HOMZ - Homebuying demand drops 18% from 2021 high point: Redfin

The good news for buyers in the market for a home is that they may be facing less competition. But that's the result of the bad news — there's no sign of house prices falling."Some homebuyers are pausing or abandoning their plans to buy because homes in their area have gotten too expensive.," Redfin Chief Economist Daryl Fairweather said in a recent report on home demand.Redfin Homebuyer Demand Index indicates a drop of 1% Y/Y (as of June 20 week ended) taking it below 2020 levels for the first time in 2021 and is down 18% from the 2021 high point, which was hit during the week ending Mar. 28.Median home-sale price increased 23% Y/Y to record high levels of $361,750.Mortgage Bankers Association home purchase index has declined 11% since the week ending March 24 while in early June, Black Knight indicated that surging home prices (+14.8% in April) pushed affordability to the tipping

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Homebuying demand drops 18% from 2021 high point: Redfin