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“Mortgage rates won’t fall enough [in 2025] to spur an increase in existing-home inventory, with most of the increase in inventory seen in the market coming from new construction,” says McBride.
Redfin found that Florida and Texas are leading the trend, as construction in both states outpaced other regions. Austin, Texas saw rent fall 16.9% year-over-year, while Jacksonville, Florida ...
Much of the new construction is located in just a few metro areas, and many of the new units are luxury apartments, which rent for well north of $2,000. ... chief economist at Redfin. “It will ...
For new-construction homes, National Association of Homebuilders (NAHB) data shows that June’s median sale price was only slightly lower at $417,300. Inventory: The supply of homes for sale is ...
Redfin was founded in 2004 by David Eraker, Michael Dougherty, and David Selinger. Eraker had dropped out of medical school at the University of Washington for a career in software design and Dougherty received degrees in electrical engineering and international studies from Yale University.
The last two years has seen a “homeowner lock-in effect,” with nearly 90% of homeowners last year enjoying mortgage rates under 6%, according to Redfin — and loathe to trade them in for a ...