The housing market is sputtering as buyers pull back sharply. After the Federal Reserve hiked interest rates, “demand fell sharply in May and June … buyers were absolutely freaked out,” Redfin CEO Glenn Kelman told MarketWatch in an interview.
After a stellar two-year run, the housing market is sputtering as buyers pull back sharply. One real-estate chief said the market is indeed course-correcting, and it’s getting hard to make a deal as more contracts falling through.
“It’s just hard to put deals together because the economy is so volatile,” he added. “It’s a remarkably uncertain time.” — Redfin Chief Executive Glenn Kelman Responding to buyers pulling back from the market, sellers have also become increasingly apprehensive about listing. To find a match quickly, sellers are pricing their homes more aggressively, with the median asking price of newly listed homes falling 5% from the record high set in May.
“‘Some of the price corrections that are in the public record understate just how drastic the correction has been.’” The median home sale price was $371,125, according to Redfin. That’s up 6% compared to the year before. Sale prices have dropped 6% after peaking in June, when the median home price was at $394,775.
The 30-year fixed-rate mortgage averaged 5.55% as of Aug. 25, according Freddie Mac. A year ago, that was at 2.68%.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Is It Just Me, Or Are Your Late 30s Really Weird?'I am not a new mom, but I am not totally seasoned either.'
Leer más »
Dr. Allison Arwady, city's top doctor, tests positive for COVID-19BREAKING NEWS: Dr. Allison Arwady, commissioner of the Chicago Department of Public Health, announces she's tested positive for COVID-19 for the first time since the start of the pandemic.
Leer más »
Someone Hand Me A Shovel So I Can Bury These 12 Interior Design Trends In A Cold, Dark GraveI don't need a whimsical sign telling me to 'live laugh love' — I am more than capable of laughing and loving on my own time and living by default.
Leer más »
Quiet quitting is on the rise and causing headaches for employers - Dallas Business JournalExperts say quiet quitting isn't new. But it's causing new headaches for employers in the Covid-19 era job market.
Leer más »
Walks, a balk, injuries and hit batters all part of ugly A’s loss to New York YankeesNew York Yankees score eight times in the first three innings and cruise to a victory over the Oakland A’s at the Coliseum
Leer más »