The Latest Breaking News from Redfin

In June, rents were 23% higher than before the pandemic, while mortgage payments were up 90%, according to Redfin.

Luxury-home prices rose more than twice as fast as those of non-luxury homes, and still their sales jumped compared with typical homes, according to 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

“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.