All articles tagged with #listings
Google is testing a new feature that displays home listings directly in search results through a partnership with HouseCanary, which has caused Zillow's shares to drop over 8%. While some analysts see this as a long-term risk for real estate portals, others believe the immediate impact will be limited, and Google may see this as an opportunity to generate more revenue.
Hong Kong's listings pipeline has reached a record high amid a booming equity market, indicating strong activity and investor confidence in the region.
Declining mortgage rates are enticing sellers to list their homes, leading to an increase in new listings and consultations with Redfin agents. The housing market, which had been stagnant in 2023, is showing signs of thawing as sales are expected to rise after the holiday season. Despite a decrease in mortgage-purchase applications, buyers are showing interest in lower rates, and economists predict a surge in activity in the new year.
The median price of existing homes in the US dropped by 6.3% in November, reaching $387,600, the lowest since June 2022. Prices of new houses sold by homebuilders have also fallen by 18% from their peak a year ago. New listings of existing homes, which typically decline after the spring selling season, only fell by 22,000 in November, compared to a drop of 65,280 in the same period last year. Active listings rose to the highest level since August 2020, reaching 754,800 homes. Inventory for sale increased by 1% year-over-year, the first increase since April. Demand for existing homes remains at collapsed levels, with sales in November down by 7.3% compared to 2022 and by 39.7% compared to 2021.
Home prices in the largest U.S. cities grew by only 0.6% in November, the smallest increase since June, according to Redfin. While the majority of metropolitan areas still saw positive month-over-month price changes, 14 locations experienced declines. The largest increase was seen in Chicago, where home prices rose 2.4% month over month. The increase in inventory and decrease in competition contributed to the slowed price growth, providing a glimmer of hope for U.S. buyers.
The housing market may be showing signs of improvement as mortgage rates decrease and listings increase, according to real estate brokerage Redfin. Mortgage applications have risen by 15% since early November, and new home listings are up 7% from last year. However, the growth in applications is slowing down, indicating that further rate drops are needed to sustain demand. While some markets are experiencing price decreases, the median sale price of a U.S. home has risen by 4.1% over the past year. Experts suggest that sustained change will require an increase in the number of homes for sale. Redfin predicts a 5% increase in home sales in 2024 and expects mortgage rates to dip to 6.6% by the end of the year.
Real estate brokers in New York City share their obsession with certain listings that they don't represent. Christopher Butt of Corcoran is enamored with a massive brick townhouse on Hamilton Terrace, describing it as a mansion with an "otherworldly" feel. Laurie Silverman of Sotheby's loves a sun-blasted apartment on Central Park West with Central Park views and a recent turnkey renovation. Rashi Malhotra of Coldwell Banker Warburg is drawn to a duplex with open living spaces, terraces, and floor-to-ceiling windows in a low-rise area. These brokers highlight the unique features and desirability of these properties.
The Federal Reserve's pause on interest rate hikes following a year of aggressive increases is unlikely to result in a significant drop in mortgage rates, but it does alleviate some uncertainty in the housing market. Elevated mortgage rates are prompting many homeowners to stay put, resulting in bidding wars as buyers compete for a small pool of homes. New listings in April were down 23% from a year earlier, the second biggest decline since the start of the pandemic, outpacing the 17% year-over-year decline in pending sales. Nearly half (48%) of homes that sold during the four weeks ending April 30 went under contract within two weeks, down from 51% a year earlier but up from 46% a month earlier.