Mortgage rates have hit their lowest point in a year and a half, but home sales are still sluggish. While the median monthly housing payment in the U.S. has dropped to just over $2,500, many buyers are still priced out of the market.
In San Diego, new home listings have jumped 17.4% year-over-year, the highest increase among the 50 largest U.S. metros. According to Redfin, buyers in San Diego saved more by purchasing new builds compared to existing homes. Other cities like Las Vegas, Phoenix, and Houston also saw listing increases, while Atlanta saw the biggest drop in home sales.
Despite challenges, some buyers are still hopeful. Google searches for “home for sale” rose 6%, and Redfin’s Homebuyer Demand Index went up 4%, indicating renewed interest in homebuying.
