Homes sell even faster as dwindling supply and rapidly rising mortgage rates fuel fierce competition. Housing prices jumped the most since summer—up 17% year over year to a new high—as a 7% drop in new listings kept homebuyer competition elevated amid rapidly rising mortgage rates. Nearly 3 in 5 homes

White House Unveils Plan to Address Appraisal Bias REALTORS® are committed to upholding fair housing laws in all real estate activities, including appraisals. Media Contact:  Tori Syrek Appraisal & Valuation, Fair Housing

Author .  Date: March 23, 2022 2:20 pm Selling a home can be overwhelming. You’ve spent years caring for and upgrading your property. Of course, you want to see the highest return possible on your investment. After taking care of any needed repairs, finding the right real estate agent, and

With home prices up 16% from a year ago and mortgage rates rising, many Americans are searching for homes in more affordable areas.  The share of homebuyers moving from one part of the country to another is at a record high. Nationwide, 32.3% of Redfin.com users looked to relocate in January

Share of Millennial Home Buyers Continues to Rise Millennials are the most likely generation to use the internet to find the home they ultimately purchase and most likely to use a real estate agent. Media Contact:  Spencer High 202-383-1051 First-Time Homebuyers

  Use unique strategies to make your offer stand out, such as releasing the earnest-money deposit early, and making it nonrefundable. Waive the appraisal contingency if you can. Don’t expect a counter-offer; put in your best and highest offer right away. Consider putting in an offer early, several days before

Author .  Date: March 21, 2022 8:11 pm So you’ve decided that now is the time to buy a new home or sell your current one. You’ll need to account for closing costs and taxes before you reach your closing date. Likely the most important cost to keep in mind

Author .  Date: March 18, 2022 5:04 pm If you’re in the process of buying your first home, the language of real estate may be foreign to you. It can be intimidating if you are a beginner, but don’t worry! Some big questions that come up with home buyers are, what

Existing-Home Sales Fade 7.2% in February Sales fell month-over-month in all regions of the U.S. in February. Year-over-year, sales activity was up in the South, but down in the rest of the U. Media Contact:  Quintin Simmons 202-383-1178

Bidding wars are intensifying at a slower pace than they were at the start of the pandemic. Nationwide, 68.6% of home offers written by Redfin agents faced bidding wars on a seasonally adjusted basis in February—the highest level in Redfin’s records, which date back to April 2020. That’s up slightly

Record-low supply spurs unprecedented winter homebuying competition. The median home sale price rose 3.5% between January and February, the fastest month-over-month gain ever seen during the winter months. Prices were up 16% year over year to an all-time high of $389,500 in February as the number of homes for sale

Pending home sales continued to outpace 2021 even as the listing shortage dragged on and mortgage rates shot up to above 4% for the first time since May 2019. The U.S. median home sale price surged 7% during the four-week period ending March 13—the largest month-over-month increase on record in

Video Series to Help Veterans Achieve Homeownership NAR and the U.S. Department of Veterans Affairs have released a two-part educational video series on the VA Home Loan Guaranty Program. Media Contact:  Emily Newman 202-383-1287 Veterans Affairs

House hunters are most active on Tuesday evenings, right in the middle of the workweek.  In the midst of today’s red-hot housing market, Americans are sitting in their home offices, “working” remotely and browsing Redfin for bigger, fancier home offices … right? Wrong. The most popular time of the week

The vacation-home boom started fading in February, partly because of rising mortgage rates. Still, demand for second homes is 35% above pre-pandemic levels. Demand for vacation homes dropped sharply in February, with mortgage-rate locks for second homes reaching their lowest level since May 2020. Demand was still up 35% from

Cash is king when competing for a home, but a buyer’s odds of winning a bidding war also increase significantly by waiving the financing contingency or conducting a pre-inspection.  Prospective homebuyers who offered all cash were more than four times as likely to win a bidding war as those who

The housing market is worked into a frenzy, unfazed by war in Ukraine, a faltering stock market, and fast-rising gas prices. Three out of five homes that went under contract during the four week period ending March 6 found a buyer within two weeks, an all-time high, as supply shrank

Today’s house hunters have half as many homes to choose from after surging demand driven by remote work and low mortgage rates intensified the housing shortage. Homes are 34% more expensive, with the median sale price now at $369,000. Buyers are twice as likely to pay above list price as

That’s nearly double the pre-pandemic share. The biggest jump was in Anaheim, where 55% of homes were worth $1 million or more in February, up from 27% two years earlier. As expensive homes take up a larger chunk of the housing market, many Americans are getting priced out. Nationwide, a

10-Year Housing Wealth Gains for Middle-income Owners Homeownership is the leading source of net worth among families, and housing wealth is primarily achieved by price appreciation gains. Media Contact:  Quintin Simmons 202-383-1178