SEATTLE
,
May 20, 2022
(press release)
–
Demand for homes is falling, but homes are still selling fast as the buyers who remain rush to beat rapidly rising mortgage rates Homebuyers may finally start to notice signs that the market is shifting toward their favor, as more sellers came to the market during the four weeks ending May 15, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. New listings climbed nearly twice as fast as they did at this time last year, and the share of listings with a price drop rose to its highest level in two and a half years. Homebuyers continue to pull back in the wake of record-high purchasing costs. Mortgage purchase applications fell to their lowest level since May 2020, and the number of homebuyers touring and offering on homes, as measured by the Redfin Homebuyer Demand Index, posted its largest annual decline since April 2020. Still, desirable homes are getting scooped up at a record pace, a median 15 days on market. “Rising mortgage rates have caused the housing market to shift, and now home sellers are in a hurry to find a buyer before demand weakens further,” said Redfin Chief Economist Daryl Fairweather. “Not only are more homes hitting the market each week, but sellers are dropping their prices at rates not seen since before the pandemic. This sudden pressure on sellers is good news for those homebuyers who can still afford to buy at today’s higher mortgage rates. These trends point to an even cooler market this summer.” Leading indicators of homebuying activity: Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, this data covers the four-week period ending May 15. Redfin’s weekly housing market data goes back through 2015. To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/housing-market-update-sellers-rush-to-find-buyers/ 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 May 19, 2022
View source version on businesswire.com: https://www.businesswire.com/news/home/20220519005852/en/
Kenneth Applewhaite, 206-588-6863
press@redfin.com
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