Home sales increased to its highest point since the start of the year, Redfin reported. But housing demand remains at pre-pandemic levels. Still, homebuyers can find the best mortgage rates in a competitive environment.
Home sales in the U.S. increased 0.7% month-over-month in July to 387,374 – representing the most significant bump since the beginning of the year, according to the latest
"Home sales hit a bottom in 2022 and haven’t meaningfully budged since," Redfin Chief Economist Daryl Fairweather said in a statement. "Fading recession fears and the prospect of further home price increases have brought some house hunters off the sidelines, but for the most part, buyers remain hesitant to jump into the market because their buying power is so much lower than it was a year ago.
"It’s a seller’s market, but only because there’s so little inventory," Salt Lake City Redfin Premier real estate agent Mitch Price said in a statement. "Buyers are getting hammered by high interest rates, so they’re not just jumping on whatever is available like they were before. They don’t want to overpay, so they’re waiting for the right home. As a seller, if you overprice your home, that’s your doomsday ticket."The average 30-year-fixed mortgage rate stood at 6.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Home Economics’ Co-Creator “Hopeful” For New Network Home After Series’ ABC CancellationComedy Home Economics has been canceled after three seasons, but at least one of its creators has hope it may yet surface somewhere else. Mike Colton posted to Instagram today to thank everyone for…
Read more »
Home Economics Co-Creator Hopeful Cancelled ABC Series Will Find New HomeThe Topher Grace starring series will be shopped to other platforms.
Read more »
The top eight most expensive home sales in Oakland, reported the week of Sep. 18A house that sold for $2.3 million tops the list of the most expensive residential real estate sales in Oakland in the past week.
Read more »
7 Luxury Home Sales in the DC AreaAnd who bought and sold them.
Read more »
Google’s smart home will soon have help from generative AI.A new “help me script” feature for Google Home’s script editor could make setting up a smart home routine as easy as describing what you want to do. Google says you’ll be able to type a phrase like “Turn on the lights and raise the blinds at 6 AM” into the service, and “help me script” will code it for you to input straight into Google Home for web. The feature is coming to Google Home Public Preview this year and should make the many powers of the script editor more approachable to those without coding skills, which really shouldn't be a requirement for running a smart home in the first place.
Read more »