Tag Archives: mortgage rates

Redfin Reports The Fastest Mortgage-Rate Drop in 40 Years Saves Homebuyers $100 Per Month

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Mortgage rates dropped from over 7% to 6.6% last week on better-than-expected inflation news, bringing some hope to prospective buyers.

Seattle, WA – November 17, 2022 (BUSINESS WIRE) (NASDAQ: RDFN) —The largest weekly drop in mortgage rates in four decades, along with the slowest annual home-price growth since the start of the pandemic, is providing some relief for would-be homebuyers’ budgets. This is according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

Last week’s better-than-expected inflation report led to the biggest single-day mortgage-rate drop on record and the largest weekly drop since 1981, with rates declining from 7.08% to 6.61% during the week ending November 17. Declining rates are bringing some buyers back to the market; mortgage-purchase applications shot up 4% from the week before during the week ending November 11.

The typical monthly mortgage payment nationwide is now $2,430, down from $2,542 with last week’s 7% rates. To look at it another way, a homebuyer on a $2,500 monthly budget can afford a $380,750 home with today’s 6.6% rates, giving them $12,000 more purchasing power than they had a week ago. That same buyer could have bought a $368,750 home with last week’s 7% rates.

But rates are still more than double where they stood a year ago and Redfin’s housing-market data hasn’t shown an uptick in homebuying or selling interest yet–though we wouldn’t expect to see an increase until next week at the earliest, when buyers and sellers have had a chance to react to lower rates. Pending home sales were down 35% year over year during the four weeks ending November 13, the biggest annual decline on record. Redfin’s Homebuyer Demand Index–a measure of requests for home tours and other homebuying services–was unchanged from the week before but down significantly from earlier this year and last year.

“The historic drop in mortgage rates is a tick in the ‘good news’ box for the housing market, as lower rates deliver an immediate win for prospective buyers’ pocketbooks,” said Redfin Deputy Chief Economist Taylor Marr. “Until we see more consistent evidence over time of slowing inflation and a bigger, steadier decline in mortgage rates, we expect the impact to be muted. Pending sales and new listings may stop declining, but they aren’t likely to see a major boost until there’s more certainty that the Fed’s efforts to curb inflation are working.”

“Serious buyers who need to purchase a home as soon as possible can feel good about pouncing on a home this week, knowing it could cost them upwards of $100 less per month than the same home would’ve cost if they’d signed the deal a week earlier,” Marr continued. “More casual buyers may want to wait a few more months, as there’s reason to be cautiously optimistic that the worst of inflation and high rates are behind us and monthly payments could come down more.”

Leading indicators of homebuying activity:

  • For the week ending November 17, 30-year mortgage rates declined to 6.6%. That’s down from 7.08% a week earlier, the biggest weekly drop in more than 40 years. But it’s still more than double the 3.1% rates posted a year ago.
  • Mortgage purchase applications during the week ending November 11 increased 4% week over week, seasonally adjusted, the biggest increase since June. Purchase applications were down 46% from a year earlier.
  • Fewer people searched for “homes for sale” on Google than this time in 2021. Searches during the week ending November 12 were down about 35% from a year earlier.
  • The seasonally adjusted Redfin Homebuyer Demand Index was flat from the week before during the week ending November 13, but down 37% year over year during the four weeks ending November 13.
  • Touring activity as of November 13 was down 31% from the start of the year, compared to a 3% increase at the same time last year, according to home tour technology company ShowingTime.

Key housing market takeaways for 400+ U.S. metro areas:

Unless otherwise noted, this data covers the four-week period ending November 13. Redfin’s weekly housing market data goes back through 2015.

