flexiblefullpage - default
Currently Reading

Buyer Demand Is on the Rise, but Homes Are Still Lingering on the Market

Advertisement
billboard - default
New-Home Sales

Buyer Demand Is on the Rise, but Homes Are Still Lingering on the Market

The total supply of homes for sale rose 15% year-over-year during the four weeks ending December 4— the biggest uptick on record—but very few buyers are being lured in by falling mortgage rates


December 9, 2022
Aerial view of residential community
Image: Stock.adobe.com

Throughout much of 2022, prospective buyers have delayed their purchasing plans and waited for mortgage rates and home prices to fall from their peak highs, and as rates slowly but surely begin to fall, some house hunters are making their way back in the game. For the week ending December 8, 30-year mortgage rates fell for the fourth straight week to 6.33%, though the daily average was 6.29% on December 7, Redfin reports.

As a result, Redfin's Homebuyer Demand Index–a measure of requests for home tours and other homebuying services–rose 5% from the week prior during the four weeks ending December 4, but measures of buyer demand remained low on a year-over-year basis. 

Home-sale prices fell from a year earlier in 11 of the 50 most populous U.S. metros, six of which are in California. Prices fell 7.8% year over year in San Francisco, 3.6% in San Jose, CA, 2.2% in Los Angeles, 1.4% in Detroit, 1.2% in Sacramento and 1.1% in Pittsburgh. They declined less than 1% in Oakland, CA, Anaheim, CA, Austin, Philadelphia and Phoenix.  

Read more

Related Stories

Housing Markets

Could These Midwestern Metros Be the Next Top Real Estate Markets?

Out-of-state homebuyers are flocking to Midwestern markets like Lafayette, Ind., and Topeka, Kan., where they're finding affordable homes, high-paying jobs, and robust local economies

Affordability

Buyers Cite Unaffordable Prices as Biggest Hurdle to Homeownership in Q4 2022

Elevated home prices continue to pose an obstacle for house hunters, but most are persevering 

Affordability

These Are America’s Most Undersupplied Housing Markets

Due to the housing affordability crisis, it's anticipated U.S. home builders will fall short on meeting housing needs in 2023

Advertisement
boombox1 -
Advertisement
native1 - default
halfpage2 -

More in Category




Advertisement
native2 - default
Advertisement
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.