Homebuyers in the U.S. are facing significant challenges as mortgage payments continue to rise, increasing by 8.7% from the previous year, according to Redfin. Elevated mortgage rates and home prices have led to a record low in homebuying sentiment, as reported by Fannie Mae. The share of homes for sale with price drops has increased rapidly, surpassing the rates seen in 2023, 2022, and 2021. Additionally, homes are taking longer to sell, with the percentage of homes sold above the final list price hitting the lowest level in over four years. Homebuilders are experiencing a 4-month low in activity. Google trends show searches for "homes for sale" are down 18% from last year. In Austin, homes are selling for an average of $100,000 less than during the peak in 2022. Despite the median U.S. home sale price hitting a record high, prices are falling in former hotspots such as Austin, San Antonio, Fort Worth, and Portland. Redfin reports that buyer demand has hit the lowest level in over four years.
BREAKING: 6.4% of home sellers cut their asking price over the last 4 weeks, the most in 18 months and 2nd highest since 2021. Only October and November 2022 saw a larger percentage of price reductions. By comparison in June 2023 and 2022, price reductions were only 4.4% andโฆ https://t.co/wtuvY29Jlr
Despite the median U.S. home sale price hitting a record high, prices are falling in former hotspots as buyer demand cools ๐ https://t.co/oBlnYBWqqO #realestate Prices decreased YoY in: 1. Austin, -2.9% 2. San Antonio, -1.2% 3. Fort Worth, -1.2% 4. Portland, -0.9% https://t.co/2hE6oSoGpn
Construction spend down 2 months in a row https://t.co/j3UYJZUuoK
Elevated mortgage rates and home prices are creating challenges for many homebuyers, and 86% said May was a bad time to buy โ a new high in Fannie Mae surveys dating to 2010. https://t.co/mucUzv5Sxi
These Homes For Sale In The Hottest Real Estate Markets Could Break Records (Photos) https://t.co/BtPp2Z1clL https://t.co/38zXNi7XQ8
Video of me circa 2022 warning a small group of followers the Austin housing market was toast https://t.co/rS37Vi5fLx
Austin real estate is fucking COOOOOOOOKED https://t.co/j6TveIbn3r https://t.co/uwpExOJXgr
Redfin "buyer demand" hits lowest level in over 4 years. Demand to sell homes through Redfin is skyrocketing according to the CEO.
The average selling price is now BELOW asking price for the first time in over 4 years.
% of homes seeing price reductions hits highest levels in over 4 years.
% of homes sold above final list price hits lowest level in at least 4 years
% of homes under contract in under two weeks hits lowest level in at least 4 years
"Austin real estate right now is fucking cooooooooooked" https://t.co/izMgWbohw1
Homes in Austin are selling on average for $100,000 LESS than during the peak in 2022
Google trends searching for "homes for sale" down 18% from last year. 2023 was the lowest home sales volume in at least 30 years.
Houses taking the longest to sell in at least 4 years.
Mortgage Rates Remained Elevated in May https://t.co/1t3FiEfBkA via @NAHBhome
Homebuying sentiment hit a new survey low in May, as consumers continue to express frustration with the overall lack of affordability. Find out what else consumers told us in our latest National Housing Survey: https://t.co/VbKz4627RA https://t.co/abtbvfCYUO
home buying sentiment hits a record low in the U.S. people are frustrated with buying homes https://t.co/gxwLJ9UqKb
4-month low for homebuilders.
Continued fast climb in share of homes for sale with price drops ... this year's increase is much faster than in 2023, 2022, and 2021 per โฆ@Redfinโฉ https://t.co/1FkYs58Rcw
Homebuyers' mortgage payments continue to climb at a brisk pace and are now up by 8.7% from prior year ... in dollar terms, it's been a consistent move higher over past four years per โฆ@Redfinโฉ https://t.co/xMNVYYHVd0