#realestate
More signs of a housing market slowdown following mortgage rate hikes 👇
- Homes are taking over a month to sell, twice as long as this spring
- Pending home sales saw the largest decline since May 2020
- The average home is now selling below list price
2022 will bring more balance to the housing market. But don’t expect a buyer’s market; just more selection, less frenzy and slower price growth.
Let’s break down our Chief Economist
@FairweatherPhD
’s 10 predictions 👇
Just over one-third (34.1%) of U.S. home purchases in September were made in cash.
That's because elevated mortgage rates made paying in cash more attractive and priced out many buyers who would need loans 👉
The share of homes with a price drop continued to climb in October amid a cooling housing market.
The areas with the largest share of homes with a price drop were Boise, ID (69%), Denver (57%), Indianapolis (55%), and Salt Lake City (55%) 👉
#realestate
The share of listings with a price drop reached a new high 📈
Sellers keep dropping prices to attract buyers who now can afford a less expensive home due to mortgage rates in the 7% range.
#realestate
We’ll limit our spending on Facebook ads in July in support of
#stophateforprofit
. Facebook has made progress on removing hate speech but needs 3rd-party oversight and technical innovation to let people express themselves freely while shutting down hate speech and misinformation.
Price drops are on the rise again, hitting a new high since at least 2015.
With homes staying on the market longer and rising mortgage rates cramping homebuyers' budgets even further, it’s no surprise sellers are dropping prices.
#realestate
Redfin and
@RentPathNetwork
are officially hitched 🎉 We’re excited to get RentPath's rental listings on Redfin next year and begin helping all North American consumers find a home.
There are 39% fewer homes for sale compared to five years ago and a drop in new listings is a major reason why 👉
#realestate
New listings fell most YoY in:
1. Phoenix, -41%
2. Las Vegas, -41%
3. Oakland, -40%
4. Seattle, -36%
5. Anaheim, -35%
🏠 Investors purchased 49% fewer homes YoY in Q1—a $24 billion drop.
📊 They maintained 18% market share, which is relatively high.
💰 Around 1 in 7 of their homes sold at a loss in March:
#realestate
Investor home purchases fell 45% from a year earlier in Q2, outpacing the 31% drop in overall home sales.
That brought the total number of homes bought by investors below pre-pandemic levels while market share remained higher 👉
#realestate
@Andres4NY
@travis_robert
@zillow
Hi Andres, thank you for reaching out! We’ve sent your suggestion to our developers for further analysis. Thanks for using Redfin!
Nearly one-third of U.S. home purchases were paid for with all cash in July, just slightly below the record-high set in February.
Most often, all-cash home purchases were made by affluent Americans, people moving to more affordable areas, and investors.
#realestate
When homebuyers’ budgets go down, sellers have to drop prices.
The highest share of sellers on record dropped their list price during the four weeks ending June 12 as mortgage rates topped 2008 levels.
#housing
Nationwide, investor home purchases fell 30% year over year in Q3—declining fastest in the Sun Belt.
That drop comes after investors piled into the Sun Belt during the pandemic to profit off surging housing and rental values 👉
The national median rent price fell for the third consecutive month in December.
High supply—more so than low demand—is driving price declines as nationwide rents drop 1% year over year to $1,964.
#housing
From rising mortgage rates to slower home price growth, our Chief Economist
@FairweatherPhD
breaks down part one of her 2022
#housingmarket
predictions 🏠📈
The housing markets cooling fastest are almost all either expensive West Coast areas or places that became significantly less affordable during the pandemic 👉
#housing
Homes in upstate New York sell in roughly a week. In Austin, it now takes nearly two months.
