Home Prices Start New Year At New High: Redfin
Summary
The number of homes for sale fell to a new low as listings hit the market at a slower rate than they did early last year. Mortgage rates rose to 3.45% during the seven days ending January 13, making homebuying more expensive as overall inflation hit a 40-year high. “The stage is now set for the most competitive January housing market in recorded history,” said Redfin Chief Economist Daryl Fairweather. “Buyers are pouring into the market to claim a home before mortgage rates rise further as new listings slow to a trickle.” Fairweather said the market conditions “are becoming increasingly challenging for first-time homebuyers, who will have to compete against more experienced buyers who are willing to do whatever it takes to win.” He added that he expects that “by the time mortgage rates increase to 3.6%, competition will settle down quickly to levels similar to late-2018.” Portland Redfin real estate agent Jennifer Ciacci said homebuyers are touring nearly every home that comes on the market. Redfin is a technology-powered real estate company that helps people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services.