Latest news with #Bokhari
Yahoo
2 days ago
- Business
- Yahoo
Are U.S. home prices finally dropping? What a new analysis found
U.S. home prices dropped slightly in April. The decline was measured at 0.1% by the Redfin Home Price Index, on a seasonally adjusted basis. It's the first month-over-month fall in prices since September 2022, according to the Seattle-based brokerage site. But on a year-over-year basis, Redfin said April home prices around the country were up 4.1%. Still, that's less than the 4.9% growth recorded in March, the lowest annual price growth since July 2023. Redfin senior economist Sheharyar Bokhari said housing costs continue to be an issue. 'Home prices are flat, and that's good news for buyers after years of rapid increases,' Bokhari said. 'But even with prices softening, affordability remains a major hurdle. Elevated mortgage rates and high prices mean that many buyers are stretching their budgets to make a purchase.' He attributed what's seen as a minor change in prices to demand being down while supply is up. Buyers are seen taking 'a wait and see approach' to making major purchases due to concerns over the impact of President Donald Trump's on-again, off-again tariffs that some fear could lead to a recession. That's led to pending home sales falling 3.5% month over month in April, according to Redfin, and the total number of homes for sale hitting a five-year high even with sellers offering more concessions. Mortgage payments also reached an all-time high in April, with the median U.S. monthly mortgage payment at $2,870, Redfin data has shown. The new record was said to result from both high home prices and mortgage rates. The new data released Wednesday had home prices falling in half of the nation's most populous metropolitan areas, a list which does not include any place in Utah. Redfin described the numbers as 'highlighting the overall slowdown.' The company's data found April home prices, adjusted on a seasonally adjusted basis and compared month over month, dropped the most in Charlotte, North Carolina, and Virginia Beach, Virginia, where they were down 1%. The biggest home price increase was in Nassau County, New York, up 1.8%. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22-05-2025
- Politics
- Yahoo
Clergy group backs CMPD chief, calls for ethics probe over vest controversy
A coalition of African American clergy said it supports Charlotte-Mecklenburg Police Chief Johnny Jennings but is calling for an ethics investigation into former Councilman Tariq Bokhari and a public apology from City Manager Marcus Jones for how the vest controversy was handled. PAST COVERAGE: State Auditor now investigating city's settlement with CMPD chief 'We think that there need to be corrections,' said The Rev. Ricky Woods, senior minister at First Baptist Church West. 'First of all, the realization that there were missteps.' The pastor believes missteps led to the situation and the group blames two people. The group said Charlotte City Manager Marcus Jones failed to de-escalate the public feud between Bokhari and Jennings over outer carrier vests. 'We shouldn't have gotten to the point where we are,' Woods said. 'I believe that if the city manager would have better handled the situation as it was initially reflecting itself, then we would have never been at this point.' The group also said Bokhari exceeded his authority by pushing for officers to wear the vests despite opposition from Jennings. 'The failures are in the efforts of a council person to dictate operational policies to a department head,' Woods said. 'A role outside of the role of council.' The group wants an ethics investigation, originally requested by the NAACP, into Bokhari. They said that even though he is no longer on the council, an investigation is important to prevent what they called, bad behavior, from councilmembers in the future. They also want Jones to apologize about how the situation was handled. The group added they do not believe corruption was involved in the settlement. They support making the settlement public in the interest of transparency. Channel 9 reached out to the city manager for comment on this story. VIDEO: FOP to move forward with no-confidence vote against Chief Jennings
