The Latest Breaking News from Redfin

Last month saw more in-contract sales canceled than any June on record, according to Redfin.

In a rare bit of good news, mortgage rates are the lowest they’ve been in months.

But sales were way down, so the “pie was much smaller,” according to Realtor.com.

Mortgage rates won’t be going back down to the historical lows seen throughout the pandemic, the National Association of Realtors’ chief economist said.

Even though we’re “in a big hole” when it comes to housing supply, builders are backing off.

“Property owners might start jacking up rents again once all of the new apartments hitting the market fill up with tenants and there’s no longer so much supply, which could be the case in a year or two,” a Redfin senior economist said.

Mortgage applications and sales are weak, to say the least, off the back of dampening demand.

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