Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "RedFin"


25 mentions found


The Texas housing market has cooled after a frenzy of activity during the pandemic. The shift in attitudes is an indicator for the state's housing market, which boomed during the pandemic. Median home prices in Texas have fallen around 7% from their highs in mid-2022, according to data from Redfin. The decline is an outlier compared to the broader US housing market, which is still prices hovering around record highs. But those issues are minor relative to things like economic growth and housing affordability, Fairweather says, which she described as two of the biggest factors that could determine if the Texas housing market picks back up.
Persons: Austin, , Peter Hoholick, Roe, Wade, Hoholick, it's, James Willoughby, Willoughby, he's, Redfin, William Wheeler, Price, Daryl Fairweather, " Fairweather, Fairweather, they're, Samuel Cobb, couldn't, Cobb, hasn't, We're Organizations: Lone Star, Service, Texas —, Lone Star State, realtors, Texas, Census Bureau, . Texas realtors, Bureau of Labor Statistics, BI Locations: Texas, Austin, California, Dallas, Amarillo, Florida , Texas, LendingTree, Fort Worth, Arlington, East Texas
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRedfin CEO: Inventory will be the gating factor for home sales in 2025Glenn Kelman, Redfin CEO, joins 'Money Movers' to discuss Kelman's view of the housing market in September, the magic rate number that could get homebuyers back into the market, and what it'll take for more inventory to hit the market.
Persons: Glenn Kelman, Redfin
Mortgage rates moved ever so slightly higher last week, but it was enough to take a little heat out of what had been a briefly red hot refinance market. That caused total mortgage application volume to fall 1.3% for the week, according to the Mortgage Bankers Association's seasonally adjusted index. The rate was 139 basis points higher the same week one year ago. As a result, mortgage rates were up modestly," said Mike Fratantoni, MBA's SVP and chief economist in a release. Mortgage rates moved very slightly lower again to start this week, as bond yields dipped following escalations in the bombing in the Middle East conflict.
Persons: Mike Fratantoni, Fratantoni Organizations: Mortgage, MBA's
New rules on buying and selling homes are in play, now that a settlement from a class-action lawsuit has taken effect. At the time of listing a property, the home seller negotiated with the listing agent what the compensation would be for a buyer's agent, which appeared on the MLS. "Now, the buyer chooses how much the buyer's agent makes, the sellers choose how much the seller's agents make," Glenn Kelman, CEO of online real estate brokerage firm Redfin, told CNBC. Any confusion around the new practices among agents and consumers will likely be temporary, said Kerry Melcher, head of real estate at Opendoor. "Real estate agents are good at moving the market," she said.
Persons: brokerages, TikTok It's, Glenn Kelman, Kerry Melcher Organizations: National Association of Realtors, MLS, Finance, CNBC Locations: U.S, Opendoor
That's the lowest turnover rate the market has seen in at least three decades, the firm estimated. Elevated mortgage rates and home prices have been keeping some buyers on the sidelines. That's the lowest turnover rate for any first-eight-month period in at least 30 years, the firm said, comparing the current housing environment to the early- to mid-90s. In that era, home sales were at similar levels, though the total supply of homes was larger, which drove a higher turnover rate, the report added. Homes sales, meanwhile, could notch 4.3 million by the end of the year, a 5% boost from last year's levels, it added.
Persons: , Elijah de la, Freddie Mac Organizations: Service, San Locations: Redfin, Los Angeles, Boston, San Francisco
A rate cut by the Federal Reserve this month has fueled hopes that the interest rate-sensitive housing market will soon experience a fresh jolt. “What this data tells us is that the housing market in 2024 has been really frozen,” said Chen Zhao, Redfin’s economic research lead. Zhao said a market where 30 to 40 of every 1,000 homes changed hands would signify a healthier housing landscape. “That very low inventory on the market was one of the primary drivers of there being so little turnover.”A shortage of new home construction also contributed to America’s sluggish housing market. “Getting to a healthy housing market is very hard from this point,” Zhao said.
