SEATTLE
,
July 18, 2022
(press release)
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Inflation and high mortgage rates are taking a bite out of homebuyer budgets, leading to fewer sales and supply gains The median sale price for U.S. homes came down 0.7% from its record-breaking June peak during the four weeks ending July 10, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Sellers’ asking prices also came down 3% from their May peak as the share of homes with price drops hit another new high. Home supply posted its first year-over-year increase since August 2019 as pending sales continued to slide. These changes in the housing market can be attributed to buyers reaching their limit on costs—not just of homes and mortgages, but also food, transportation and energy. “Inflation and high mortgage rates are taking a bite out of homebuyer budgets,” said Redfin Chief Economist Daryl Fairweather. “Few people are able to afford homes costing 50% more than just two years ago in some areas, so homes are beginning to pile up on the market. As a result, prices are starting to come down from their all-time highs. We expect this environment of reduced competition and declining home prices to continue for at least the next several months.” Leading indicators of homebuying activity: Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, the data in this report covers the four-week period ending July 10. Redfin’s weekly housing market data goes back through 2015. Data based on homes listed and/or sold during the period: To view the full report, including charts and methodology, please visit: About Redfin Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people. For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here. Redfin Journalist Services: Source: Redfin Released July 15, 2022
https://www.redfin.com/news/housing-market-update-prices-fall-inventory-climbs/
View source version on businesswire.com: https://www.businesswire.com/news/home/20220715005468/en/
Isabelle Novak, (414) 861-5861
press@redfin.com
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