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Prices keep rising because this spring’s inventory is lower than usual. The sliver of good news for buyers is that mortgage rates have declined slightly

The median U.S. home-sale price hit a record $387,600 during the four weeks ending May 19, up 4% from a year earlier. That’s according to a new report from Redfin (, the technology-powered real estate brokerage. Weekly average mortgage rates dipped to 7.02% from a five-month high of 7.22% at the start of the month, bringing the median monthly housing payment to $2,854, roughly $20 shy of April’s all-time high.

High housing costs pushed pending home sales down 4.2% year over year, the biggest decline in three months (except the prior 4-week period, when sales declined 4.4%). Prices keep rising despite declining sales because there aren’t enough homes on the market: New listings are up about 8% year over year, but inventory remains lower than typical spring levels. Many homeowners are staying put because they would rather hold onto their relatively low mortgage rate than move up to a bigger and/or better home.

“Move-up buyers feel stuck because they’re ready for their next house, but it just doesn’t make financial sense to sell with current interest rates so high,” said Sam Brinton, a Redfin Premier agent in Salt Lake City, UT. “The homeowners listing right now are often doing so because they need to: One of my clients is selling because of a family emergency, and another couple is selling because they had a baby and simply don’t have enough room. Buyers should take note that many of today’s sellers are motivated; if a home doesn’t have other offers on the table, offer under asking price and/or ask for concessions because many sellers are willing to negotiate.”

For Redfin economists’ takes on the housing market, including more on how current financial events are impacting mortgage rates, please visit Redfin’s “From Our Economists” page.

Leading indicators

Indicators of homebuying demand and activity


Value (if applicable)

Recent change

Year-over-year change


Daily average 30-year fixed mortgage rate

7.09% (May 22)

Up from 6.99% a week earlier, but down from a 5-month high of 7.52% 4 weeks earlier

Up from 6.95%

Mortgage News Daily

Weekly average 30-year fixed mortgage rate

7.02% (week ending May 16)

Down from 5-month high of 7.22% 2 weeks earlier

Up from 6.39%

Freddie Mac

Mortgage-purchase applications (seasonally adjusted)


Declined 1% from a week earlier (as of week ending May 17)

Down 11%

Mortgage Bankers Association

Redfin Homebuyer Demand Index (seasonally adjusted)


Essentially unchanged from a month earlier (as of week ending May 19)

Down 11%

Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents

Touring activity


Up 31% from the start of the year (as of May 19)

At this time last year, it was up 22% from the start of 2023

ShowingTime, a home touring technology company

Google searches for “home for sale”


Down 8% from a month earlier (as of May 19)

Down 18%

Google Trends

Key housing-market data

U.S. highlights: Four weeks ending May 19, 2024

Redfin’s national metrics include data from 400+ U.S. metro areas, and is based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision.


Four weeks ending May 19, 2024

Year-over-year change


Median sale price



All-time high

Median asking price



All-time high

Median monthly mortgage payment

$2,854 at a 7.02% mortgage rate


$18 below all-time high set during the 4 weeks ending April 28

Pending sales



Biggest decline since 4 weeks ending Feb. 25 (except the prior 4-week period, when sales declined 4.4%)

New listings




Active listings




Months of supply


+0.6 pts.

4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions

Share of homes off market in two weeks


Down from 49%


Median days on market


+3 days


Share of homes sold above list price


Down from 34%


Share of homes with a price drop


+2 pts.

Highest level since Nov. 2022

Average sale-to-list price ratio


-0.1 pts.


Metro-level highlights: Four weeks ending May 19, 2024

Redfin’s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.


Metros with biggest year-over-year increases

Metros with biggest year-over-year decreases


Median sale price

Anaheim, CA (20.1%)

Detroit (16.9%)

San Jose, CA (12.9%)

Oakland, CA (12.5%)

West Palm Beach, FL (12%)

San Antonio (-1%)

Fort Worth, TX (-0.6%)

Decreased in 2 metros

Pending sales

San Jose, CA (18.4%)

San Francisco (8%)

San Diego (4.3%)

Newark, NJ (3.6%)

Columbus, OH (3.3%)

West Palm Beach, FL (-15.3%)

Atlanta (-14.9%)

Houston (-14.5%)

Phoenix (-12.3%)

Providence, RI (-11.6%)

Increased in 10 metros

New listings

San Jose, CA (36.7%)

Montgomery County, PA (26.2%)

Phoenix (26.1%)

Seattle (21.2%)

San Diego (21%)

Atlanta (-8.1%)

Chicago (-4.9%)

Detroit (-3.9%)

Virginia Beach, VA (-2.6%)

Newark, NJ (-2%)

Warren, MI (-1.8%)

Decreased in 6 metros

To view the full report, including charts, please visit:

Posted On Saturday, 25 May 2024 06:48 Written by

During a very painful time in my life, I was in a very bad place. A close friend of mine convinced me to go to a convention in San Fransico. I really didn’t want to go. I struggled with everything that was going on, but I made the trip. I firmly believe that that trip may have saved my life. At the very least, it changed it forever.

