Latest news with #JamesGulden
Daily Mail
4 days ago
- Business
- Daily Mail
The US cities seeing home prices fall the fastest amid housing crisis
Home prices are being slashed across the US as the housing market cools — with one city seeing them plunge almost seven percent. In July, prices dropped year-over-year in 14 of the 50 most populous US cities — with Florida, California and Texas hit hard, reports Redfin. 'Sellers need to come to terms with two things,' said Redfin agent James Gulden. 'Homes are going to sit longer, and buyers are gaining the upper hand.' Homes are now lingering for weeks or months — a stark contrast to the red-hot days of bidding wars and same-day offers. Sellers are being told to 'be realistic' and cut prices if they want to sell. The good news is the lower prices combined with a new, slightly lower mortgage rate means buyers can finally make a move . The national median sale price dropped to a five-month low in July, and Redfin economists expect a 1 percent national decline by the end of 2025. It's a sign that sellers are slashing prices from the start or offering concessions like HOA fees , covered closing costs, and repair credits to get deals done. Five cities are being hit the hardest with price drops. Oakland, CA, led the downturn with a 6.8 percent plunge in median home-sale prices compared to last year. The median home sale price is now $850,000. Austin, TX, saw a 2.9 overall price cut from a year ago to its current $439,985, while Houston, TX, saw an average price drop of 2.8 percent to $343,492. In Florida, the market is still bleak. West Palm Beach had an overall 4.9 percent price drop to an average sale price of $475,625, while Jacksonville saw a 3.1 percent drop to an average home sale price of $372,375. Many hesitant buyers are holding out for it to get even worse, leaving homes on the market for a longer time. In West Palm Beach, properties are sitting unsold for a staggering 93 days on average — the slowest pace of all 50 cities. That's 18 days longer than the same period in 2024. Pending sales are also down 1.4 percent year over year, while the supply of homes for sale is up 7.7 percent in West Palm.
Daily Mail
5 days ago
- Business
- Daily Mail
Map pinpoints where home prices are tumbling fastest as crisis spreads
Home prices are being slashed across the US as the housing market cools — with one city seeing them plunge almost seven percent. In July, prices dropped year-over-year in 14 of the 50 most populous US cities — with Florida, California and Texas hit hard, reports Redfin. 'Sellers need to come to terms with two things,' said Redfin agent James Gulden. 'Homes are going to sit longer, and buyers are gaining the upper hand.' Homes are now lingering for weeks or months — a stark contrast to the red-hot days of bidding wars and same-day offers. Sellers are being told to 'be realistic' and cut prices if they want to sell. The good news is the lower prices combined with a new, slightly lower mortgage rate means buyers can finally make a move. The national median sale price dropped to a five-month low in July, and Redfin economists expect a 1 percent national decline by the end of 2025. It's a sign that sellers are slashing prices from the start or offering concessions like HOA fees, covered closing costs, and repair credits to get deals done. Gulden said: 'I advise my sellers to be realistic about the price they're going to get. I'm also reminding sellers to be patient and not panic. 'Sure, many homes have been selling within a week for the last several years, but that's not historically normal. 'They have to reorient themselves to the fact that it may take several weeks, or more, before receiving an acceptable offer.' Five cities are being hit the hardest with price drops. Oakland, CA, led the downturn with a 6.8 percent plunge in median home-sale prices compared to last year. The median home sale price is now $850,000. Austin, TX, saw a 2.9 overall price cut from a year ago to its current $439,985, while Houston, TX, saw an average price drop of 2.8 percent to $343,492. In Florida, the market is still bleak. West Palm Beach had an overall 4.9 percent price drop to an average sale price of $475,625, while Jacksonville saw a 3.1 percent drop to an average home sale price of $372,375. Many hesitant buyers are holding out for it to get even worse, leaving homes on the market for a longer time. In West Palm Beach, properties are sitting unsold for a staggering 93 days on average — the slowest pace of all 50 cities. That's 18 days longer than the same period in 2024. Pending sales are also down 1.4 percent year over year, while the supply of homes for sale is up 7.7 percent in West Palm. Nationwide, it doesn't get much better for sellers. Although the median US home-sale price is up 2 percent annually to $398,700— just shy of a record high — it's far off from the 5 percent to 6 percent increases seen in late 2024 and early 2025. In the first three months of this year, 16.2 percent of homes sold included both a price drop and a seller concession — up from 13 percent the year before. Both are indicators sellers are taking steps to make homes more attractive. Buyers, make your move.
