Dana Anderson

5 days 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.

1 week 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.

1 week 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.

2 weeks 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.

2 weeks ago | redfin.com | Dana Anderson

Would-be buyers are sidelined by record-high housing costs and economic instability, allowing inventory to pile up. New listings of U.S. homes for sale rose 8.4% year over year to their highest level in nearly three years during the four weeks ending May 18. But buyers aren’t biting: Pending sales fell 2.2%, dropping to their lowest level for this time of year in our records, which date back to 2015, and mortgage purchase applications are down 5% week over week.