“Buyers got a boost from lower mortgage rates in the spring, and that momentum is showing up in prices,” said Sheharyar Bokhari, senior economist at Redfin, the real estate brokerage owned by Rocket Companies.
“And even though there are many more home sellers than buyers in the market, the most desirable homes are still attracting multiple offers, driving up prices. Buyers who are waiting for prices to fall may not get much relief; instead, they may consider expanding their search area or negotiating for concessions — like mortgage-rate buydowns or closing-cost credits — from sellers.”
Where prices are rising and falling
Among 49 major metropolitan areas analyzed by Redfin, prices rose in 29 on a seasonally adjusted monthly basis.
Cleveland, OH, led with a 2.5% gain, followed by Providence, RI, and New York (both up 1.8%), Miami (1.5%), and Columbus, OH (1.3%).
Nineteen metros saw prices decline, with Riverside, CA, posting the steepest drop at -1.9%, ahead of San Jose, CA, at -1.7%, and San Francisco at -1.3%.