Mortgage applications surge!

Mortgage-purchase applications are up 19% since last month, according to Redfin’s latest market update. This stems from falling mortgage rates and a sizable jump in new listings. Here are other key findings from November:

  • New listings are up 8% year-over-year, the biggest jump since July 2021
  • The total number of homes for sale is still down 5% YoY
  • Median days on market is 36 days, down from 39 last year
  • The share of homes sold above list price is 26%, up 2% YoY
  • The share of homes with a price drop is 5.3%, up 0.4% YoY

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