  • The median home sale price was $357,500, up 3% year over year, the slowest sale-price growth since the beginning of the pandemic.
  • Among the 50 most populous U.S. metros, home-sale prices fell from a year earlier in five of them. Prices declined 10% year over year in San Francisco, the biggest drop on record in that metro. Prices declined 1% in San Jose, CA and less than 1% in Detroit, Pittsburgh and Sacramento, CA.
  • Among the 50 most populous U.S. metros, pending sales fell the most from a year earlier in Las Vegas (-63%), Jacksonville, FL (-58%), Phoenix (-57%), Austin (-56%) and Sacramento (-54%).
  • The median asking price of newly listed homes was $369,714, up 6% year over year but down more than 7% from a record high of $399,975 in May.
  • The monthly mortgage payment on the median-asking-price home was $2,430 at the current 6.61% mortgage rate. That’s down 4% from a week earlier, equal to about a $110 decline, but up 43% from a year earlier.
  • Pending home sales were down 35% year over year, the largest decline since at least January 2015, as far back as this data goes.
  • New listings of homes for sale were down 19% from a year earlier.
  • Active listings (the number of homes listed for sale at any point during the period) were up 11% from a year earlier, the biggest annual increase since at least 2015.
  • Months of supply—a measure of the balance between supply and demand, calculated by dividing the number of active listings by closed sales—was 3.6 months, the highest level since June 2020.
  • 33% of homes that went under contract had an accepted offer within the first two weeks on the market, little changed from the prior four-week period but down from 40% a year earlier.
  • Homes that sold were on the market for a median of 35 days, up a week from 28 days a year earlier and up from the record low of 17 days set in May and early June.
  • 27% of homes sold above their final list price, down from 43% a year earlier and the lowest level since July 2020.
  • On average, 7.6% of homes for sale each week had a price drop, up from 3.5% a year earlier but down slightly from the previous week.
  • The average sale-to-list price ratio, which measures how close homes are selling to their final asking prices, fell to 98.6% from 100.4% a year earlier. That’s the lowest level since July 2020.

To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-mortgage-rate-drop-homebuyer-savings

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country’s #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, email press@redfin.com. To view Redfin’s press center, click here.

Redfin Journalist Services:
Kenneth Applewhaite, 206-588-6863
press@redfin.com

Source: Redfin

Home Prices Plateau as High Mortgage Rates Chill Market

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A new, slower equilibrium may be settling in after years of imbalance

  • High mortgage rates stifled sales, now down 24% year over year and 17% from October 2019
  • Rates are also stymieing sellers. New listings dropped by more than 12% since September. 
  • Typical rent in the U.S. fell for the first time in two years.

Seattle, WA – Nov. 17, 2022 (PRNewswire) Buyers and sellers are both stepping away as skyrocketing mortgage rates have settled the housing market into a more balanced state, according to the latest Zillow® market report1. Home values remained nearly flat in October as new inventory waned and sales continued to fall from the pandemic frenzy.

“Home prices in October remained in suspended animation as more buyers, but especially sellers, took a wait-and-see approach to market conditions,” said Skylar Olsen, chief economist at Zillow. “Fewer home sales is the hallmark of a housing market lull, but right now potential sellers sensitive to losing their historically low mortgage rates have as much, if not more, of a reason to wait for a robust spring season and hope for mortgage rate relief. With some renewed competition, buyers hoping for aggressive price declines may be disappointed in all but the frothiest pandemic-era markets.” 

Rapidly rising mortgage rates coupled with stubbornly high home prices are driving drastic drops in affordability. The share of income spent on monthly mortgage payments has risen from 27.7% in February to 37.3% in October — well above a previous peak of 35% in 2006. Housing payments are considered to be a financial burden when they exceed 30% of a household’s income. 

The monthly mortgage payment on the purchase of a typical house in the U.S., even when putting 20% down, was $1,910 in October. That’s a 77% jump year over year and a 107% increase — nearly $1,000 — from 2019. Monthly payment figures are even higher when including taxes and insurance and when putting less than 20% down, as more than half of borrowers do.

Affordability challenges are weighing heavily on sales. Sales counts, nowcast for the most recent month due to latency, show significant slowing in recent months and standing 16% to 17% below pre-pandemic October norms. 

Zillow Home Value Index, 2008 to October 2022
Zillow Home Value Index, 2008 to October 2022

While it’s tempting to focus on buyers, mortgage-rate-driven affordability changes are highly impactful on seller behavior, keeping more existing homes out of the market. While first-time buyers have experienced continued pressure on rent as well, homeowners who bought or refinanced when rates were near record lows in 2020 and 2021 are sitting on substantial home value gains and have little incentive to take out a new home loan, deciding instead to enjoy their current monthly payment. 

To that point, the number of new for-sale listings dropped by more than 12% month over month, bringing the flow of listings to the market 24% lower than in 2021 and 21% below 2019. The steepest drops in new listings from September came in Seattle (-28.5%), Denver (-26%) and Washington, D.C. (-24.2%). New inventory increased month over month in two major metros — Jacksonville (3.1%) and Tampa (1.3%) — while the smallest declines took place in other Florida cities and across relatively affordable metros in the Midwest. 

