Housing Shows Signs of Shifting From a Seller’s Market to a Buyer’s Market, Redfin Says
“Sellers are losing control of the housing market," Redfin's deputy chief economist said.
June 10, 2022 2 MIN
“Sellers are losing control of the housing market," Redfin's deputy chief economist said.
After declining since mid-May, the average U.S. rate for a 30-year fixed mortgage rose this week, Freddie Mac said.
The economy added 390,000 jobs in May, giving leeway to Federal Reserve policymakers to pursue an aggressive plan to tighten monetary policy.
Mortgage rates in the U.S. dropped to a one-month low this week as investors diverted more money to the bond markets.
Economic confidence in the U.S. reached the lowest level since 2009, according to a Gallup poll conducted last month.
U.S. home prices gained 20.6% in March from a year earlier, the fastest national pace on record, according to S&P CoreLogic Case-Shiller Indices.
The share of offers for U.S. properties that had a competitive bid fell to the lowest level in more than a year, according to a Redfin report.
The decline in signed contracts came at the start of the so-called spring selling season, typically the busiest time of year for real estate transactions.
Mortgage rates fell to a one-month low on Tuesday, retreating almost a quarter of a percentage point after a stock market selloff last week.
Sales of new houses plunged 17% in April, the fourth consecutive decline, as a spike in mortgage rates chilled demand.
