Is Redfin Changing their Tune About the U.S. Housing Market? Redfin has made some conservative predictions compared to Zillow’s Bullish Forecast. So, what changed?
Housing Market Update: Home Prices Surge to Record High as Competition Heats Up
The median home sale price rose 16% from a year earlier, the largest increase since August.
Tensions in Ukraine have stalled the rapid increase in mortgage rates, which will likely intensify homebuying competition.
Nearly 6,000 U.S. Homes Have Sold For $100,000+ Above Asking Price This Year up from 2,241 during the same period last year.
Housing demand is outpacing supply as pandemic-fueled remote work encourages many homebuyers to relocate to more affordable parts of the country, while the number of homes for sale is at an all-time low.
“The war in Ukraine has rattled the global economy, causing mortgage rates to fall after weeks of increases,” said Redfin Deputy Chief Economist Taylor Marr. “The dip in mortgage rates should buoy homebuying demand temporarily, fueling continued price gains. But demand may drop off if the Federal Reserve raises interest rates again as expected.”
If you’re thinking about buying or selling in Maryland or Washington DC, let’s talk! 🙂