The Latest Breaking News from Redfin

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.

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.

“These pandemic boomtowns, they just got way too expensive over the last two or three years,” chief executive of Reventure Consulting and Reventure App said.

Luxury homes sought by the richest buyers offer eye-catching amenities and high-end décor. Double vanities, kitchen islands and heated floors are among the most sought-after details by the wealthiest homebuyers.

“A drop in mortgage rates would bring both buyers and sellers back to the market, which could either accelerate price growth or pull it back,” a Redfin economist said.

“Home sellers are returning to the market but finding buyers hesitating,” Zillow’s chief economist wrote in a monthly housing report.

Housing markets in Texas and Florida were once all the rage, so their home prices and rents soared, but now they’re falling in this very different economic environment.

The country’s median asking rent hit its highest point in almost two years, but there’s plenty of variation nationwide.