Epoch Times
20-05-2025
- Business
- Epoch Times
US Home Prices Tick Down in April Amid Persistently High Mortgage Rates
Home prices fell by 0.1 percent month over month in April across the United States as buyers hesitated to purchase properties, real estate brokerage Redfin said in a May 20 The 0.1 percent decline was the first monthly fall in home prices since September 2022. Redfin senior economist Sheharyar Bokhari attributed the relatively flat month-over-month home prices to lower demand and more properties on the market. 'Buyers are adopting a wait-and-see approach, with the impact of U.S. tariff policies and a potential recession weighing heavily on their decision to make major purchases,' said the brokerage. 'The total number of homes for sale is at a five-year high, mainly because homes aren't selling. That's leading sellers to offer concessions at near-record levels.' Among the 50 most populous metro areas, prices fell on a monthly basis in 25 of them. The largest 'Home prices are flat, and that's good news for buyers after years of rapid increases,' Bokhari said. 'But even with prices softening, affordability remains a major hurdle. Elevated mortgage rates and high prices mean that many buyers are stretching their budgets to make a purchase.' Related Stories 5/16/2025 5/12/2025 The average weekly This year so far, the rate has consistently remained above 6.6 percent for every single week. Mortgage rates could spike further following credit rating agency Moody's In making the downgrade, Moody's said the fiscal health of the government was deteriorating, citing the burdensome cost of serving its debts and the high cost of rolling over the current debt in an environment where rates are already elevated. The downgrade can make investors less confident about the U.S. government's debt, pushing up yields on government treasuries, which would put upward pressure on the mortgage rates. On Monday, mortgage rates briefly crossed the 7 percent level before coming down, according to a May 19 Treasury Secretary Scott Bessent Affordable American Homes In a May 14 'With uncertainty around jobs, investment portfolios, and budgets easing, home sales could be poised for a rebound in the months ahead,' Zillow said. 'Buyers currently have access to the largest housing inventory since August 2020, and mortgage payments are down by 1.3 percent compared to a year ago. Additionally, buyers have the strongest negotiation power they've had in the past six Aprils—all positive tailwinds for future housing activity.' In March, a group of lawmakers reintroduced the American Housing and Economic Mobility Act, which aims to tackle the country's housing crisis, the U.S. Senate Committee on Banking, Housing, and Urban Affairs said in a March 11 The bill seeks to use federal funding to build almost 3 million new housing units, potentially lowering rental costs for middle- and lower-income families by 10 percent. It aims to provide assistance to first-time buyers when it comes to down payments, create incentives that would make local governments get rid of unnecessary land use restrictions driving up costs, and restrict the role of private equity in the housing market. More than 50 organizations have endorsed the bill, including the National Low Income Housing Coalition, the American Federation of Labor and Congress of Industrial Organizations, and the National Community Reinvestment Coalition, the statement said. 'Housing means dignity, safety, and security, and as a Senator who grew up in public housing, I know that strengthening housing availability and affordability is critical to helping folks establish a solid foundation to build a healthy future,' said Sen. Raphael Warnock (D-Ga.) 'That is why I am proud to fight for this transformational legislation that will unleash construction of millions of new homes and create hundreds of thousands of new jobs in the process.'
