Housing Market: Home Sales Falling As Buying Costs Rise

Housing market starting to show signs of cooling down according to RedFin. Home sales fell 4% in March as buying costs shot up. In this video I discuss how the hottest March on record ended with early signs of a cooldown as more buyers were edged out by soaring mortgage rates, sky-high prices and few new listings.Show more

▶TIME STAMPS

00:00 Intro
00:23 Welcome
00:33 Housing Market Update
1:24 RedFin Home Sales Falling
3:30 Home Buyers Sidelined
5:30 Practice Caution
9:00 Outgo

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RedFin:

Home Sales Fell 4% in March as Buying Costs Shot Up

The hottest March on record ended with early signs of a cooldown as more buyers were edged out by soaring mortgage rates, sky-high prices and few new listings.
It was the hottest March ever for the housing market, with homes selling at their fastest pace and for more above list price than any other March on record. The median home-sale price rose 6.2% in March, the fastest month-over-month gain at this time of year since 2013, to an all-time high of $412,700. Seasonally adjusted home sales fell 4% as soaring mortgage rates and prices sidelined more buyers, whose options were severely limited due to a decline in homes being listed.

“Although pricey coastal markets began showing early signs of a slowdown in late March, nationwide sales data for the full month reflects the hottest March market on record, since homes that sold last month mostly went under contract in February,” said Redfin chief economist Daryl Fairweather. “We expect the combination of surging mortgage rates and record-high home prices to cause more homebuyers to drop out of the market. Unfortunately, homeowners are turning their back on the market too. Instead of being motivated to list before prices weaken, potential home sellers may be choosing to wait-out the impending market cooldown.”

Read Entire Article - https://www.redfin.com/news/hottest-march-ever-for-the-housing-market/

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