A surprise drop in mortgage rates got homebuyers off the sidelines and into home tours. However, affordability and recessionary concerns have kept buyers from making purchases
A buyer with a monthly budget of $3K can now purchase a home worth approximately $453,000 — up from $416,000 in October when mortgage rates reached a record of 7.8%, according to Redfin
In the month of June, just under 50% of home offers written by its agents faced competition on a seasonally-adjusted basis, the lowest rate in over 2 years, the brokerage reported Wednesday
The feature lets buyers hop on a FaceTime call with their agents and others, browse listings and share their favorites with the group
The median monthly mortgage payment in the US hit a low of $1,094 in November 2020, making it the best month out of the year to buy a home, according to a Redfin analysis
Fremont, California, tied with San Jose and Seattle for the most competitive, while New Orleans and Pittsburgh were among the least, according to Redfin