Persons: , Chen Zhao, , Zhao, Redfin, , Jeremiah Vancans, Vancans, , Patrick Chamberlin, Chamberlin, Freddie Mac, it’s, ” Zhao, we’ve Organizations: CNN, Federal Reserve, California ., , Boston, Consumer Financial Protection Bureau, National Association of Realtors Locations: , Redfin, California, California . Los Angeles, Los Angeles, Austin , Texas, The Texas, Sun Belt, New York City, Phoenix
The US will see construction completed on a record number of apartments this year. The Sun Belt region in particular is seeing this dynamic play out. The US will see construction on a record number of apartments completed this year. They're now seeing rent prices fall, or at least remain stagnant as the rest of the nation lags behind. That means the market will eventually balance itself in the next few years, which will lead rent prices to once again rise, she said.
Persons: , Laurie Goodman, Goodman, Austin, Chen Zhao, Zhao Organizations: Service, Housing Finance, Center, Urban Institute, Sun, metros, Dallas, Harvard Locations: Dallas, New York, Austin
David Valdez, 35, moved to Detroit from San Francisco in 2018. Valdez moved to Detroit for better job opportunities and to be with his partner, Juna Durrant, who is from Michigan. In San Francisco, Valdez said he worked two jobs and lived with roommates just to get by. At the time, Valdez worked at various cafés in Detroit, including Astro, a coffee shop in the historic Corktown neighborhood. "If I stayed in San Francisco, I wouldn't even begin to try to open a coffee shop," Valdez said.
Persons: David Valdez, he's, Valdez, , I've, Juna Durrant, Durrant, Detroit Valdez, San, California Valdez, refinanced Organizations: Service, Census Bureau, Starbucks, Astro, Business, David Locations: Detroit, San Francisco, Michigan, California, Mexico City, Alba, Mexican, David Valdez, ProsperUs, Corktown
The housing market is in the midst of its biggest slowdown since the pandemic, according to Redfin. Homes stayed on the market for the longest in West Palm Beach, Florida, with listings taking a median 79 days before being sold. That was followed by Fort Lauderdale, Florida, and Jacksonville, Florida, where homes stayed on the market for a median 75 and 65 days respectively. Seattle was the hottest housing market in the nation last month, with homes staying on the market for a median of 12 days, per Redfin's report. "Anyone who has been paying attention to the housing market over the past few years knows that desirable homes sell right away," Fairweather said.
Persons: It's, Darryl Fairweather, Redfin's, " Fairweather, Redfin Organizations: Business, . Homes, Federal Reserve, Buyers Locations: Towns, Florida, Texas, Palm Beach , Florida, Fort Lauderdale , Florida, Jacksonville , Florida, Seattle, Indianapolis , Indiana, Warren , Michigan
While housing affordability remains a challenge for many buyers in the U.S., conditions are somewhat improving due to lower mortgage rates. Buyers need to earn $115,000 to afford the typical home in the U.S., according to a new report by Redfin, an online real estate brokerage firm. Both declines stem from lower mortgage rates, said Daryl Fairweather, chief economist at Redfin. "The only reason mortgage payments are down is because of the rate effect," Fairweather said. While housing overall continues to be unaffordable for most buyers, "this is as good as it gets," said Orphe Divounguy, senior economist at Zillow, as the market is generally seeing lower mortgage rates, more inventory and low buyer competition.
Persons: Redfin, Daryl Fairweather, Freddie Mac, Fairweather, Orphe Divounguy Organizations: Finance, Federal Reserve, Vanguard Locations: U.S
The income homebuyers need to afford the typical home just saw its first annual decline since 2020. That decline comes as mortgage rates have steadily dipped, a Redfin report says. Homebuyers now need an annual income of $115,454 to afford the median priced home of $433,101. That follows years of declining affordability as mortgage rates soared after hitting historic lows in 2020. The 30-year mortgage rate saw its first annual decline in three years last month, falling to 6.5% from 7.07% the year prior.
