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.
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Sustainability
Mention of Eco-Friendly Home Features Is on the Rise in Sales Listings
Home listing descriptions using eco-friendly terms have been rising over the past five years in line with growing consumer interest in the environment and energy efficiency
Sales + Marketing
New-Home Sales and Navigating the 3 D’s: Death, Divorce, and Downsizing
Here’s how home sales experts manage challenging lifestyle changes with and for their buyers