Market Trends - Existing home sales climbed 2% from June to July [1] - Home price growth slowed to 0.21% for the month [1] - Inventory levels are at their highest since May 2020 [1] - Redfin is seeing a 30-35% increase in the number of offers [6] Affordability & Mortgage Rates - Lower mortgage rates have made it approximately $20,000 cheaper to buy a house [2] - Monthly mortgage payments are about $200 less [2][5] - The market is improving, but off a very low base [6] - The market is expected to improve even in the low sixes for interest rates [7] - To reach 5 million to 5.5 million home sales, interest rates likely need to drop below 6% [7] Regional Variations - Home prices are holding up in Pittsburgh, Milwaukee, and Cleveland [9] - Prices are softening in Dallas, Orlando, and Tampa [9] - High home insurance costs in Florida are impacting affordability and softening the market [9][10]
Redfin CEO on housing outlook: Buyers will come into the market in the next 6 to 9 months
CNBC Televisionยท2025-08-21 17:02