Back to top
Join us on LinkedIn Follow us on Twitter Like us on Facebook
 
  OCTOBER RESEARCH STORE SUBSCRIBE LOG IN
AddControlToContainer_DynamicNavigation1

More homesellers drop prices, but buyers find little relief

Add This Email A Friend Printer Friendly Version
0 comments
Market Data
Thursday, May 12, 2022
The share of homesellers who dropped their asking price shot up to a six-month-high of 15 percent in April, according to a Redfin report. That’s up 9 percent year-over-year and is the largest annual gain on record with Redfin.

At the same time, the typical monthly mortgage payment for homebuyers soared a record 42 percent to a new high. Although a growing share of sellers are responding to the drop in homebuyer demand by lowering prices, sellers remain far outnumbered by buyers, so the typical home is flying off the market at the fastest pace on record and for more than its asking price.

“Homebuyers continue to be squeezed in nearly every way possible, which is causing some to take a step back from the market,” Redfin Chief Economist Daryl Fairweather said in a release. “Unfortunately for buyers hoping to find a deal as competition cools, sellers are pulling back even faster, which is keeping the market deep in seller’s territory. So even though price drops are becoming more common, most homes are still selling above asking price and in record time.”

Redfin data shows that homebuyer demand is dropping. The seasonally-adjusted Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents, was down 1 percent year-over-year in April. It dropped 10 percent in the past four weeks, compared with a 1 percent decrease during the same period a year earlier.

Mortgage purchase applications were down 11 percent year-over-year, according to Redfin. For the week ending May 5, 30-year mortgage rates increased to 5.27 percent, the highest level since August 2009.

The median home sale price in April was up 17 percent year-over-year to a record $396,125, the biggest increase since August. The median asking price of newly listed homes increased 16 percent year-over-year to $408,458, a new all-time high.

The monthly mortgage payment on the median asking price home rose to a record high of $2,404 at the current 5.27 percent mortgage rate. That was up 42 percent year-over-year, an all-time high.

In April, a record 56 percent of homes sold above list price, up from 47 percent a year earlier.

 

Today's other top stories
Realogy to rebrand as Anywhere Real Estate
First American’s venture capital arm named Parker89
North Carolina credit unions launch JV with Investors Title
Skyline Lien Search launches title search service
LandStar Title names VPs of sales


COMMENT BOX DISCLAIMER:
October Research is not responsible for the comments posted on its websites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.
Comments:

Be the first to leave a comment.

Leave your comment
CAPTCHA Validation
CAPTCHA
Code:
: 
: 
Your Email is for reporting purposes only. It will NOT be displayed.
Popularity:
This article has been viewed 538 times.

Tweets from @TheTitleReport/lists/around-the-industry
News by Topic   News by Edition   Special Reports   Webinars   Subscribe
Announcements
Conference Coverage
Cyberawareness
Industry News
Market Data
People on the Move
Technology
Trendsetters
The TRID Journey
 
April 11, 2022
April 25, 2022
May 9, 2022
May 23, 2022
Archives
 
Voice of the Title Agent Report
Mergers & Acquisitions
State of the Industry Report
Title Technology Report
Real Estate Compliance Outlook
Trendsetters
Archives
 
 
Modernizing Your Brand
Utilizing Tech for RESPA Compliance
Collaborating on eClosings
Economic Forecast Series
Industry and Regulatory Outlook
Archives
 
Newsletter Subscriptions
Free Email Updates
Try a Free Edition
  Resources   About   Store  
 
eClosing Solutions Showcase
Best Practices Provider Directory
Industry Partners
 
The Title Report
Contact / Editors
Social Media
Advertise
Are You An Expert?
Subscriber Agreement
 
NS3 The Summit
Other Newsletters
The Legal Description
RESPA News
Valuation Review
Dodd Frank Upate
 
                 
Copyright © 1999-2022 The Title Report
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.thetitlereport.com | Privacy Policy
VISIT OUR OTHER WEBSITES
> Valuation Review
> RESPA News
> The Legal Description
> Dodd Frank Update
> The October Store


Loading... Loading...
Featuring:
  • Delivery 3X a week plus breaking news as it happens
  • Comprehensive title insurance industry news
  • Recent acquisitions, mergers, real estate stats
  • Exclusive in-depth coverage of the industry's hottest stories
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Comprehensive Dodd-Frank coverage
  • The latest information from the CFPB
  • Full coverage of Congressional hearings
  • Updates on all agency actions
  • Analysis of controversial provisions
  • Release of newest studies and reports
Sign up today and...
  • Be one of the first to know where NS3 is being held
  • Learn about NS3 speakers and sessions
  • Save on registration with Super-Early Bird rates
  • Discover the networking opportunities NS3 offers
  • Find out if CE credits will be offered for your area
  • And much more
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Preview the latest RESPAnews.com Top Story
  • RESPA related headline news
  • Quote of the Week
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Legal, regulatory and legislative information impacting the settlement services industry
  • News from HUD, Congress, state legislatures and other regulatory agencies
  • Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • The industry's only full-time newsroom
  • Relevant, up-to-date appraisal industry news
  • Covering the hottest stories and industry trends
NEWS BY TOPIC
NEWS BY EDITION
SPECIAL REPORTS
WEBINARS
RESOURCES
FREE EMAIL UPDATES
ABOUT
SUBSCRIBE
Announcements
Conference Coverage
Cyberawareness
Industry News
Market Data
People on the Move
Technology
Trendsetters
The TRID Journey
Sponsored Content
Nominate a Trendsetter
What is Trendsetters
Current Edition
April 25, 2022
April 11, 2022
March 28, 2022
Archives
Best Practices
2022 Voice of the Title Agent
Attorney State Perspectives
Mergers and Acquisitions
2022 State of the Industry
Sales & Marketing Tools
Trendsetters
Archives
Nominate a Trendsetter
What is Trendsetters?
Evolving Consumer Relationships
Understanding Cyber Insurance
Modernizing Your Brand
Tech for RESPA Compliance
Collaborating on eClosings
2022 Economic Forecast Series
Industry and Regulatory Outlook
Diversifying Your Office
Webinar Archives
Executive Interview Series
eClosing Solutions Showcase
Best Practices Provider Directory
Industry Partners
The Title Report
Contact Us
Social Media
Advertise
Are You An Expert?
Subscriber Agreement