One of the speakers there was a man named Les Brown. I knew of Les but had never heard him speak in person. Believe me, being in the right place at the right time, listening to the right person deliver the right message, well, it can be transformative. I waited until after his talk was done. I gathered up the books he had for sale and waited until the very last person was gone when I asked him to sign the books and share with him my journey to this event, and how much I needed to hear his words and that he had made a difference in what would become the rest of my life! He listened, we both cried, we hugged, and he reminded me that “if you can look up, you can get up!” and as long as you keep moving forward it doesn’t matter how many times you get pushed back, the game isn’t over until you win!

I shared this because I had a few of my clients share stories this week about people they worked with that were long timers. You know, those clients you work with for months, maybe even years, and just when you thought it would never happen, they find a house, it goes into contract, everything goes as it should, and they closed on the home most people would never believe would ever get, but they did. They did because they kept going forward. They did because they had someone at their side, every step of the way, that supported the effort and remained committed to the outcome. People can’t all be the same. Each journey takes the time it takes. However, there are certain journeys that would never have been completed if there wasn’t someone who supported the vision and helped keep them in focus.

My clients know that some deals come together in days. Others take longer. The ones that take the longest may certainly not be the most profitable, but they very well might be the ones you are most satisfied with. I had Les Brown to believe in me. My clients have me to believe in them. Who are the ones you believe in? Just like I remember Les all these years later; just like I hope my clients will remember me; who will you believe in that will remember you? Teach and share the vision of persistence. Show those around you that it doesn’t matter how long it may take, once you reach the goal it never matters how long it took to get there!

The game isn’t over until you win!

Questions or comments: This email address is being protected from spambots. You need JavaScript enabled to view it.

Posted On Monday, 27 May 2024 00:00 Written by
Posted On Friday, 24 May 2024 12:04
Posted On Friday, 24 May 2024 11:09
Posted On Friday, 24 May 2024 10:47
Posted On Friday, 24 May 2024 10:35

Another 27% of mortgages went to buyers aged 35-44. Young people take out the majority of mortgages because they’re of prime homebuying age, gaining financial stability and growing families. Plus, they’re less likely than older people to pay cash.

Two in five (39.7%) new mortgages issued in 2023 went to homebuyers under 35, and 26.5% went to buyers aged 35-44. Next came 45-54 year olds, who took out 16.1% of new mortgages, 55-64 year olds (10.8%), and 65-74 year olds (5.4%). That’s according to a new report from Redfin (, the technology-powered real estate brokerage.

This is according to Redfin’s analysis of Home Mortgage Disclosure Act (HMDA) data covering purchases of primary homes. It does not cover purchases of investment properties or second homes.

The breakdown of homebuyers by age has remained stable over the last five years, with younger Americans as the most common mortgage borrowers. The likelihood of taking out a mortgage declines as people get older.

There are several reasons why people under 45 are taking out most mortgages:

  • Gen Zers and millennials are aging into homeownership; the median age of first-time U.S. homebuyers is 35. People tend to be in their late 20s or 30s when they buy their first home because that’s when homeownership becomes financially feasible and desirable: They’ve had time to save for down payments and qualify for mortgages, and they may be growing their families.
  • Many people view real estate as a safer long-term place to park their money than the stock market or other traditional investments.
  • Younger buyers are likely to take out loans rather than pay for homes in cash because they haven’t had much time to amass wealth and/or build equity from the sale of a previous home. Older buyers are more likely to pay in cash.

“First-time buyers aren’t as spooked by high rates as people who are trying to move up to a bigger or better home,” said Antonia Ketabchi, a Redfin Premier agent in Maryland. “High costs are still a challenge, but younger people are excited about the fact that they’re looking to buy their first home, and they’re not locked in by a low mortgage rate because until now they’ve been renting. Plus, they weren’t in the market three years ago when mortgage rates were sitting under 3%, so they don’t have an ultra-low point of comparison.”

Although Gen Zers and millennials were most likely to buy homes last year, they still have lower overall homeownership rates than older Americans, which stands to reason because they haven’t had as much time to buy homes. Just over one-quarter (26%) of adult Gen Zers owned their home in 2023, and 55% of millennials owned theirs. That’s compared to a homeownership rate of 72% for Gen Xers, and 79% for baby boomers.

