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Yahoo
02-06-2025
- Business
- Yahoo
America's housing market is cracking
A version of this article originally appeared in Quartz's members-only Weekend Brief newsletter. Quartz members get access to exclusive newsletters and more. Sign up here. The American housing market, a post-pandemic juggernaut that seemed unstoppable, is finally showing signs of fatigue. After more than two years of relentless price increases, the fundamentals are shifting. Home prices are starting to fall, unsold inventory is piling up to levels not seen since the 2008 financial crisis, and buyers — from first-time purchasers to luxury shoppers — are walking away from deals or demanding steep discounts. The combination of mortgage rates hovering around 7% and mounting economic uncertainty around tariffs has created a host of reasons for a buyer to hesitate. What's emerging is a market where sellers are making concessions and buyers hold the cards — a dramatic reversal from the bidding wars and cash offers that defined the market. Home prices in the 20 biggest U.S. metropolitan areas fell 0.12% in March from the previous month, according to the S&P CoreLogic Case-Shiller index. It's a small dip, sure, but it marks the end of a relentless upward march that has defined the housing market since January 2023. The bigger shift is happening in supply. Unsold completed new single-family homes hit 117,000 in April — the highest level since July 2009, according to Census Bureau data analyzed by housing researcher Lance Lambert. That's a 31% jump from the previous year, and it's happening at a time when homebuilders are getting increasingly nervous about demand. Even luxury buyers are backing away. Luxury home sales fell 10% in April from a year earlier, marking the steepest decline since 2023, according to Redfin data. This isn't just about mortgage rates — these are cash buyers and jumbo loan borrowers who theoretically have more financial flexibility. But the retreat among wealthy buyers reflects a broader pattern of anxiety spreading even among the top 5% of U.S. households, with some $7 trillion sitting in money-market funds rather than being deployed into assets like real estate and stocks. For buyers, the landscape is becoming more half of sellers are already offering concessions, according to Redfin, and inventory levels are at the highest point since September 2020. Real estate agents are witnessing the shift in real time. Oregon agent Meme Loggins recently worked with a buyer who successfully negotiated $50,000 off a home's asking price, only to walk away entirely, citing economic uncertainty. 'Everybody wants a deal,' Loggins told Marketplace. 'Everybody's asking for a concession of some sort, either for closing costs, or a fair-sized price reduction, or both.' The geographic picture tells its own story. Texas is leading the correction, with listings hitting 123,000 in April 2025 — 53% higher than normal — making it the fourth most oversupplied housing market in the U.S., according to real estate analyst Nick Gerli. Austin alone has seen a 20.4% fall in home values from pandemic highs, according to Gerli, representing the biggest metro-level correction in America. Florida markets are similarly strained, with metro areas such as Tampa and Jacksonville showing up repeatedly on lists of markets with the most price cuts. Even the Bay Area in California, long considered recession-proof, is showing cracks. In March, about 1,300 new homes hit the market in the San Francisco metropolitan area, but only 780 homes changed status to 'pending' — the largest March gap since at least 2012, according to Redfin. What makes this moment particularly interesting is that it's not just about affordability, though 7% mortgage rates certainly aren't helping. There's a confidence problem brewing, and it's affecting buyers across income levels. Analysts at Citi Research warned that housing activity looks set to contract, potentially signaling a recession ahead, noting that residential investment is 'the most interest rate sensitive sector in the economy.' Federal Housing Finance Agency Director William Pulte has taken notice, urging Federal Reserve Chair Jerome Powell to cut interest rates. 'The housing market would be in much better shape' if rates were lowered, Pulte posted on social media. Most analysts expect the trends to continue. Redfin estimates that home prices will fall 1% in the fourth quarter — which would mark the first annual price decrease since 2012. Zillow also expects home values to fall by 1.4% this year. But don't expect a flood of bargains just yet. Many buyers remain priced out by mortgage rates, while homeowners locked into low-rate mortgages from the pandemic era are reluctant to sell and give up their favorable financing. The result is a market caught between hesitant buyers and reluctant sellers — creating the kind of standoff that could keep transaction volumes depressed even as prices moderate only slightly. What's emerging looks less like the frenzied seller's market of recent years and more like a traditional housing market where buyers can negotiate and sellers have to compete. The question now is whether this represents a return to normal — or the early stages of something more severe. For the latest news, Facebook, Twitter and Instagram.