Business Wire
20-05-2025
- Business
- Business Wire
Redfin Reports U.S. Home Prices Tick Down 0.1% in April, the First Monthly Drop Since 2022
SEATTLE--(BUSINESS WIRE)--(NASDAQ: RDFN) — U.S. home prices ticked down 0.1% in April on a seasonally adjusted basis, the first month-over-month decline since September 2022. This is according to a new report from Redfin ( the technology-powered real estate brokerage. Home prices were up 4.1% on a year-over-year basis, down from 4.9% growth in March. That's the lowest annual price growth since July 2023. This is according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing method to calculate seasonally adjusted changes in prices of single-family homes. The RHPI measures sale prices of homes that sold during a given period, and how those prices have changed since the last time those same homes sold. April marked only the third time that the RHPI has posted a month-over-month decline, with the other months—August and September in 2022—coming after a series of rapid interest rate rises. It's worth noting that April's decline (-0.05%, rounded to -0.1%) is minor and that RHPI data is subject to revision. Redfin Senior Economist Sheharyar Bokhari said home prices are essentially flat for two reasons: Demand is down: Buyers are adopting a wait and see approach, with the impact of U.S. tariff policies and a potential recession weighing heavily on their decision to make major purchases. With more buyers on the sidelines, pending home sales were down 3.5% month over month on a seasonally adjusted basis in April. Supply is up: The total number of homes for sale is at a five-year high —mainly because homes aren't selling. That's leading sellers to offer concessions at near-record levels. 'Home prices are flat, and that's good news for buyers after years of rapid increases," said Bokhari. 'But even with prices softening, affordability remains a major hurdle. Elevated mortgage rates and high prices mean that many buyers are stretching their budgets to make a purchase.' Metro-Level Summary: Redfin Home Price Index, April 2025 Highlighting the overall slowdown, prices fell in 25 of the 50 most populous metro areas on a seasonally adjusted basis in April, month over month. The biggest decline was in Charlotte, NC (-1%), followed by Virginia Beach, VA (-1%) and Miami (-0.7%). Prices increased most in Nassau County, NY (1.8% month over month), Warren, MI (1.3%) and New York (1.2%). To view the full report, including charts, additional metro-level data and a full methodology, please visit: About Redfin Redfin ( is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people. Redfin's subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®. For more information or to contact a local Redfin real estate agent, visit To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@ To view Redfin's press center, click here.
Yahoo
20-05-2025
- Business
- Yahoo
Redfin Reports U.S. Home Prices Tick Down 0.1% in April, the First Monthly Drop Since 2022
Half of the 50 most populous U.S. metros recorded a drop in home prices compared to March SEATTLE, May 20, 2025--(BUSINESS WIRE)--(NASDAQ: RDFN) — U.S. home prices ticked down 0.1% in April on a seasonally adjusted basis, the first month-over-month decline since September 2022. This is according to a new report from Redfin ( the technology-powered real estate brokerage. Home prices were up 4.1% on a year-over-year basis, down from 4.9% growth in March. That's the lowest annual price growth since July 2023. This is according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing method to calculate seasonally adjusted changes in prices of single-family homes. The RHPI measures sale prices of homes that sold during a given period, and how those prices have changed since the last time those same homes sold. April marked only the third time that the RHPI has posted a month-over-month decline, with the other months—August and September in 2022—coming after a series of rapid interest rate rises. It's worth noting that April's decline (-0.05%, rounded to -0.1%) is minor and that RHPI data is subject to revision. Redfin Senior Economist Sheharyar Bokhari said home prices are essentially flat for two reasons: Demand is down: Buyers are adopting a wait and see approach, with the impact of U.S. tariff policies and a potential recession weighing heavily on their decision to make major purchases. With more buyers on the sidelines, pending home sales were down 3.5% month over month on a seasonally adjusted basis in April. Supply is up: The total number of homes for sale is at a five-year high—mainly because homes aren't selling. That's leading sellers to offer concessions at near-record levels. "Home prices are flat, and that's good news for buyers after years of rapid increases," said Bokhari. "But even with prices softening, affordability remains a major hurdle. Elevated mortgage rates and high prices mean that many buyers are stretching their budgets to make a purchase." Metro-Level Summary: Redfin Home Price Index, April 2025 Highlighting the overall slowdown, prices fell in 25 of the 50 most populous metro areas on a seasonally adjusted basis in April, month over month. The biggest decline was in Charlotte, NC (-1%), followed by Virginia Beach, VA (-1%) and Miami (-0.7%). Prices increased most in Nassau County, NY (1.8% month over month), Warren, MI (1.3%) and New York (1.2%). To view the full report, including charts, additional metro-level data and a full methodology, please visit: About Redfin Redfin ( is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people. Redfin's subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®. For more information or to contact a local Redfin real estate agent, visit To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@ To view Redfin's press center, click here. View source version on Contacts Contact RedfinRedfin Journalist Services:Angela Cherrypress@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
