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Redfin Reports Historic Housing Shortage Shows Signs of Letting Up as Sales Decline

(NASDAQ: RDFN) —The housing market turned a corner in April as the inventory crunch showed signs of easing, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The 9% year-over-year decline in homes for sale was the smallest since March 2020 and the first single-digit drop since the start of the pandemic.

While inventory remained at a record low, it fell at a relatively slow pace because soaring mortgage rates tempered homebuyer demand. Home sales slid 8%, the biggest drop since June 2020, which allowed white-hot home-price growth to cool slightly. The median home-sale price rose 16% to $424,000, a slowdown from March’s 17% gain.

“When market conditions are changing it becomes more difficult for homebuyers and sellers to see eye-to-eye on pricing,” said Redfin deputy chief economist Taylor Marr. “Many sellers are still seeking sky-high prices for their homes even though rising mortgage rates have limited homebuyer budgets. As a result, buyers are backing off, which is causing home sales to fall and the housing shortage to ease. As demand continues to soften, more sellers will likely be forced to drop their prices in order to get offers. The good news is that this should finally bring more balance to the market.”

Market Summary

April 2022

Month-Over-Month

Year-Over-Year

Median sale price

$424,400

3.1%

15.5%

Homes sold, seasonally-adjusted

570,700

-1.8%

-8%

Pending sales, seasonally-adjusted

514,900

-2.1%

-7.2%

New listings, seasonally-adjusted

593,500

0.1%

-7.4%

All homes for sale, seasonally-adjusted

1,351,900

-1.3%

-9.3%

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Redfin Reports Historic Housing Shortage Shows Signs of Letting Up as Sales Decline (NASDAQ: RDFN) —The housing market turned a corner in April as the inventory crunch showed signs of easing, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The 9% year-over-year decline in homes for …

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