US Housing Market , Sees Temporary Surge , as Mortgages Inch Lower.
'Newsweek' reports that the United States
housing market saw a surge in activity
amid declining mortgage rates.
At the same time, housing prices have reached
their highest point since October of 2022.
Last week, Redfin released a report
indicating a steep increase in pending
home sales and housing prices in November.
According to Mortgage News Daily, this
coincides with the drop in mortgage rates,
which have ebbed back to 6.64%.
In November, the median price of U.S. homes
rose to $408,732, a 3.7% increase from 2022.
The Redfin report also indicated that
pending home sales had risen 2% month over
month, reaching the highest level in a year. .
A year ago, sellers had trouble
understanding why they weren't
getting $20,000 over the list price
like their neighbor did during
the pandemic homebuying boom, Shay Stein, a Redfin Premier real estate
agent in Las Vegas, via 'Newsweek'.
Now, they understand that to sell
their home, they need to price
it fairly and in some cases offer
the buyer concessions like
money toward closing costs
or mortgage-rate buydowns, Shay Stein, a Redfin Premier real estate
agent in Las Vegas, via 'Newsweek'.
'Newsweek' reports that despite increased activity,
the Redfin report also found that 16.9% of home-
purchase agreements in November were canceled.
That cancellation rate was
the highest its been since 2017