Gen Zers are catching up to older generations, though: 19-25 year olds have a higher homeownership rate than millennials and Gen Xers when they were the same age.

Some Gen Zers, millennials get financial help from family

Some young homebuyers got financial help from their parents or other older family members to fund their purchases: 3.3% of homebuyers under 35 had a co-borrower over the age of 55 on their mortgage loan in 2023; for buyers aged 35-44, it was 2.8%.

The share of young buyers getting financial help from their parents is much higher when taking into account cash gifts. More than one-third of Gen Zers and millennials who plan to buy a home soon expect to receive a cash gift from family to help fund their down payment, according to a Redfin-commissioned survey fielded in February 2024.

Buyers under 35 take out nearly half of all mortgages in some Rust Belt metros

Gen Z and young millennial homebuyers took up the biggest piece of the mortgage pie in relatively affordable Rust Belt metros in 2023. Nearly half (48%) of new mortgages issued in Pittsburgh went to buyers under 35, the highest share of the 50 most populous U.S. metros. It’s followed by Cincinnati (46.5%), Philadelphia (46.3%), Detroit (46.1%) and Warren, MI (46%).

On the flip side, buyers under 35 took up the smallest share of the mortgage pie in popular Florida retirement destinations, where the populations tend to be older: 27.8% of new mortgages issued in West Palm Beach last year went to people under 35, the smallest share of the metros in this analysis, followed by Fort Lauderdale (28.8%). Next come Anaheim, CA (31.7%), Orlando, FL (32%) and Las Vegas (32.9%).

Buyers aged 35-44 take up biggest piece of mortgage pie in Bay Area

The story is different for older millennials, who took out the biggest share of mortgages in the Bay Area. In San Francisco, 37.8% of new mortgages issued last year went to 35-44 year olds, the biggest share of the metros in this analysis, followed closely by Oakland (37.2%) and San Jose (37.1%). Next come Newark, NJ (34.5%) and Los Angeles (34.5%). One reason older millennials are more likely to take out mortgages in the Bay Area than other parts of the country is because it’s ultra expensive, meaning many people buy their first home in their late thirties and early forties.

Buyers aged 35-44 took out the smallest share of mortgages in Cleveland (23.4%) and Detroit (23.4%). Next come Cincinnati (23.7%), Phoenix (23.8%) and Warren, MI (23.9%). In Detroit, Cincinnati, and Warren, it’s uncommon for 35-44 year olds to take out mortgages because they’ve already purchased homes: As noted above, those are three of the top five metros for mortgage borrowers under 35.

To view the full report, including charts and metro-level data, please visit:

Posted On Friday, 24 May 2024 07:02 Written by

Pushing a car and driving new business have some interesting parallels. Effort, strategy and momentum are all required. Here are some interesting analogies to consider in real estate sales:

  1. Initial effort:

Pushing a car: The hardest part is getting the car to start moving from a standstill. This requires a ton of effort and perseverance.

Sales and business: The initial stages of building a real estate or any other business requires a ton of effort.

  1. Building momentum:

Pushing a car: Once the car starts moving, it becomes easier to push. Less effort is needed once the momentum is built.

Sales and business: Once you start building up clients and closing deals, the effort needed to sustain growth typically decreases. Word-of-mouth, repeat clients and a strong reputation all stem from momentum in real estate.

  1. Overcoming obstacles:

Pushing a car: Encountering obstacles like a hill, requires extra effort.

Sales and business: Challenges are faced all the time - market competition, economic downturns and changing client needs are just a few real estate examples.

My personal take: When you think you can't do something, that's exactly when you should take on the challenge. I'm 51 years old. I've overcome so many obstacles in my life (with many recent personal losses) and I recently pushed a car as part of a fitness challenge! Yes, the same girl who had back surgery as a child, and was told, "be careful," "don't do it" most of her life.

In sales, business and life, we will always be faced with challenges. There will always be uphill battles. It's what we do to overcome those battles (usually found in our own mind) that creates the outcome. Do we push through it or tell ourselves we can't? When I pushed a car, I learned about my true underlying strength, despite the voices in my head. Pushing a car was not at all what it seemed. It was easy once the momentum was built and wheels were in motion. Going up the hill was tough but worth it. I stuck through it. I wasn't sure I could, but did. Remember to challenge your own limits often!

In conclusion, sales and business matters are similar to this experience. When we are not getting the result we want, we need to keep going. We need to find what works and be consistent each day no matter the obstacle ahead. Keep putting one foot in front of the other. Find those individuals that support our journey and literally keep pushing.

Posted On Thursday, 23 May 2024 00:00 Written by
Posted On Thursday, 23 May 2024 13:30
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