Latest news with #JeffLichtenstein
Yahoo
3 hours ago
- Business
- Yahoo
Sellers are flooding the home market while buyers sit on their hands in these US cities — creating a historic imbalance
After years of sellers calling the shots, some of the hottest pandemic-era housing markets are now grappling with a surplus of listings — and not enough willing buyers. According to real estate brokerage Redfin, April saw nearly half a million more homes listed than buyers in the market, the largest gap since at least 2013. But this supply surge hasn't translated into a wave of closings. Instead, home sales have stalled in many areas, particularly across the Southeast and Southwest, where inventory has ballooned past pre-pandemic norms. In Miami, for example, there were almost three times as many sellers as buyers in April, Redfin data show. Jeff Lichtenstein, president of Echo Fine Properties in Palm Beach Gardens, Florida, told the Wall Street Journal sellers are increasingly slashing asking prices to entice cautious buyers. 'There will be more price reductions that are going on, and more willingness to sell at a lower number, especially in the next couple months,' he said. 'We've definitely seen people who have taken losses.' These conditions mark a sharp reversal for the Sunbelt, which saw home values soar and bidding wars erupt during the COVID years. Now, many of those same metros — Atlanta, Austin, Phoenix and Tampa among them — are seeing listings linger, as affordability challenges, higher mortgage rates and buyer wariness take hold. Nationally, home prices are still rising, but that growth is cooling. US prices climbed 1.4% in May from a year earlier, according to Intercontinental Exchange, down from 2% annual growth in April. Twenty-four of the 100 largest metro areas posted year-over-year price declines in May, with the bulk of those concentrated in the Sunbelt. 'There's not even usually a home for sale in our neighborhood, and I think there's three or four right now,' Dirk Lovelace, who listed his Tryon, NC, house in April, told the Journal. After relocating to South Carolina, he cut the asking price but still hasn't received an offer. 'The current sentiment is, the market's probably going to go down further, so people are just waiting,' he said. Buyers appear to be in no rush. Home prices have surged more than 50% nationwide over the past five years, and mortgage rates remain elevated above 6.5%. Though active listings in May reached their highest point since 2019, they are still about 14% below typical pre-pandemic levels, according to Still, the gap between buyers and sellers is widening, in part because many homeowners are listing out of necessity rather than opportunity. Some are relocating for jobs, while others are exiting investment properties as costs rise or in anticipation of a price dip. 'It doesn't feel like buyer demand is going to come back that much,' Chen Zhao, Redfin's head of economic research added. 'Prices are just too high.' In markets like Denver, longtime agent Elle Pappas told The Journal the tone of conversations with buyers has shifted dramatically from the frenetic pace of recent years. 'The immediate conversation, even upon the first appointment I have with them, is, 'How much of a discount do you think I can get? How many concessions can I get?'' Carley and Garrett Kapelski, who had previously paused their home search due to competition in the Kansas City suburbs, said they've noticed a shift this spring. 'We feel a lot less stressed this time,' Garrett Kapelski said. 'If we wait another 30, 60 days, maybe you'll see these people that thought they would be able to sell their houses quickly, and maybe already bought another home, start being willing to wiggle a little bit.' Much of the current slowdown can be traced to the uneven recovery in housing supply following the 2006 to 2009 crash, coupled with the lock-in effect of low pandemic-era mortgage rates. But that trend may be easing. New-home construction has picked up since the pandemic, and more homeowners are beginning to list — some simply because they can't wait any longer, whether that is due to job transfers, having children or otherwise, Pappas explained. 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
New York Post
13 hours ago
- Business
- New York Post
Sellers are flooding the home market while buyers sit on their hands in these US cities — creating a historic imbalance
After years of sellers calling the shots, some of the hottest pandemic-era housing markets are now grappling with a surplus of listings — and not enough willing buyers. According to real estate brokerage Redfin, April saw nearly half a million more homes listed than buyers in the market, the largest gap since at least 2013. But this supply surge hasn't translated into a wave of closings. Instead, home sales have stalled in many areas, particularly across the Southeast and Southwest, where inventory has ballooned past pre-pandemic norms. Advertisement 6 The US housing market is experiencing a historic imbalance, with nearly 500,000 more sellers than buyers in April — the largest gap since at least 2013, according to Redfin. Cavan – In Miami, for example, there were almost three times as many sellers as buyers in April, Redfin data show. Jeff Lichtenstein, president of Echo Fine Properties in Palm Beach Gardens, Florida, told the Wall Street Journal sellers are increasingly slashing asking prices to entice cautious buyers. Advertisement 'There will be more price reductions that are going on, and more willingness to sell at a lower number, especially in the next couple months,' he said. 'We've definitely seen people who have taken losses.' 