While the phrase “not out of the woods yet” is still used, Redfin economists say the market probably hit its cycle-low trough the second week of Nov. 2022. SEATTLE – The housing market has begun to recover after hitting a low point in the second week of November, according to a report from Redfin. The reason for Redfin’s estimation: The number of its customers requesting first tours has...
KEY POINTS Millennials — who are roughly ages 27 to 42 — are in their prime homebuying years. While the combination of high home prices and rising interest rates has caused affordability issues for many buyers, the situation is gradually improving. The median price for an existing house was $366,900 in December, just 2.3% higher than a year earlier and a drop from the $416,000 recorded last...
Mortgage rates have hit an 18-week low, giving homebuyers hope for a more affordable loan. The average rate for a 30-year mortgage dropped to 6.15% last week — the lowest in 18 weeks. This dip in rates provides welcomed relief for many potential homebuyers who’ve put their dreams on pause thanks to high mortgage interest rates, which have drastically reduced their buying power. On top of...