In 2023, home sales in the U.S. plummeted due to high prices, mortgage rates, and low inventory. Redfin reported that only two months in the past decade had fewer sales, with significant drops in cities like Stockton, CA, and Buffalo, NY. Affordability remains a challenge despite lower mortgage rates.
Watch out in the Miami, FL Housing Market. Both inventory and price cuts have spiked. This is especially true in Broward County. Where inventory has nearly doubled YoY and is now at the highest level since 2019. These rapid inventory spikes are a signal of a major downshift in⦠https://t.co/HzwwZ0jHuM
US HOME PRICES JUST SMASHED ANOTHER RECORD HIGH AS AFFORDABILITY CRISIS DEEPENS (Fox Business) The cost of buying a new house just hit a fresh record, even as mortgage rates dipped to the lowest level in three months, according to a new report. Findings from Redfin show the⦠https://t.co/ft5MsAZkJb
May 2021π 0 of the nation's 200 largest housing markets were back to pre-pandemic inventory levels May 2023 π 7 of 200 May 2024 π 32 of 200 (with 19 in Florida/Texas) My latest for @ResidentialClub https://t.co/lYnG72Tzv7 https://t.co/rj5FMrqmQw
Home price growth slows to lowest level since January 2023: Redfin: Home prices posted monthly increases in May in only 31 of the 50 largest U.S. metro areas, according to new data from Redfin. https://t.co/hS6SbodYPJ
4th Look at Local Housing Markets in May; California Home Sales Down 6% YoY in May https://t.co/zQuWFRfeQq https://t.co/LX2GRjWHjq
There have been only two months in the past decade with fewer home sales π https://t.co/YYt1Jgr7ob #realestate Home sales fell most YoY in: 1. Stockton, CA -15% 2. Buffalo, NY -15% 3. San Antonio, TX -14% 4. West Palm Beach, FL -13% 5. Birmingham, AL -11% https://t.co/rl0lG3uMWe
Whatever it is that could "never happen" is happening. Pandemic aside, in past decade, Oct 23 was sole month w/sales as low as May 24. Upshot: May home prices rose 0.26% MoM, smallest on SA basis since Jan 2023. Prices rose 7.2% YoY, but growth plateaued. @Redfin cc @m3_melody https://t.co/s5TK7H0KDM
This housing market downturn in Florida is getting crazy. There's ZIP codes where inventory has nearly tripled from its level last year. Like this one north of Tampa, in Port Richey. 248% growth in listings YoY. That's the sign of a major selloff. And indicates prices are⦠https://t.co/sYQl77RVY4
US Housing Affordability Index - barely off 38-year lows https://t.co/gm4zpHZ1bZ
U.S. Home Prices Are Rising at the Slowest Pace in Nearly a Year and a Half https://t.co/TtInyUlnUN https://t.co/9fDzO9iRia
US HOME PRICES ARE RISING AT THE SLOWEST PACE IN NEARLY A YEAR AND A HALF - REDFIN.
Americans hoping to buy a home are finding little relief in the way of affordability despite slower activity in the housing market and lower mortgage rates with high asking prices holding up limited properties for sale. https://t.co/R4q5diJtRj
Americans hoping to buy a home are finding little relief in the way of affordability despite slower activity in the housing market and lower mortgage rates with high asking prices being held up limited properties for sale. https://t.co/OG2WmNKZlV
Home Sales Fell to One of the Lowest Levels on Record in May https://t.co/MkQZ4649ly
(1/5) There have been just two months in the past decade with fewer home sales. High home prices, elevated mortgage rates, and an ongoing housing shortage caused sales to tumble last month. #housingmarket https://t.co/vkbzY6qsI5
U.S. Homes Sales Fell to One of Lowest Levels on Record in May https://t.co/kbgYtLOFiq
People of all generations purchased far fewer homes in 2023 than the year before as continually rising home prices and mortgage rates cut into buyersβ budgets; 2023 was the least affordable year on record. Historically low inventory also limited sales, per Redfin.