RDFN - Housing Market Shows a Slight Uptick But Remains Slow Ahead Of Beazer Homes Earnings Call | Benzinga
The housing market is beginning to show minor signs of recovery. This is due to top-income earners being able to buy and sellers offering concessions. Most Americans, however, are still steering away from buying a house in 2023.
What Happened: Sellers are handing out concessions in order to bag a sale, Redfin Corp (NASDAQ:RDFN) reports.
Concessions include handing over money for repairs or mortgage-rate buy downs.
The strategy works, too. Applications for mortgages to buy a home saw an uptick of 2.5% this week, as per Redfin.
"A strong economy does mean that more people are moving for job opportunities — they feel more confident, they feel like even though rates are high, they can make it work for their budget,” said Redfin Chief Economist Daryl Fairweather to Yahoo Finance.
Who’s Buying: Indeed, it’s those who are better off financially who are shopping for homes. A recent report shows that the average income of homebuyers hit an all-time high of $107,000 annually. That’s well above the median household income of $74,580.
The Home Purchase Sentiment Index by Fannie Mae recently reported that 85% of consumers think it's a ‘bad time' ...