The typical U.S. condo sold for a record $319,000 in February, according to a new report from Redfin, the technology-powered real estate brokerage. That’s up 14.6% from a year earlier and 22.7% from two years earlier, just before the pandemic began. Condos are in demand partly because they’re a comparatively affordable option amid skyrocketing home prices and rising mortgage … [More]

Housing prices jumped the most since summer 2021—up 17% year over year to a new high, according to a new report from Redfin, the technology-powered real estate brokerage. At the same time, a 7% drop in new listings kept homebuyer competition elevated amid rapidly rising mortgage rates. Nearly 3 in 5 homes were snapped up within two weeks, an all-time high, and half sold for … [More]

The housing market is expected to return to pre-pandemic, 2019 norms — at least in terms of inventory and the share of purchases made by first-time home buyers — by 2024 according to a panel of housing market experts polled in the latest Zillow® Home Price Expectations Survey.  The dwindling supply of homes for sale has been a key driver of the recent explosion in U.S. home … [More]

In the week ending March 19, the advance figure for seasonally adjusted initial claims was 187,000, a decrease of 28,000 from the previous week's revised level. This is the lowest level for initial claims since September 6, 1969 when it was 182,000. The previous week's level was revised up by 1,000 from 214,000 to 215,000. The 4-week moving average was 211,750, a decrease of … [More]