Austin’s housing market has lost its edge in large part because it exploded in popularity and home prices skyrocked 👉
We just announced our plans to buy
@RentPathNetwork
, a leader in rental search! Together with RentPath, we can create an online destination for every North American to find a home. Learn more about what this exciting news means for us and our customers
Our CEO
@GlennKelman
makes his
@Netflix
debut today on the new series 'Buy My House.' To say we're excited about this is an understatement 🤩
Netflix's
#BuyMyHouse
is now streaming 📺
Redfin’s mission to redefine real estate in the consumer’s favor depends on free and open access to information about every home for sale. Read more about our stance on
#NetNeutrality
here:
Nearly 60,000 home sales fell through in June, equal to 15% of all transactions. That’s the highest percentage since the pandemic began.
Some homebuyers are canceling deals because they have room to negotiate while others are priced out due to high mortgage rates.
#realestate
High-end home sales are plummeting. Here’s why:
✨ Luxury sales spiked during the pandemic, so there’s more room to fall
📉 Affluent buyers’ spending power is suffering from a faltering stock market
💰 Investment opportunities are lackluster
Homebuying speed is picking up despite a cooler spring housing market as buyers snap up limited listings 🏃
Nearly 48% homes are selling within two weeks, the highest share in 11 months 👉
#realestate
Pending home sales fell 17% year over year as still-high home prices and elevated mortgage rates kept many buyers on the sidelines 👉
#realestate
They declined most in:
1. Las Vegas, NV
2. Seattle, WA
3. Portland, OR
4. Chicago, IL
5. Oakland, CA
(1/6) Investor home purchases fell 45% from a year earlier in the second quarter, roughly $26.4B.
That decline comes as stubbornly high home prices and mortgage rates have dampened housing demand, making investing less attractive.
#realestate
Redfin 🤝 ChatGPT
Let our new ChatGPT plugin take some of the work out of your home search. Describe your ideal home and neighborhood and we'll find listings perfect for you.
#ChatGPT
The median home sale price was up 2.1% year over year, the smallest increase since the start of the pandemic.
Home-sale prices fell from a year earlier in San Francisco, Sacramento, Detroit, San Diego, and San Jose, CA.
#homeprices
Pending home sales were down 32% year over year to the lowest level on record.
Among the 50 most populous metros, pending sales fell the most in Las Vegas, Jacksonville, Phoenix, and Austin 👉
#realestate
The share of listings with a price drop hit the highest level in a year.
As homebuyers’ spending power is further cramped by elevated mortgage rates, more sellers are cutting prices to meet buyers’ budgets 👉
#realestate
(1/6) Mortgage rates surpassed 6%, a new high since 2008, and further cramped homebuyers' budgets.
Meanwhile, months of home supply reached the highest level since June 2020, a signal that sellers lost their grip on the market.
#housing
Our Chief Economist
@FairweatherPhD
joined
@60Minutes
to answer the question everyone's asking: why are rent prices so high? The root cause is that America didn’t build enough housing in the last decade for everybody who needs a place to live.
On average, 4.8% of homes for sale each week had a price drop. Overall, 19.1% of sellers dropped their price in the past four weeks.
This was the highest share since October 2019.
#homeprices
The housing market remains chilly with the typical home selling in 39 days.
As homes take longer to sell, the number of listings is up 17.3% year over year, the biggest annual increase since at least 2015 👉
#housingmarket
With the power of
@ADT
's security, more homebuyers can use our app to self-tour vacant Redfin listings and sellers can have peace of mind knowing their homes are safe.
Since these areas didn’t heat up as much during the pandemic homebuyer frenzy, it’s likely home prices, competition, and demand will remain fairly stable 🏘️
#realestate
The typical home is selling for nearly the same price as last year.
Prices are very close to falling year over year because serious homebuyers are scarce as mortgage rates approach the high-6% range 👉
#homeprices
Well over 92% of homeowners have mortgage rates below the current weekly average of 6.71%.
That’s sending new listings to historic lows for this time of year as many would-be sellers stay put to keep their lower mortgage rate 👉
#housing
The median monthly asking rent in the U.S. increased 15% YoY to a record high of $1,962 in April.
That’s below March’s 17% increase, marking the first slowdown in a year.
#rents