Homebuyers have reason to be optimistic this November as mortgage rates have fallen and available inventory has increased, Redfin reports.
For the four weeks ended November 19, new listings posted an annual increase of 5.2% to reach 73,891, the technology-powered real estate brokerage says.
In addition, the median monthly mortgage payment has fallen more than $100 over the last month as rates dropped from 8% to 7.3%.
As a result, mortgage-purchase applications increased 4% last week to their highest level in six weeks, the firm says.
As of November 19 there were 871,492 active listings – down 7.3% compared with November 2022.
That’s about a 3.7-month supply at the current sales rate.
The median asking price was $377,099, an increase of 6.3% from a year ago.
Photo: Mourizal Zativa
