{"id":1708,"date":"2023-04-29T01:21:29","date_gmt":"2023-04-29T05:21:29","guid":{"rendered":"https:\/\/ifintechworld.com\/mortgage\/new-home-listings-plunge-over-22-in-april-redfin-says\/"},"modified":"2023-04-29T01:21:30","modified_gmt":"2023-04-29T05:21:30","slug":"new-home-listings-plunge-over-22-in-april-redfin-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=1708","title":{"rendered":"New home listings plunge over 22% in April, Redfin says"},"content":{"rendered":"<div><!----> <!----> <\/p>\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\"><\/div>\n<\/div>\n<\/div>\n<p>New home listings dropped 22.4% in April, marking one of the biggest declines since the pandemic gripped the world in 2020, according to a new Redfin report. \u00a0<\/p>\n<p>The more than 20% dip in home listings over the four-week period ending April 23 compared to a year ago underscored how homeowners are refusing to give up the mortgage rates that they locked in before interest rates surged.\u00a0<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><picture><source media=\"(max-width: 767px)\" ><source media=\"(min-width: 768px) and (max-width: 1023px)\" ><source media=\"(min-width: 1024px) and (max-width: 1279px)\" ><source media=\"(min-width: 1280px)\" ><\/source><\/source><\/source><\/source><\/picture><\/div>\n<\/p><\/div>\n<p>The key 30-year fixed-rate mortgage climbed for another week, averaging 6.43% as of Thursday, according to mortgage buyer Freddie Mac. That&#8217;s up from the average of 6.39% from the week prior. It&#8217;s also significantly higher than a year ago when the rate averaged 5.10%. \u00a0<\/p>\n<p><strong>AVERAGE RATE ON LONG-TERM MORTGAGE CLIMBS FOR SECOND STRAIGHT WEEK<\/strong><\/p>\n<p>The scarcity of inventory is also causing homes on the market to sell quickly.\u00a0<\/p>\n<p>According to the real estate brokerage, almost half of all the homes on the market are selling within two weeks, the highest rate in nearly a year, even with higher mortgage rates keeping some buyers out of the market. \u00a0<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><picture><source media=\"(max-width: 767px)\" ><source media=\"(min-width: 768px) and (max-width: 1023px)\" ><source media=\"(min-width: 1024px) and (max-width: 1279px)\" ><source media=\"(min-width: 1280px)\" ><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/Real-estate.jpg\" alt=\"real estate\"><\/source><\/source><\/source><\/source><\/picture><\/div>\n<\/p><\/div>\n<p>This dearth in homes is also keeping home prices from falling further. For instance, the U.S. median sale price was down 2.8% year over year, which is in line with the price declines seen over the last month.\u00a0<\/p>\n<p>However, certain parts of the country, like Austin, Texas, or Oakland, California, are seeing even larger price declines.\u00a0<\/p>\n<p><strong>ECONOMY BOOSTS DEMAND FOR AIRBNB&#8217;S APARTMENT RENTAL PROGRAM<\/strong><\/p>\n<p>&#8220;High mortgage rates have caused some homebuyers to bow out of the market. But there are still more people looking for a home than there are homes for sale,&#8221; said Redfin Deputy Chief Economist Taylor Marr.\u00a0<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><picture><source media=\"(max-width: 767px)\" ><source media=\"(min-width: 768px) and (max-width: 1023px)\" ><source media=\"(min-width: 1024px) and (max-width: 1279px)\" ><source media=\"(min-width: 1280px)\" ><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/Untitled-design-96-1.png\" alt=\"home\"><\/source><\/source><\/source><\/source><\/picture><\/div>\n<\/p><\/div>\n<p>However, there&#8217;s an upside to those looking to sell.\u00a0<\/p>\n<p><strong><u><\/u><\/strong><\/p>\n<p>&#8220;In certain parts of the country where new listings are especially rare, sellers who price their homes in line with the market are attracting multiple offers,&#8221; Marr said.\u00a0<\/p>\n<p>Higher home prices and values &#8220;also bode well for the future of the housing market because they may eventually lure more prospective sellers off the sidelines,&#8221; Marr added.\u00a0<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.foxbusiness.com\/lifestyle\/new-home-listings-plunge-22-percent-april-redfin\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New home listings dropped 22.4% in April, marking one of the biggest declines since the pandemic gripped the world in 2020, according to a new Redfin report. \u00a0 The more than 20% dip in home listings over the four-week period ending April 23 compared to a year ago underscored how homeowners are refusing to give [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1709,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[246],"tags":[83],"class_list":["post-1708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New home listings plunge over 22% in April, Redfin says | iFintechWorld<\/title>\n<meta name=\"description\" content=\"New home listings dropped 22.4% in April, marking one of the biggest declines since the pandemic gripped the world in 2020, according to a new Redfin\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=1708\" \/>\n<meta property=\"og:locale\" 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