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3 days ago | 
redfin.com | Dana Anderson
All of last month’s most expensive home sales were in Southern California, Florida or Manhattan. A Bel Air estate was the most expensive home sale of May, fetching $110 million. Another Los Angeles home, a Spanish villa in neighboring Holmby Hills, came in second, with a sale price of $57.3 million. All in all, four of last month’s most expensive home sales were in Southern California, four were in coastal Florida, and two were in Manhattan.
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1 week ago | 
redfin.com | Dana Anderson
While the median home-sale price is sitting at a record high, it’s notably lower than the median asking price. That’s because sellers are open to negotiating in today’s cooling housing market, in which sellers outnumber buyers. The median U.S. home-sale price hit a record $396,500 during the four weeks ending June 15, up 1% year over year.
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1 week ago | 
redfin.com | Dana Anderson
An additional 30% of baby boomers who own their home say they’ll hold onto it for at least a decade. One-third (33.5%) of baby boomers who own their home say they’ll never sell, according to a recent Redfin-commissioned survey. Another 30% say they’ll sell their home at some point, but not within the next decade. Older people are even less likely to sell, with nearly half (44.6%) of Silent Generation members never planning to sell.
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2 weeks ago | 
redfin.com | Dana Anderson
Pending home sales are down 1% year over year while new listings are still rising, giving buyers negotiating power.
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3 weeks ago | 
redfin.com | Dana Anderson
Most homeowners have warm feelings about their home, with nearly 70% saying their home is a reflection of who they are, according to a recent Redfin survey.
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3 weeks ago | 
redfin.com | Dana Anderson
Many prospective homebuyers are sidelined by near-record costs and economic uncertainty, creating a buyer’s market in many parts of the country. That’s deterring some would-be sellers. New listings of U.S. homes for sale rose 6.3% year over year during the four weeks ending June 1, one of the smallest increases of the last three months.
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3 weeks ago | 
redfin.com | Dana Anderson
More than $330 billion worth of listings have been sitting on the market for 60 days or longer. Rising inventory and slow homebuying demand is pushing up the total dollar amount of home listings, and will push down home-sale prices by the end of the year. There’s a total of $698 billion worth of homes for sale in the U.S., up 20.3% from a year ago and the highest dollar amount ever. This is based on an analysis of listings on Redfin.com going back through 2012.
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1 month ago | 
redfin.com | Dana Anderson
The median monthly U.S. mortgage payment is just $25 shy of its record high, sidelining would-be buyers. But the tide is turning for buyers: Redfin economists expect home prices to decline by the end of the year, and a surplus of listings is motivating sellers to negotiate. The median monthly mortgage payment nationwide was $2,860 during the four weeks ending May 25, up 3.6% year over year and just $25 shy of the all-time high.
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1 month ago | 
redfin.com | Dana Anderson
Investor purchases of U.S. homes rose 2% year over year in the first quarter. Investor activity has been fairly stable for the past two years, after the wild up-and-down swings of the pandemic era. Investor purchases of condos fell 3% year over year to the lowest level in 10 years, aside from Q2 2020. That’s driven largely by investors retreating from Florida.
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1 month ago | 
redfin.com | Dana Anderson
Mortgage rates are forecasted to stay elevated near 7%. Redfin economists expect the median U.S. home-sale price to fall flat in the third quarter, and fall 1% year over year by the fourth quarter. When it comes to mortgage rates, we expect them to remain elevated near 7% for the remainder of the year. This marks a stark reversal from years of home-price increases. Aside from a brief period in 2023, home prices have been rising year over year since 2012 due to a prolonged seller’s market.
