Home prices inched up by 0.3% from April to May, according to new data from Redfin (NASDAQ:RDFN). This marked the smallest increase on a seasonally adjusted basis since January 2023.
On a year-over-year basis, home prices were up by 7.2% – but Redfin insisted annual growth was showing evidence of plateauing.
“We learned last week that inflation continued to cool in May, which means mortgage rates could decline in late summer or early fall,” said Redfin Economics Research Lead Chen Zhao. “A drop in mortgage rates would bring both buyers and sellers back to the market, which could either accelerate price growth or pull it back depending on who comes back with more force. If sellers come back faster, prices would likely cool, but if buyers come back faster, prices would likely ramp up.”
Redfin added that new listings recorded a 0.3% month-over-month uptick in May on a seasonally adjusted basis, with an 8.8% increase from one year earlier – although the quantity of new listings was roughly 20% below pre-pandemic levels.
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Should get worse if the NAR collapses. Redfin and Zillow will be out of business without stealing our data.
You’re one of the few who get it. Down with NAR.