6 While the inventory of homes for sale is finally rising, many buyers remain on the sidelines due to high prices, elevated mortgage rates and economic uncertainty. Andy Dean – These conditions mark a sharp reversal for the Sunbelt, which saw home values soar and bidding wars erupt during the COVID years. Now, many of those same metros — Atlanta, Austin, Phoenix and Tampa among them — are seeing listings linger, as affordability challenges, higher mortgage rates and buyer wariness take hold. Advertisement Nationally, home prices are still rising, but that growth is cooling. US prices climbed 1.4% in May from a year earlier, according to Intercontinental Exchange, down from 2% annual growth in April. Twenty-four of the 100 largest metro areas posted year-over-year price declines in May, with the bulk of those concentrated in the Sunbelt. 6 Home prices have surged over 50% in five years, and rates above 6.5% continue to dampen demand. Gian – 'There's not even usually a home for sale in our neighborhood, and I think there's three or four right now,' Dirk Lovelace, who listed his Tryon, NC, house in April, told the Journal. Advertisement After relocating to South Carolina, he cut the asking price but still hasn't received an offer. 'The current sentiment is, the market's probably going to go down further, so people are just waiting,' he said. Buyers appear to be in no rush. Home prices have surged more than 50% nationwide over the past five years, and mortgage rates remain elevated above 6.5%. Though active listings in May reached their highest point since 2019, they are still about 14% below typical pre-pandemic levels, according to Still, the gap between buyers and sellers is widening, in part because many homeowners are listing out of necessity rather than opportunity. 6 Sellers, facing life changes or rising costs, are listing properties and increasingly cutting prices or offering concessions to attract hesitant buyers. Ryan Tishken – Some are relocating for jobs, while others are exiting investment properties as costs rise or in anticipation of a price dip. 'It doesn't feel like buyer demand is going to come back that much,' Chen Zhao, Redfin's head of economic research added. 'Prices are just too high.' In markets like Denver, longtime agent Elle Pappas told The Journal the tone of conversations with buyers has shifted dramatically from the frenetic pace of recent years. Advertisement 'The immediate conversation, even upon the first appointment I have with them, is, 'How much of a discount do you think I can get? How many concessions can I get?'' 6 Despite the increase in supply — now at its highest since 2019 — existing-home sales in April hit their slowest pace for that month since 2009. seanlockephotography – Carley and Garrett Kapelski, who had previously paused their home search due to competition in the Kansas City suburbs, said they've noticed a shift this spring. 'We feel a lot less stressed this time,' Garrett Kapelski said. 'If we wait another 30, 60 days, maybe you'll see these people that thought they would be able to sell their houses quickly, and maybe already bought another home, start being willing to wiggle a little bit.' Advertisement Much of the current slowdown can be traced to the uneven recovery in housing supply following the 2006 to 2009 crash, coupled with the lock-in effect of low pandemic-era mortgage rates. 6 Buyers now hold more negotiating power, especially in Sunbelt markets like Miami, where listings far outnumber house hunters. In contrast, parts of the Northeast and Midwest remain competitive. Gian – But that trend may be easing. New-home construction has picked up since the pandemic, and more homeowners are beginning to list — some simply because they can't wait any longer, whether that is due to job transfers, having children or otherwise, Pappas explained.
Yahoo
16-05-2025
- Business
- Yahoo
Mortgage rates rise for second-straight week. Is the spring selling season sunk?
Rates for home loans pressed higher, offering little relief for a housing market stuck in neutral. In the week ending May 15, 30-year fixed-rate mortgages averaged 6.81%, Freddie Mac announced, up from 6.76% last week. So far this year, the popular product has averaged 6.80%, with the lowest level at 6.62% and the highest at 7.04%. Those figures don't include fees or points, and rates in some parts of the country may be higher or lower than the national average. More: Is it finally a buyer's housing market? What to know about home prices, rate 'lock-in' Despite relative stability in mortgage rates, early indications suggest that the 2025 spring selling season is fizzling. While home contract signings were strong in March, they were probably weaker in April, when the White House's tariff announcements shocked markets and consumers. Jeff Lichtenstein, who owns Echo Fine Properties in South Florida, saw a sharp slowdown in activity at that time, he told USA TODAY in April, and early data from Redfin, the national real estate brokerage, confirms that. In the four weeks ending May 11, contract signings were at the lowest level on record other than during the COVID-19 lockdown of 2020, the company said in a report. 'Redfin agents in many parts of the country, including Oregon, North Carolina, Texas and Ohio, report that some buyers are backing off because they're nervous about the future of the U.S. economy,' the report said. A more widely-followed measure of contract signings, the Pending Home Sales report from the National Association of Realtors, will be released at the end of May. In Austin, Texas, things are a little more even-keeled right now, said Aaron Farmer, broker of Rudder Realty. Farmer sees a lot of inventory in what was one of the pandemic era's highest-flying markets, but also a decent amount of demand. Farmer's buyer clients, who tend to be moving to a second or third home, aren't having as much trouble affording higher prices as first-time buyers might be. Perhaps the most positive sign is that a "six-handle" isn't as scary as it once was. 'People aren't complaining about rates as much as they once were,' Farmer said. 'They don't seem to be as rate-sensitive as they used to be.' Read next: OK, boomer: Why older Americans have the upper handin the housing market This article originally appeared on USA TODAY: Mortgage rates rise. How's the housing market's spring selling season?
