Redfin Reports Spring Home Sales Stifled by Economic Jitters and High Costs Nationwide
Key Takeaways Economic uncertainties and high costs are causing hesitancy in the spring housing market, with buyers delaying decisions. Affordability is worsening as the median price multiple rises to 4.8, contributing to a decline in mortgage applications by 6%. Despite an influx of sellers, buyers are resisting due to a 9% gap between median asking prices and sales prices, necessitating urgent action in the real estate sector. Economic Jitters and High Costs Stall Spring Home Sales Spring home sales falter as economic jitters sweep America, casting a gloom from New York's Times Square to Los Angeles. Home buyers delay decisions amidst skyrocketing costs. The median multiple surges to 4.8, worsening affordability. Mortgage applications plummet by 6%, revealing heightened caution. Sellers flood the market, yet buyers resist. The median asking price remains 9% above sales, creating a vast chasm. As spring 2025 looms, urgency grips the real estate sector, demanding swift action. The ...