Redfin Reports Home Prices Start Year Up Just 1% as Buyer’s Market Keeps Growth in Check
Rocket Companies, Inc. Class A (RKT)
Company Research
Source: Business Wire
Pending home sales fell to the lowest level since 2023 and existing-home sales dropped the most since 2022 as elevated housing costs curbed homebuyer demand SEATTLE--(BUSINESS WIRE)--The median U.S. home sale price rose 1.1% year over year in January to $422,921 as the strongest buyer’s market in recent history kept a lid on price growth. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket.Year-over-year price growth has hovered below 2% for the past 10 months—a far cry from the double-digit gains of the pandemic homebuying frenzy.“Home prices grew so fast for so long that a lot of buyers got shut out of the market, which is now causing price growth to cool,” said Redfin Senior Economist Asad Khan. “With far more homes for sale than people who want to buy them, the buyers who are in the market have the power to negotiate on price, which is keeping price growth in check.”When sellers outnumber buyers, buyers typically hold the negotiating power
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