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Buyers are getting cold feet as mortgage rates exceed 7%: Redfin

Housing Wire

Buyers facing high mortgage rates are pulling out of their home-purchase agreements at the highest rate in nearly a year. of homes that went under contract that month, according to a new report from Redfin. Home prices not expected to fall Home prices are high due to competition among buyers for limited inventory in the market.

Buyers 399
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Get more real estate buyer leads in 2024

Housing Wire

In the ever-competitive real estate market, creating a consistent flow of real estate buyer leads is strategy for success. But beyond first-timers, we’ll show you how to attract real estate buyers of all kinds through a multi-tiered marketing approach that boosts both your visibility and credibility with potential buyers.

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Pending home sales are down 31% from last year

Housing Wire

An index of 100 is equal to the level of contract activity in 2001. The Federal Reserve has had to drastically raise interest rates to quell inflation, which has resulted in far fewer buyers and even fewer sellers.”. Only when inflation is tamed will mortgage rates retreat and boost home purchasing power for buyers.”.

Contracts 514
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The 2023 housing market is at odds with itself

Housing Wire

On the one hand, elevated mortgage rates continue to erode buyers’ purchasing power, and in some markets, home prices are falling. The number of new listings coming on the market this spring is lower than it has been in more than a decade. Sales and new pending contracts are below pre-pandemic levels.

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Existing-home sales have nowhere to go but up in 2024? 

Housing Wire

Homes typically go under contract a month or two before the closing, which means the October data largely reflects purchase decisions made in August and September. At the same time, existing inventory has likely already bottomed out and new listings are keeping steady despite normal seasonal declines. All four U.S.

Inventory 387
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US home prices continued their rally in September

Housing Wire

Home prices rallied in September, as homebuyers still outnumbered sellers. The Case-Shiller index measures repeat sales data and reflects a three-month moving average, meaning that it tracks homes that went into contract in July, August and September. Home prices posted a 3.9% annual gain in September, up from a 2.5%

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Insatiable demand drives July pending home sales up 15% annually

Housing Wire

The seasonally-adjusted index measuring signed contracts was up 15.5% year over year, largely on the back of pent-up demand from buyers who were unable to strike deals during the spring, said Lawrence Yun, chief economist of the National Association of Realtors. “We pending home sales rose 5.9%

Contracts 477