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Redfin: Pending U.S. home sales dropped 32% y/y during four weeks ending Jan1
The Fly

Redfin: Pending U.S. home sales dropped 32% y/y during four weeks ending Jan1

Redfin (RDFN) said in its Housing Market Update, in part: "Pending U.S. home sales dropped 32% year over year to their lowest level since at least 2015 during the four weeks ending January 1. The biggest declines were in pandemic homebuying hotspots Las Vegas, Phoenix and Austin, which each saw pending sales plummet more than 50%… Mortgage-purchase applications fell about 12%, though the double-digit drop was partly due to severe late-December storms hitting nearly every part of the U.S…Home prices fell from a year earlier in 19 of the 50 most populous U.S. metros…On a metro level, home-sale prices fell year over year in 19 of the 50 most populous U.S. metros during the four weeks ending January 1. By comparison, just 10 metros saw price declines a month earlier. Prices fell 10.4% year over year in San Francisco, 6% in Sacramento, 5.6% in San Jose, CA, 5.4% in Los Angeles, 4.6% in Detroit, 4.4% in Oakland, CA, 4.2% in Seattle, 3.9% in Pittsburgh, 2.9% in Austin, 2.8% in New York, 2.4% in Phoenix and 2.2% in Boston. They fell 2% or less in Anaheim, CA, Chicago, Riverside, CA, Washington, D.C., San Diego, Portland, OR and Newark, NJ. This marks the biggest year-over-year drop for San Francisco prices since at least 2015. Mortgage purchase applications during the week ending December 30 were down roughly 12% from two weeks earlier, seasonally adjusted. Purchase applications were down 42% from a year earlier." Companies that may be impacted by this include: RE/MAX Holdings . (RMAX), Zillow Group, Inc. (Z), Opendoor Technologies (OPEN), Offerpad Solutions (OPAD) and Urban Edge Properties (UE). Reference Link

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