The drastic pullback of new listings has stalled out the recovery in total inventory that began in March. There are slightly more (1.8%) for-sale listings on Zillow than a year ago, but still far fewer (-36.1%) than in October 2019. 

With both supply and demand drying up, U.S. home values held steady, rising 0.1% since September, marking the fourth consecutive month of muted movement. Typical home values are $358,458, up nearly 12% over 2021 and 43% higher than before the pandemic. Major metros with the largest home value appreciation since 2019 are Tampa (72%), Austin (64%), Jacksonville (62%) and Phoenix (60%). 

Some expensive Western markets, including Los Angeles (+0.8%) and Riverside (+0.4%), abruptly snapped steep value-losing streaks; time will tell if September marked the bottom for price declines in these cities. Las Vegas (-2.3%) and Austin (-2.2%) saw the sharpest home value declines among major metro areas.

The Zillow Observed Rent Index showed a slight 0.1% decrease from September to October, ending a two-year streak in rent growth. The decline is a small step toward normalcy, harking back to October declines seen from 2017 through 2020. Typical U.S. rent is now $2,040, up 9.6% since last October and nearly 27% since 2019.

Metropolitan
Area*		October
Zillow
Home
Value
Index
(ZHVI)
(Raw)		October
ZHVI
Year-
Over-
Year
(YoY)
Change 		Monthly
Mortgage
Cost (20%
Down)		Monthly
Mortgage
Cost
Change,
YoY		New For-
Sale
Listings
Change,
Month
Over
Month
(MoM) 		Zillow
Observed
Rent
Index
(ZORI)		Zillow
Observed
Rent
Index
Change,
YoY
United States$358,45811.9 %$1,91077.0 %27.0 %$2,0409.6 %
New York, NY$618,7417.9 %$3,30369.7 %17.8 %$3,21213.2 %
Los Angeles, CA$904,3675.4 %$4,82666.5 %27.1 %$2,9798.9 %
Chicago, IL$312,1948.2 %$1,66370.8 %29.0 %$1,8698.7 %
Dallas–Fort Worth, TX$391,64016.1 %$2,08284.3 %36.1 %$1,8559.8 %
Philadelphia, PA$341,9299.8 %$1,81371.5 %26.0 %$1,7936.8 %
Houston, TX$315,08913.0 %$1,67878.8 %31.0 %$1,6135.8 %
Washington, DC$552,6396.0 %$2,93965.9 %29.8 %$2,2576.5 %
Miami–Fort Lauderdale, FL$473,63023.3 %$2,52696.8 %23.1 %$2,82716.4 %
Atlanta, GA$380,54214.2 %$2,03884.6 %32.9 %$2,0027.2 %
Boston, MA$646,0456.9 %$3,45769.0 %24.0 %$2,80610.1 %
San Francisco, CA$1,369,5861.9 %$7,34061.2 %27.5 %$3,1995.8 %
Detroit, MI$239,5636.9 %$1,27668.2 %27.7 %$1,4607.5 %
Riverside, CA$571,3808.3 %$3,05272.1 %30.7 %$2,5847.1 %
Phoenix, AZ$449,5906.4 %$2,41870.7 %44.2 %$1,9384.8 %
Seattle, WA$757,1777.9 %$4,04271.5 %37.9 %$2,2856.8 %
Minneapolis–St. Paul, MN$371,6585.6 %$1,97965.7 %30.4 %$1,6324.3 %
San Diego, CA$876,2887.6 %$4,71171.3 %32.4 %$3,10512.8 %
St. Louis, MO$246,36810.1 %$1,30872.0 %25.3 %$1,2739.8 %
Tampa, FL$391,40921.2 %$2,09094.0 %34.8 %$2,1359.8 %
Baltimore, MD$378,5487.6 %$2,01468.4 %27.9 %$1,7984.1 %
Denver, CO$621,0038.0 %$3,31971.8 %39.1 %$2,0286.3 %
Pittsburgh, PA$209,2213.4 %$1,11762.4 %28.3 %$1,3386.6 %
Portland, OR$562,7545.4 %$3,00866.5 %33.7 %$1,9497.6 %
Charlotte, NC$386,76916.4 %$2,07286.9 %35.0 %$1,82410.4 %
Sacramento, CA$590,1674.4 %$3,15364.3 %36.9 %$2,3264.9 %
San Antonio, TX$339,66912.9 %$1,81880.2 %34.2 %$1,5186.0 %
Orlando, FL$402,17020.9 %$2,14894.0 %29.3 %$2,04511.7 %
Cincinnati, OH$265,20810.2 %$1,41273.3 %26.8 %$1,50511.5 %
Cleveland, OH$219,2379.7 %$1,17172.3 %27.0 %$1,3708.8 %
Kansas City, MO$291,74710.4 %$1,54873.6 %30.1 %$1,36411.0 %
Las Vegas, NV$422,5038.3 %$2,30477.6 %39.7 %$1,8321.6 %
Columbus, OH$302,53610.7 %$1,62276.4 %30.2 %$1,5099.0 %
Indianapolis, IN$275,63814.0 %$1,46680.9 %32.9 %$1,48310.4 %
San Jose, CA$1,568,4846.2 %$8,28765.8 %27.2 %$3,3418.3 %
Austin, TX$541,1252.3 %$2,93465.8 %37.2 %$1,9126.0 %
Virginia Beach, VA$335,69110.6 %$1,78673.7 %21.9 %$1,6485.3 %
Nashville, TN$451,00517.5 %$2,42090.2 %37.9 %$1,9069.5 %
Providence, RI$449,2208.4 %$2,39871.2 %24.7 %$1,98610.1 %
Milwaukee, WI$271,0858.5 %$1,43668.5 %18.6 %$1,2436.8 %
Jacksonville, FL$378,69519.8 %$2,02492.4 %33.8 %$1,8108.3 %
Memphis, TN$236,60013.2 %$1,26180.4 %25.3 %$1,5017.6 %
Oklahoma City, OK$223,76213.5 %$1,18878.5 %26.8 %$1,3166.4 %
Louisville, KY$244,5229.2 %$1,30272.4 %31.1 %$1,29311.5 %
Hartford, CT$324,54610.3 %$1,72472.2 %21.8 %$1,7079.1 %
Richmond, VA$344,78411.9 %$1,83475.5 %24.8 %$1,61310.5 %
New Orleans, LA$269,6787.8 %$1,44270.6 %28.6 %$1,5276.8 %
Buffalo, NY$244,3838.1 %$1,30369.9 %21.3 %$1,2558.3 %
Raleigh, NC$445,85313.7 %$2,39684.5 %41.7 %$1,7939.5 %
Birmingham, AL$250,65011.9 %$1,33576.6 %23.3 %$1,3267.7 %
Salt Lake City, UT$583,0746.1 %$3,11069.0 %43.4 %$1,76410.6 %

