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Homes sell even faster as dwindling supply and rapidly rising mortgage rates fuel fierce competition
(NASDAQ:RDFN) — Housing prices jumped the most since summer 2021—up 17% year over year to a new high, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. At the same time, a 7% drop in new listings kept homebuyer competition elevated amid rapidly rising mortgage rates.
Nearly 3 in 5 homes were snapped up within two weeks, an all-time high, and half sold for over the asking price.
“With so much uncertainty in the world and economy, it makes sense that homeowners are staying put,” said Redfin Chief Economist Daryl Fairweather. “High prices and rising mortgage rates are a strong impediment even for homeowners who would ideally like to move to a better home. First-time homebuyers, on the other hand, are still seeking the security of homeownership despite the chaos of this market.”
Key housing market takeaways for 400+ US metro areas:
Unless otherwise noted, this data covers the four-week period ending March 20. Redfin’s housing market data goes back through 2012.
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The median home sale price was up 17% year over year to a record high of $379,230, the biggest increase since the four weeks ending Aug. 1, 2021. Prices were up 6% from 4 weeks prior.
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The median asking price of newly listed homes increased 15% year over year to $398,850.
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The monthly mortgage…
Full story available on Benzinga.com
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