According to Redfin, a permanent market headwind brought a slow beginning up to the year. The typical day on the market reached the 54th of this month. This is the slowest pace since 2020.
INMAN ON TOUR: Raise the volume of real estate in Nashville! It connects to the pioneers of the industry and the top speakers, gain powerful insights, state -of -the -art strategies, and valuable connections. Enhance your business and achieve your bold goal -all with music city magic. Please register now.
According to Redfin’s latest market reports, mortgage rates and housing prices have almost led the market to crawls.
The typical sales list took 54 days to sign a contract between January 26, the longest day on average on the average market since March 2020. In addition to slowing down market activities and residential sales (-9.4 % compared to the previous year), the inventory level has been raised for the first time in six years in 5.2 months.
Please participate in the Inman Intel Index survey in January
“It is very expensive to buy a house, the mortgage ratio is nearly 7 %, and the housing price has increased by 4.8 % year -on -year,” said the report. “The median of the monthly housing payment is $ 2,753, and it is a shyness in the April record. In addition, the extreme weather, including snow and cold cold in the middle, south, northeast, and extreme cold in Southern California. Will be a buyer at home.
The median growth of housing prices is the highest in the northeast and Midwest, Pittsburg (19.3 %), Milwaukee (16.7 %) Fort Lord Dale (14.2 %), New Jersey (13.4 %), Cincinnati (11.7 %) (11.7 %) ) Is listed twice as double that. -Degit will win in January. Meanwhile, housing sales on hold have increased only in Portland, Oregon (9.7 %) and Milwaukee (2.6 %).
Jordan Hammond | Credit: Redfin
Despite the slow start in January, Jordan Hammond, an agent of Redfin Premier, is tired of waiting for a house buyer to move for a lower price and housing price. He said that it could cause activities.
“The buyers in the future are cautious because they see a house sitting in the market and hear that interest rates and prices will fall. If the market is not intense, some buyers will decrease. I think she should wait for me, “she wrote.
“Now, it is clear that the interest rate of the mortgage has not dropped, so the way of thinking is changing, so people need to move or move, so they can afford it. If you have it, you should believe you should do it. “
Hammond’s prediction is made after the announcement that the federal preparation system will not reduce the short -term rate.
“It is confirmed that the stop reduction of Fed is confirmed that the yield of the Ministry of Finance is telling us. Inflation is likely to keep the mortgage rate high in the near period.” Eric Orenstein, a high -level high -end director, said in an previous Inman article. “If the long -term rate drops by about 75 basic points, the mortgage Refis may still rise, but it is clearly less than three months ago.”
Please email Marian Mcpherson
