The Latest Breaking News from Redfin

On the back of last week’s inflation reading, mortgage rates dropped to their lowest level since early spring.

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

“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.

“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.