*Table ordered by market size 

1 The Zillow Real Estate Market Report is a monthly overview of the national and local real estate markets. The reports are compiled by Zillow Research. For more information, visit www.zillow.com/research.

About Zillow Group
Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life’s next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. 

Zillow Group’s affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+™, which houses ShowingTime®, Bridge Interactive®, and dotloop®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). 

SOURCE Zillow

Homebuyers on a $2,500 Monthly Budget Stand to Lose $23,250 in Spending Power as Mortgage Rates Rise from Record Lows

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Higher mortgage rates would likely make homebuyers more cost conscious and less likely to bid up home prices

Seattle, WA – March 8, 2021 (PRNewswire)– (NASDAQ: RDFN) — A homebuyer would lose $23,250 in spending power with a mortgage rate of 3.25% versus a 2.75% rate, where they were sitting earlier this year, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. At a 3.25% interest rate, a homebuyer can afford a $506,000 home for $2,500 per month, down from the $529,250 they could afford on the same budget with a 2.75% rate. To put it another way, the monthly payment on a $506,000 home would rise $110 with the higher mortgage rate, from $2,390 to $2,500.

Interest rates started to rise in mid-February after 30-year fixed mortgage rates reached a record low of 2.65% in the beginning of January, a continuation of five months of sub-3% rates as the Fed worked to stimulate the economy during the pandemic-driven recession. Partly as a result of record-low rates, home prices rose a near-record 14% year over year in January. The average mortgage rate hit 3.02% in the week ending March 4—the first time it has risen above 3% in seven months—and is likely to continue to increase, at least slightly, as the economy recovers.

Growth in the number of homes that have gone under contract has started to slow in recent weeks, but it’s too early to tell whether the trend is a result of winter storms, a shortage of homes for sale, or rising mortgage rates or whether the trend is likely to continue into spring or not.