Yahoo
15-05-2025
- Business
- Yahoo
Mortgage rates rise for second-straight week. Is the spring selling season sunk?
Rates for home loans pressed higher, offering little relief for a housing market stuck in neutral. In the week ending May 15, 30-year fixed-rate mortgages averaged 6.81%, Freddie Mac announced, up from 6.76% last week. So far this year, the popular product has averaged 6.80%, with the lowest level at 6.62% and the highest at 7.04%. Those figures don't include fees or points, and rates in some parts of the country may be higher or lower than the national average. More: Is it finally a buyer's housing market? What to know about home prices, rate 'lock-in' Despite relative stability in mortgage rates, early indications suggest that the 2025 spring selling season is fizzling. While home contract signings were strong in March, they were probably weaker in April, when the White House's tariff announcements shocked markets and consumers. Jeff Lichtenstein, who owns Echo Fine Properties in South Florida, saw a sharp slowdown in activity at that time, he told USA TODAY in April, and early data from Redfin, the national real estate brokerage, confirms that. In the four weeks ending May 11, contract signings were at the lowest level on record other than during the COVID-19 lockdown of 2020, the company said in a report. 'Redfin agents in many parts of the country, including Oregon, North Carolina, Texas and Ohio, report that some buyers are backing off because they're nervous about the future of the U.S. economy,' the report said. A more widely-followed measure of contract signings, the Pending Home Sales report from the National Association of Realtors, will be released at the end of May. In Austin, Texas, things are a little more even-keeled right now, said Aaron Farmer, broker of Rudder Realty. Farmer sees a lot of inventory in what was one of the pandemic era's highest-flying markets, but also a decent amount of demand. Farmer's buyer clients, who tend to be moving to a second or third home, aren't having as much trouble affording higher prices as first-time buyers might be. Perhaps the most positive sign is that a "six-handle" isn't as scary as it once was. 'People aren't complaining about rates as much as they once were,' Farmer said. 'They don't seem to be as rate-sensitive as they used to be.' Read next: OK, boomer: Why older Americans have the upper handin the housing market This article originally appeared on USA TODAY: Mortgage rates rise. How's the housing market's spring selling season?
USA Today
15-05-2025
- Business
- USA Today
Mortgage rates rise for second-straight week. Is the spring selling season sunk?
Mortgage rates rise for second-straight week. Is the spring selling season sunk? Show Caption Hide Caption Strange and bizarre creature from 506 million years ago discovered A three-eyed predator 'sea moth' that lived 506 million years ago has been discovered in Canada. Rates for home loans pressed higher, offering little relief for a housing market stuck in neutral. In the week ending May 15, 30-year fixed-rate mortgages averaged 6.81%, Freddie Mac announced, up from 6.76% last week. So far this year, the popular product has averaged 6.80%, with the lowest level at 6.62% and the highest at 7.04%. Those figures don't include fees or points, and rates in some parts of the country may be higher or lower than the national average. More: Is it finally a buyer's housing market? What to know about home prices, rate 'lock-in' Despite relative stability in mortgage rates, early indications suggest that the 2025 spring selling season is fizzling. While home contract signings were strong in March, they were probably weaker in April, when the White House's tariff announcements shocked markets and consumers. Jeff Lichtenstein, who owns Echo Fine Properties in South Florida, saw a sharp slowdown in activity at that time, he told USA TODAY in April, and early data from Redfin, the national real estate brokerage, confirms that. In the four weeks ending May 11, contract signings were at the lowest level on record other than during the COVID-19 lockdown of 2020, the company said in a report. 'Redfin agents in many parts of the country, including Oregon, North Carolina, Texas and Ohio, report that some buyers are backing off because they're nervous about the future of the U.S. economy,' the report said. A more widely-followed measure of contract signings, the Pending Home Sales report from the National Association of Realtors, will be released at the end of May. In Austin, Texas, things are a little more even-keeled right now, said Aaron Farmer, broker of Rudder Realty. Farmer sees a lot of inventory in what was one of the pandemic era's highest-flying markets, but also a decent amount of demand. Farmer's buyer clients, who tend to be moving to a second or third home, aren't having as much trouble affording higher prices as first-time buyers might be. Perhaps the most positive sign is that a "six-handle" isn't as scary as it once was. 'People aren't complaining about rates as much as they once were,' Farmer said. 'They don't seem to be as rate-sensitive as they used to be.' Read next: OK, boomer: Why older Americans have the upper hand in the housing market