Persons: , Homebuyers Organizations: Service, Business
The report says median asking rents in swing states have shot up almost 24% since 2020, with especially big increases in key states like Michigan. As rent prices have climbed, housing affordability remains stretched. AdvertisementThat's a $10,365 difference, meaning renters in swing states earn 17% less than they need to afford the typical apartment. "America's swing state voters will decide the outcome of the next presidential election based on the candidates' plans for tackling key issues including the housing affordability crisis," Fairweather said. In July, Redfin found the median monthly housing payment in swing states has nearly doubled in the last four years, rising by 92% to reach a record high of $2,161.
Persons: , Redfin, Daryl Fairweather, Donald Trump, Kamala Harris, Harris, Trump, Fairweather Organizations: Service, Business, Midwest Locations: Michigan, Arizona , Nevada , Wisconsin , Michigan, Pennsylvania, Georgia, North Carolina, Arizona
So, home loan rates may continue to fluctuate. Don't wait to reassess credit card debtWhen it comes to credit card debt, the math is a little more cut-and-dried. In the wake of the rate hike cycle, the average credit card rate rose from 16.34% in March 2022 to more than 20% today — nearing an all-time high. watch nowAlternatively, borrowers can call their card issuer and ask for a lower interest rate on their current card. Auto loan refinancing options depend on equityAlthough auto loans are fixed, the rates on new-car loans will come down with the Fed's moves.
Persons: Jacob Channel, Matt Schulz, Schulz, you've, Ivan Drury, Edmunds Organizations: Treasury, LendingTree, Auto
Read previewHomebuyers may have breathed a premature sigh of relief last month when mortgage rates dropped. In the last six weeks, mortgage rates have fallen over half a percentage point to 6.2%, according to Freddie Mac. AdvertisementAccording to Redfin Senior Economist Sheharyar Bokhari, prices are increasing because the drop in mortgage rates has spurred demand for houses while supply remains low. Year-over-year, prices rose in almost every one of the top 50 metro areas. Below are the 9 cities where home prices have risen the most in the last year, increasing at double-digit rates.
Persons: , Freddie Mac, it's, Sheharyar, Bokhari, Skylar Olsen, homebuyers, Olsen, Austin — Organizations: Service, Fed, Business, Redfin Locations: San Antonio
Existing home sales in August reached their lowest level since May 2020, according to Redfin. Redfin says buyers are waiting to see if mortgage rates fall further as the Fed cuts interest rates. Go to newsletter preferences Thanks for signing up! AdvertisementBuyers are back on the sidelines as they wait to see if mortgage rates fall further after , a Redfin report shows. That's the lowest level since the pandemic stalled home sales in May 2020, and discounting that month, it's the lowest level on record since 2012.
Persons: Redfin, Organizations: Service, Business
The market had become all but impenetrable after mortgage rates went from historic lows in 2020 to their highest levels in a generation last year. “And I think if we even go down to 5.9%, that would be really psychologically impactful to the housing market. The current 6.2% mortgage rate average is, of course, preferable to last year’s peak of 7.8% — a difference that could translate to hundreds of dollars in monthly payments. As my colleague Samantha Delouya wrote this week, a drop in mortgage rates could be a double-edged sword. “A further drop in mortgage rates could bring a surge of demand that makes it tougher to actually buy a house.”
Persons: ” Daniel Alpert, Alpert, , ” Daryl Fairweather, Samantha Delouya, , Greg McBride Organizations: New, New York CNN, Federal Reserve, Westwood Capital, Fed, Bankrate Locations: New York
The Federal Reserve is poised to make its first interest rate cut in years on Wednesday. While mortgage rates are partly influenced by the Fed's policy, they are also tied to Treasury yields and the economy. Home loan rates have already started to come down in recent weeks, slightly induced in part by favorable economic data and indications the Fed could cut rates. As of Thursday, Sept. 12, the average 30-year fixed rate mortgage in the U.S. was 6.20%, according to Freddie Mac data via the Fed. "It's almost impossible to figure out what mortgage rates are going to do from week to week or month to month," Ostrowski said.
Persons: Chen Zhao, Freddie Mac, Jeff Ostrowski, Ostrowski Organizations: Federal, CNBC, Treasury, Finance Locations: Redfin, U.S
Read previewOn Monday, Amazon mandated corporate workers return to the office five days a week beginning January 2nd. AdvertisementHere's a list, in alphabetical order, of major companies requiring employees to return to offices. BlackRockLast year, BlackRock mandated employees return to the office four days a week. MetaMeta updated its remote work policies in September 2023, requiring employees to head into the office three days a week. AdvertisementWalmartAlong with slashing hundreds of jobs, Walmart also asked previously remote employees in the US to move to offices.
