During July, the typical home value was up 4.5% year over year to $253,527, the fastest value rate increase since May 2019
But Redfin warns that lack of economic stimulus plan from Congress could lead to a housing downturn
Amid federal and state restrictions on foreclosures and evictions, bank repossessions dropped 14% month over month and 80% year over year to just 2,163 US properties foreclosed on by lenders, according to an analysis Thursday from Attom Data Solutions
Although the effects remain to be seen, agents in Rochester and surrounding areas are uncertain whether or not Friday's partial reopening of the economy will have a palpable impact on buyer or seller confidence
Despite the slight rise in rates, homebuyer demand remains strong, according to Redfin Chief Economist Darryl Fairweather
Economic growth seems to be slowing, inflation remains subdued
Demand for purchase loans jumped before July 4 holiday
Purchase-loan demand down 37% from a year ago
Applications at highest level since expiration of homebuyer tax credit
Zillow analysis: 29% can't qualify for a loan
Demand for purchase loans down 39% from last year