Daily Mail
16-05-2025
- Business
- Daily Mail
Fear as home buyers bail at record level, raising alarm crash is close
By The usually sizzling hot US spring housing market is the worst it's been in decades — with serious fears of a market crash scaring terrified buyers out of home contracts . Sky-high housing costs, soaring mortgage costs, and fears of an deep economic downturn are keeping buyers away. Home sales in the US plunged 3.4 percent year over year during the four weeks ending on May 11. That's the lowest level for this time of year since 2020, when the pandemic brought the market to a halt . Redfin agents in many parts of the country, including Oregon , North Carolina, Texas and Ohio , report that buyers are backing off because they're too nervous about the future. There's also a holiday effect. Easter fell into this year's four-week period, but not the comparable period in 2024. Agents report increasing nerves among house hunters, so much so that many potential buyers now cancelling home buying contracts at the last minute. 'There's a lot of doubt and hesitation,' said Meme Loggins, a Redfin Premier agent based in Portland , Oregon. 'People start looking, get excited, then they speak to their lender and reality sets in. That monthly payment knocks the wind right out of them.' Loggins added that fears over tariffs, a looming recession, and potential mass layoffs are also contributing to the horrible housing market. New listings are up 5.1 percent and the total number of homes for sale has climbed 14.3 percent. It's a bad market for sellers too. Nearly half of sellers are being forced to offer concessions in order to unload their homes. They're growing so desperate they're offering price cuts and repair credits. Some sellers are even helping with closing costs and paying months of HOA fees for their buyers. Redfin agents advise potential buyers to negotiate as much as they can. They also advise looking into smaller homes or condos as a way to keep mortgages and bills manageable. 'Mortgage rates won't come down unless all tariffs are removed — or the economy dips into a serious recession. Neither option is great for buyers.' Meanwhile, Detroit realtor Desiree Bourgeois told that when potential buyers hear the words 'tariffs' or 'recession' they get cold feet. 'They're hearing the words "tariffs" and "recession," and it's making them nervous that if they buy now, the value of their home will decline, and they don't know whether mortgage rates will go up or down,' she said. 'There's a lot of uncertainty out there, with buyers trying to understand how their purchase would fit into their personal finances and the broader economic puzzle.' Want more stories like this from the Daily Mail? Visit our profile page and hit the follow button above for more of the news you need.
Epoch Times
15-05-2025
- Business
- Epoch Times
US Pending Home Sales Dip By 3.4 Percent to ‘Lowest Level on Record': Report
Pending home sales in the United States declined by 3.4 percent year over year during the four weeks ending May 11, real estate brokerage Redfin said in a May 15 A total of 89,132 pending sales were recorded for the period, which is the 'lowest level on record for this time of year aside from 2020,' the company said. Pending home sales refer to sales contracts that have been signed, but the transaction has not been completed. It acts as a barometer for the future performance of the housing market. Redfin attributed the decline in pending sales to rising home prices and elevated mortgage rates, with these factors pushing up the median monthly housing payment to $2,860, only $6 short of the record high. The median sales price of a home for the four weeks ending May 11 was $390,998, up 1.8 percent year over year. Meanwhile, the average weekly Meme Loggins, a Redfin agent in Portland, Oregon, said there is a 'lot of doubt and hesitation' among prospective buyers. Related Stories 5/12/2025 5/11/2025 'People are starting their home search, then backing out because they either talked to their lender and realized how high their monthly payments would be, or they're feeling jittery about tariffs, a potential recession, and/or the possibility of getting laid off,' Loggins said. 'One smart strategy I'm seeing among the people who are buying right now: They're looking for condos or small houses to lower their monthly payments and simplify their lives. And a smart strategy for sellers is offering mortgage rate buydowns to pique buyers' interest.' A mortgage rate buydown involves offering an upfront fee to lenders to lock in lower interest rates temporarily or permanently. According to a May 15 Potential buyers are waiting on the sidelines, seeking more clarity regarding the economic situation, it said. Meanwhile, sellers are returning to the market. Inventory is rising, with 1.2 million homes for sale in April, up by nearly 20 percent from a year ago. 'Sellers are increasingly using price cuts to bridge the gap to buyers. Nearly 25 percent of listings on Zillow received a price cut in April, a record-high for this time of year in data that reaches back through 2018. Home values are rising at a more moderate pace than previous April cycles,' the report said. Builder Sentiment The National Association of Home Builders (NAHB) Builder confidence in the market for newly built single-family homes fell in May, with the NAHB Housing Market Index falling to 34, down six points from the previous month. 'The spring home buying season has gotten off to a slow start as persistent elevated interest rates, policy uncertainty, and building material cost factors hurt builder sentiment in May,' said NAHB Chairman Buddy Hughes. 'However, the overwhelming majority of survey responses came before the tariff reduction announcement with China. Builders expect future trade negotiations and progress on tax policy will help stabilize the economic outlook and strengthen housing demand.' Both the United States and China recently Meanwhile, any significant jump in home buying activity could require mortgage rates to come down significantly so that monthly payments become more affordable. A major decline in mortgage rates may only happen if the Federal Reserve lowers its benchmark interest rate significantly. However, in the most recent May meeting, Fed officials kept interest rates President Donald Trump has been pushing for cutting down Fed rates. While speaking to reporters on May 8, Trump
