Real Estate News 05/31/2024

Today’s News Synopsis:

More home sellers are cutting their asking price, suggesting sale-price growth could soften in the coming months. But this week, the median sale price rose to another record high, pricing out some buyers.

In The News:

Redfin – “Redfin Reports Price Drops Hit Highest Level in 18 Months As High Rates Dampen Buyer Demand“ (05-30-24)

“Nationwide, 6.4% of home sellers cut their asking price during the four weeks ending May 26, on average, the highest share since November 2022. That’s according to a new report from Redfin, the technology-powered real estate brokerage.”

Fox Business –  “Mortgage demand falters as interest rates rise for the first time in a month” (05-29-2024)

“The Mortgage Bankers Association’s (MBA) index of mortgage applications slid 5.7% for the week ended May 24, according to new data published Wednesday. ”

Yahoo Finance –  “Homeowners hit pause on remodels as costs get ‘just ridiculous’” (05-25-24)

““Americans are delaying their home renovation plans and opting for more affordable options amid high borrowing costs and a housing market recovery that has yet to materialize.”

Zillow – “The Housing Market Eased off the Accelerator in April as Mortgage Rates Spiked (April 2024 Market Report)” (05-23-2023)

“Spring is usually a time of year when the housing market presses down on the accelerator. But in April, as mortgage rates spiked back above 7% for the first time this year, the market coasted off of the speed built up in the first three months of the year. ”

USA Today – “IRS Direct File is here to stay and will be available to more Americans next year” (05-30-2023)

“Direct File, the IRS’ free electronic tax filing system, is here to stay and will be available to more taxpayers next year, the government said on Thursday.”