Yahoo
05-08-2025
- Business
- Yahoo
The 5 cities where home prices are dropping fast as the housing freeze causes inventory to pile up
Home prices are dropping in a handful of major US cities, creating opportunities for buyers. A stuck housing market is causing inventory to pile up, putting pressure on prices. Home prices are elevated nationally, but these five markets are seeing declines. The housing market is still frozen over. While that hasn't translated into meaningful price declines nationally, there are a handful of areas where things look better for home buyers. Shop Top Mortgage Rates Personalized rates in minutes A quicker path to financial freedom Your Path to Homeownership Redfin said the median sales price for a home dropped in 14 of the 50 most populous US metro areas in the last month. That's largely due to the uncertainty hanging over the US economy, which is causing inventory to pile up in the market, Redfin said in its report. "Sellers need to start coming to terms with two things: One, homes are more often going to sit on the market for longer than a week or two before they sell, and two, buyers are gaining the upper hand," James Gulden, a Redfin agent based in Boston, said in a statement. The median home prices notched an all-time high in June, touching $435,300, but some areas cooled in July. Here are the top five cities that saw the steepest drop in median home sales prices in the four weeks leading up to July 27, according to Redfin. 1. Oakland, California Median sale price: $850,000 (June 2025) YoY% drop in four-week period: -6.8% 2. West Palm Beach, Florida Median sale price: $425,000 (June 2025) YoY% drop in four-week period: -4.9% 3. Jacksonville, Florida Median sale price: $300,990 (June 2025) YoY% drop in four-week period: -3.1% 4. Austin, Texas Median sale price: $556,340 (June 2025) YoY% drop in four-week period: -2.9% 5. Houston, Texas Median sale price: $369,000 (June 2025) YoY% drop in four-week period: -2.8% Read the original article on Business Insider Sign in to access your portfolio
Yahoo
03-08-2025
- Business
- Yahoo
The 5 cities where home prices are dropping fast as the housing freeze causes inventory to pile up
Home prices are dropping in a handful of major US cities, creating opportunities for buyers. A stuck housing market is causing inventory to pile up, putting pressure on prices. Home prices are elevated nationally, but these five markets are seeing declines. The housing market is still frozen over. While that hasn't translated into meaningful price declines nationally, there are a handful of areas where things look better for home buyers. Shop Top Mortgage Rates A quicker path to financial freedom Your Path to Homeownership Personalized rates in minutes Redfin site said the median sales price for a home dropped in 14 of the 50 most populous US metro areas in the last month. That's largely due to the uncertainty hanging over the US economy, which is causing inventory to pile up in the market, Redfin said in its report. "Sellers need to start coming to terms with two things: One, homes are more often going to sit on the market for longer than a week or two before they sell, and two, buyers are gaining the upper hand," James Gulden, a Redfin agent based in Boston, said in a statement. The median home prices notched an all-time high in June, touching $435,300, but some areas cooled in July. Here are the top five cities that saw the steepest drop in median home sales prices in the four weeks leading up to July 27, according to Redfin. 1. Oakland, California Median sale price: $850,000 (June 2025) YoY% drop in four-week period: -6.8% 2. West Palm Beach, Florida Median sale price: $425,000 (June 2025) YoY% drop in four-week period: -4.9% 3. Jacksonville, Florida Median sale price: $300,990 (June 2025) YoY% drop in four-week period: -3.1% 4. Austin, Texas Median sale price: $556,340 (June 2025) YoY% drop in four-week period: -2.9% 5. Houston, Texas Median sale price: $369,000 (June 2025) YoY% drop in four-week period: -2.8% Read the original article on Business Insider 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
Newsweek
12-07-2025
- Business
- Newsweek
Unsold Homes Surge Nationwide As Housing Market Stalls
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Thousands of unsold homes are piling up in the U.S. housing market as Americans— facing climbing prices, historically high mortgage rates and growing economic uncertainty—buy fewer homes, according to the latest figures. This year was supposed to bring a rebound of the U.S. housing market, experts said in 2024. Instead, the market has come to a standstill as buyers retreat to the sidelines but prices refuse to budge. What Is Happening in the U.S. Housing Market? In June, the total number of unsold homes in the country was up 20 percent compared with a year earlier, according to while inventory was up by 28.9 percent year-over-year. In the same month, pending home sales were down 1.6 percent from June 2024. Even though the market did not by any standard perform well, prices continue inching up. In June, the median list price of a typical U.S. home was $440,950, up 0.2 percent since last year. Photo-illustration by Newsweek/Getty/Canva These trends have continued over the past few weeks, data from real estate brokerage Redfin shows. In the four weeks ending July 6, pending sales in the nationwide market fell 3.5 percent from a year earlier—the second-biggest decline since early February. Instead of taking a hit, home prices went up—bafflingly so. In the same time frame, the median U.S. home sale price hit an all-time high of $399.633, up 1 percent year-over-year. The data suggests that the U.S. housing market currently presents a complicated picture. On one hand, plunging sales and growing inventory is putting downward pressure on prices, forcing many sellers to offer reductions to attract reluctant buyers. In June, according to price cuts were reported on 20.7 percent of listings—the highest share for any June since at least 2016. On the other hand, there are parts of the country and parts of individual local markets that are faring better than others and where buyers still maintain more power over buyers. "Some homes are moving fast, others are seeing multiple price reductions," James Gulden, a Redfin Premier agent in Boston, said in a report. "It's not location or price-tier specific; the mixed results permeate in every corner of the market. Prices are still as high as they have ever been, but with homes sitting longer, the market is slowly turning in buyers' favor." In the South and West, inventory has grown massively and homes for sale are spending more time on the market than they were before the pandemic, pushing prices down. In the Northeast and Midwest, however, inventory remains tight and prices high. What Does This Mean for You? There is some good news for buyers, even as home prices have not yet stopped rising. The daily average 30-year fixed mortgage rate is lower now than it was last year. As of July 9, it was 6.77 percent—still very high, but down from 7.01 percent a year earlier. The weekly average 30-year fixed mortgage rate was down to 6.67 percent in the week ending July 3 from 6.95 percent a year earlier. In the four weeks ending July 6, the median monthly mortgage payment was $2,708 at a 6.67 percent mortgage rate, up 1.8 percent from a year earlier but still the lowest level since early March. Buyers are taking notice: according to data from the Mortgage Bankers Association, mortgage purchase applications were up 9 percent from a week earlier as of the week ending July 4 and up 25 percent from a year earlier. Growing inventory—especially in Sunbelt markets—is also offering buyers more options and giving them more negotiating power, offering them what are likely the best purchasing conditions in years. But sellers are starting to clock on the way the market has changed since the pandemic. In May, according to delistings—the process of pulling for-sale homes out of the market—outpaced overall inventory gains, jumping 35 percent year-to-date and 47 percent year-over-year. In the same month, active listings were up 28.4 percent year-to-date and 31.5 percent year-over-year. "The spike signals that some sellers would rather wait than negotiate, suggesting recent buyer-friendly momentum could wane," economists wrote.