Persons: , Goldman Sachs, Andy Jassy, We've, Jassy, Insider's Ashley Stewart, It's, Apple's, Tim Cook, Rob Goldstein, Caroline Heller, Chipotle, Bob Iger, Iger, signees, David Solomon, Fortune, Fiona Cicconi, Arvind Krishna, Jamie Dimon, Redfin, Glenn Kelman, Salesforce Salesforce, Marc Benioff, Howard Schultz, Schultz, Tesla, Elon Musk, nodded, Musk, X, Yao Yue, Yue, Dara Khosrowshahi Organizations: Service, JPMorgan, Business, Amazon, Apple, BlackRock, Hudson, Bloomberg, Citigroup Citigroup, HSBC Holding Plc, Barclays, Citigroup, Reuters, Disney, The Washington Post, CNBC, Google, San Francisco Bay Area, IBM IBM, IBM, Meta Meta, Frisco, San Francisco Standard, Engineers, Starbucks, Elon, Twitter, National Labor Relations, Walmart, Street Journal Locations: Seattle, New York City, San Francisco Bay, San Francisco, Dallas , Atlanta, Toronto, Arkansas, New Jersey
One out of 4 of the 31,000 homeowners in the coastal parish live there without homeowners insurance — one of the highest percentages in the United States. Across the country, 13.4% of homeowners — about 1 in 8 — are unprotected by homeowners insurance, according to an NBC News analysis of new Census Bureau data. It’s a double-edged sword.”The Census Bureau data shows how many homeowners pay less than $100 — or nothing at all — for homeowners insurance. According to the Census Bureau survey, which was taken in 2023, 20.8% of homeowners without mortgages also lack meaningful homeowners insurance. Among mortgage-holders, 8.5% don’t have meaningful homeowners insurance — and while banks require owners with mortgages to have homeowners insurance, gaps in coverage do happen.
Persons: Hurricane Francine, , , Shannon Martin, you’re, Martin, ” Martin, Mark Friedlander, ” Friedlander, There’s, Daryl Fairweather, Redfin’s, ” Fairweather Organizations: NBC, Bankrate, Insurance Information Institute, “ Insurance Locations: Louisiana’s Terrebonne Parish, United States
The median house price in the U.S. is now 5.8 times more than the median annual income of $80,000. That was, after all, the median price for a house in the area at the time. Jonathan OchartThe median price of a home in Los Angeles county is just under $960,000, according to Zillow listings data. It's just not a level playing field," says Ochart about the income now needed to afford a home. In Grand Rapids, median home prices were on the rise before the pandemic and then soared 54% from 2020 to $285,000 in June 2024, according to Zillow sales data.
Persons: Kelcie Lesko, Tim Khalil, Lesko, Khalil, they'll, Gen Xers, What's, — there's, they're, Daryl Fairweather, Kelly Diehr, homebuyers, you'd, Diehr, Jonathan Ochart, Ochart, It's, Timothy Ham, Timothy Ham couldn't, Ham, you've, That's, boomer, it's, Lawrence Yun, Millennials, Ramit Sethi, Rich, Brad Klontz, homebuying Organizations: CNBC, Homes, LA, National Association of Realtors, NAR Locations: New Jersey, Monmouth County, North Brunswick, Lesko, homeownership, U.S, Denver, Brazil, Los Angeles and New York, San Antonio, Los Angeles, Antonio, Texas, LA, Boise , Idaho, Tacoma , Washington, Grand Rapids , Michigan, Grand Rapids, Kalamazoo
While the Fed doesn’t directly set mortgage rates, its actions affect borrowing costs throughout the economy. The most apparent effect: An interest rate cut could help ease the upward pressure on mortgage rates, making one piece of the homebuying equation more affordable. Most investors are betting that the Fed will cut its benchmark interest rate by just a quarter-point on Wednesday. Some financial advisers counsel to wait until you can get a mortgage rate that is a full percentage point below the rate you’re already paying, said Fairweather. “If you got a 7.5% mortgage rate, you may already be in the money to refinance,” she said.
