Redfin economists say they expect the cooldown in budgets to lead to a cooldown in price growth over the next few months.
The shift comes at a great cost as rising mortgage rates continue to keep buyers out of the market.
Rents in Beantown rose again last month at a rate higher than national rent increases.
Housing starts, existing home sales inventory took a tumble as well in February.
Beantown is the third most expensive in the city for renters, according to a new report from Zumper.
While rising interest rates may lead to more reductions in the housing supply, it may also bring some much-needed balance to the market.
Nationally, pending home sales fell as interest rates rose last month.
The median price of a single-family home in the Bay State topped $500,000 last year.
The hot housing market has been held back by lack of inventory, but it’s not tempering prices, only the amount of sales.
Massachusetts home listings continued to decline in December, as sales prices reached new highs and homes sold in record time. But what does that mean for 2022?
December housing sales fell lower than they have since the start of the pandemic, a new Redfin report found.
“Fewer homes are selling because of a lack of supply, while demand remains strong.” — Redfin chief economist Daryl Fairweather
As more money is being spent on real estate than ever before, the booming market is on pace to shatter records this year, according to a recent CoreLogic report.
Investors across the country are looking to cash in on skyrocketing house prices and rents, putting them in competition with new buyers trying to work their way to homeownership.
The demand for housing in the U.S. has reached a new all-time high since 2017, a rare occurrence for this time of year when the market typically slows. According to a Redfin report, a recovering economy and all-time low mortgage rates are critical factors in the current market.
As dramatic rent prices impact states across the nation, renters are searching for more affordable places to call home. Nationally, the median rent price is up over 16% since January, with some cities seeing double that, according to a recent Apartment List report.