Daily Mail
15-05-2025
- Business
- Daily Mail
Fear as home buyers bail at record levels… raising alarm crash could be on the horizon
The usually sizzling hot US spring housing market is the worst it's been in decades — with serious fears of a market crash scaring terrified buyers out of home contracts. Sky-high housing costs, soaring mortgage costs, and fears of an deep economic downturn are keeping buyers away. Home sales in the US plunged 3.4 percent year over year during the four weeks ending on May 11. That's the lowest level for this time of year since 2020, when the pandemic brought the market to a halt. Redfin agents in many parts of the country, including Oregon, North Carolina, Texas and Ohio, report that buyers are backing off because they're too nervous about the future. There's also a holiday effect. Easter fell into this year's four-week period, but not the comparable period in 2024. Agents report increasing nerves among house hunters, so much so that many potential buyers now cancelling home buying contracts at the last minute. 'There's a lot of doubt and hesitation,' said Meme Loggins, a Redfin Premier agent based in Portland, Oregon. 'People start looking, get excited, then they speak to their lender and reality sets in. That monthly payment knocks the wind right out of them.' Loggins added that fears over tariffs, a looming recession, and potential mass layoffs are also contributing to the horrible housing market. New listings are up 5.1 percent and the total number of homes for sale has climbed 14.3 percent. It's a bad market for sellers too. Nearly half of sellers are being forced to offer concessions in order to unload their homes. They're growing so desperate they're offering price cuts and repair credits. Some sellers are even helping with closing costs and paying months of HOA fees for their buyers. Redfin agents advise potential buyers to negotiate as much as they can. They also advise looking into smaller homes or condos as a way to keep mortgages and bills manageable. The median monthly mortgage payment has skyrocketed to $2,860, reports Redfin. Still, people are frightened about the future. Redfin agents advise potential buyers to negotiate as much as they can Donald Trump's tariffs caused major stock market instability, and sparked fears of a recession, driving mortgage rates even higher. 'It's a classic catch-22,' said Chen Zhao, Redfin's head of economic research. 'Mortgage rates won't come down unless all tariffs are removed — or the economy dips into a serious recession. Neither option is great for buyers.' Meanwhile, Detroit realtor Desiree Bourgeois told that when potential buyers hear the words 'tariffs' or 'recession' they get cold feet. 'They're hearing the words "tariffs" and "recession," and it's making them nervous that if they buy now, the value of their home will decline, and they don't know whether mortgage rates will go up or down,' she said. 'There's a lot of uncertainty out there, with buyers trying to understand how their purchase would fit into their personal finances and the broader economic puzzle.'
Business Wire
15-05-2025
- Business
- Business Wire
Redfin Reports Economic Jitters, High Costs Stifle Spring Home Sales
SEATTLE--(BUSINESS WIRE)--(NASDAQ: RDFN) — Pending U.S. home sales fell 3.4% year over year during the four weeks ending May 11 to their lowest level on record for this time of year aside from 2020, according to a new report from Redfin ( the technology-powered real estate brokerage. Would-be homebuyers are backing off for two main reasons. One, rising home-sale prices and elevated mortgage rates pushed this week's median monthly housing payment to $2,860, just $6 shy of the record high set the week before. Two, 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. There's also a holiday effect; Easter fell into this year's four-week period, but not the comparable period in 2024. 'There's a lot of doubt and hesitation among house hunters,' said Meme Loggins, a Redfin Premier agent in Portland, OR. 'People are starting their home search, then backing out because they either talked to their lender and realized how high their monthly payments would be, or they're feeling jittery about tariffs, a potential recession, and/or the possibility of getting laid off. One smart strategy I'm seeing among the people who are buying right now: They're looking for condos or small houses to lower their monthly payments and simplify their lives. And a smart strategy for sellers is offering mortgage-rate buydowns to pique buyers' interest.' Chen Zhao, Redfin's head of economics research, said that while this week's news about the U.S. slashing tariffs on China is boosting the stock market and reducing the risk of a recession, it's also pushing mortgage rates up. 'It's a catch-22 for homebuyers,' Zhao said. 'Mortgage rates are unlikely to fall unless all of the new tariffs are eliminated, or if the country falls into a fairly severe recession—which would cut housing budgets for many Americans.' On the selling side, new listings are up 5.1% year over year, and the total number of homes for sale is up 14.3%. Redfin agents say there's more housing supply than usual at this time of year because many listings are sitting on the market. For buyers, the bright side of rising supply and limited demand is that nearly half of home sellers are giving concessions. Agents advise buyers to try to negotiate sale prices down or ask for money for repairs or closing costs. For Redfin economists' takes on the housing market, please visit Redfin's ' From Our Economists ' page. Leading indicators Key housing-market data To view the full report, including charts, 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.