Persons: Freddie Mac, , Daryl Fairweather, Redfin’s, , it’s, Fairweather, We’re, Greg McBride, “ It’s, Leo Pareja Organizations: CNN, Federal Reserve, homebuyers, National Association of Realtors, Bankrate, eXp Realty Locations: Wells,
States such as Maine, New Mexico, and Utah have seen the largest percent increases in median gross rent — which includes rent and utility costs — between 2022 and 2023. The median housing cost for renters increased from $1,354 to $1,406 during this period. The census data covers increases between 2022 and 2023, and more recent data shows that cost growth has continued this year. According to national Redfin data, rents increased slightly nationwide in September 2024 compared to the year prior, at 0.9%, and are now $1,645 for all rental sizes. The ACS reveals some racial inequities among cost-burdened households.
Persons: Organizations: Service, Survey, Business, DC Locations: Maine, New Mexico, Utah, Hawaii, Washington, Florida, Mississippi, Alaska, New York, Raleigh, Fort Worth, Charlotte, Milwaukee, Florida , Nebraska, Vermont, Alaska , Delaware, Georgia, Pennsylvania
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementThe exodus is mainly being driven by higher housing costs, a higher cost of living, and souring attitudes toward the influx of people who moved to Florida in recent years. Property insurance costs in the state are rising at the fastest pace in 20 years, according to Capital Economics. According to Cindy, her home insurance costs around $8,000 a year. The cost of living has also risen, in part due to rising housing costs and more people living in the city.
Persons: , who's, Cindy, isn't, Rafael Corrales, Corrales, Kevin, hadn't, it's, Bill McBride, McBride, That's, It's, Darryl Fairweather, Redfin, Fairweather Organizations: Service, Business, Tampa —, Capital Economics, Bureau of Labor Statistics, Washington DC, Florida Department of Law, Sunshine State Locations: Florida, Sunshine, Tampa, Orlando, Jacksonville, South Florida, Miami, St, Pete, Seattle, New York, Fort Lauderdale, Palm Beach, Petersburg, Clearwater, Florida's
Oracle — The stock rose nearly 2% after the database software company raised its fiscal 2026 revenue outlook . Uber — Shares of the ride-sharing company advanced more than 5% following news that it plans to expand its partnership with Alphabet's Waymo . Adobe — Shares tumbled 9% after the software company issued weaker-than-expected guidance for the current quarter. Unity Software — Shares of the game engine company added nearly 7%. Discovery — Shares advanced about 9% after the media conglomerate entered an early renewal agreement with Charter Communications.
Persons: Kevin Clark, RH —, Gary Friedman, Alphabet's Waymo, Uber, Stifel, Biden, David Zaslav, , Jesse Pound, Sean Conlon, Samantha Subin, Hakyung Kim Organizations: JPMorgan, Oracle, Aptiv, — Stock, Adobe, Boeing, Unity, Holdings, PDD Holdings, Redfin Corporation, Federal Reserve, U.S, Home, Warner Bros, , Charter Communications, Discovery Locations: U.S, Austin , Texas, Atlanta, China
Read previewA wave of younger buyers are about to enter the housing market in a trend that could spark a boom for homebuilders, according to one housing analyst. That's because young Americans are itching to buy a home, and they'll likely enter the housing market in droves once mortgage rates come down, he told CNBC in a recent interview. AdvertisementThe 30-year fixed mortgage rate hovered around 6.35% the last week, Freddie Mac data shows, close to their lowest level since early 2023. Yet, 89% of existing homeowners have a mortgage rate below 6%, Redfin found in a survey at the start of the year. Mortgage rates, though, could be slow to come down, housing experts say.
Persons: , Phillip Ng, they'll, We've, Ng, Freddie Mac, Redfin, Pricing's Organizations: Service, Jefferies, CNBC, Business, Buyers, National Association of Realtors, Builders, Mortgage Locations: Redfin
Total: 25