The Latest Breaking News from Redfin

Jacksonville saw the most significant drop, with median asking rents decreasing by 12.4% year-over-year

“The months long slowdown in the rental market appears to be leveling off as the busy summer season kicks off,” according to Zillow.

But sales were way down, so the “pie was much smaller,” according to Realtor.com.

Mortgage rates won’t be going back down to the historical lows seen throughout the pandemic, the National Association of Realtors’ chief economist said.

Even though we’re “in a big hole” when it comes to housing supply, builders are backing off.

“Property owners might start jacking up rents again once all of the new apartments hitting the market fill up with tenants and there’s no longer so much supply, which could be the case in a year or two,” a Redfin senior economist said.

Mortgage applications and sales are weak, to say the least, off the back of dampening demand.

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“They are able to navigate these higher prices without as much of a ramification,” Realtor.com’s chief economist recently said.

For the first time in close to a year, the pace of annual home price inflation dipped. Still, home prices and mortgage rates are considerably higher than before the pandemic.