“If the $1.9 trillion economic stimulus package that’s set to provide cash relief to Americans and get people back to work is successful, interest rates are likely to inch back up to pre-pandemic levels of about 3.5%. That would alter the dynamics of the housing market, though it wouldn’t necessarily put a damper on it,” said Redfin Chief Economist Daryl Fairweather. “The financial relief coming to families earning less than $150,000 will give more of them the desire and means to buy a home. That will result in more demand for affordable homes. That’s different from what we’re seeing now, which is a housing market driven by wealthy people purchasing relatively expensive homes. Higher mortgage rates will also make buyers more price conscious and less likely to bid 10% or more over asking, so we could see some of the intense competition slow down.”

Forty-four percent of respondents to a recent Redfin survey said mortgage rates rising above 3.5% would have no impact on their homebuying plans, while 10% would cancel their plans to buy a home.

“The small increase in mortgage rates has had zero impact on buyers so far,” said Seattle Redfin agent Ben Stanfield. “Rates are still historically low and they’re still keeping buyers in the market. Even though rates are creeping up, they’re not increasing nearly as quickly as home prices. If you can buy, it’s a good idea to buy now before homes become even more expensive.”

With a 3.25% interest rate, 68.4% of homes nationwide that were for sale any time between January 26 and February 25 were affordable on a $2,500 monthly budget. With a 2.75% rate, 70.1% of homes were affordable on that budget.

“Over the next few months, it will be important to keep an eye on inflation,” Fairweather said. “Inflation has the potential to change every aspect of homebuyers’ finances: It could change earnings, change budgets and change mortgage rates.”

Buyers have fewer options with a 3.25% interest rate in every metro—especially Denver, Sacramento and Riverside

With a 3.25% interest rate, 52.5% of homes for sale in Denver between January 26 and February 25 were affordable on a $2,500 monthly budget, versus 56.3% with a 2.75% rate. In Sacramento, 47% of homes for sale were affordable with a 3.25% rate, versus 50.6% with a 2.75% rate. The 3.7 percentage-point difference in each of those places is bigger than any other metro. Next comes Riverside, CA, with a 3.4 percentage-point difference (57.3% versus 60.7%).

Birmingham, Cleveland and Detroit each have just a 0.4 percentage-point difference in the share of homes affordable with the two different interest rates. In Birmingham, 87.3% of homes for sale were affordable on a $2,500 monthly budget with a 3.25% rate, just slightly fewer than 87.7% with a 2.75% rate. In Cleveland it’s 92% versus 92.4%, and in Detroit it’s 92.9% versus 93.3%.

Share of homes for sale affordable on a $2,500 monthly mortgage budget, 2.75% interest rate versus 3.25% interest rate
Metro areaShare of homes affordable on a $2,500 payment @ 2.75%Share of homes affordable on a $2,500 payment @ 3.25%Change in share of homes affordable, 2.75% vs. 3.25%
Atlanta, GA79.5%77.7%-1.7 pts
Austin, TX65.5%63.3%-2.2 pts
Baltimore, MD80.2%78.5%-1.7 pts
Birmingham, AL87.7%87.3%-0.4 pts
Boston, MA36.5%33.8%-2.7 pts
Buffalo, NY92.8%92.0%-0.7 pts
Charlotte, NC79.9%78.4%-1.5 pts
Chicago, IL76.3%74.7%-1.6 pts
Cincinnati, OH86.4%85.6%-0.8 pts
Cleveland, OH92.4%92.0%-0.4 pts
Columbus, OH88.6%87.4%-1.2 pts
Dallas, TX77.6%75.4%-2.1 pts
Denver, CO56.3%52.5%-3.7 pts
Detroit, MI93.3%92.9%-0.4 pts
Hartford, CT88.0%86.7%-1.3 pts
Houston, TX80.6%79.1%-1.4 pts
Indianapolis, IN90.6%89.6%-1.0 pts
Jacksonville, FL83.7%82.7%-1.0 pts
Kansas City, MO84.8%83.5%-1.3 pts
Las Vegas, NV79.7%78.0%-1.7 pts
Los Angeles, CA17.6%15.8%-1.8 pts
Louisville, KY90.1%89.5%-0.6 pts
Memphis, TN89.1%88.1%-1.0 pts
Miami, FL61.3%59.5%-1.7 pts
Milwaukee, WI89.0%88.1%-0.9 pts
Minneapolis, MN79.6%77.5%-2.1 pts
Nashville, TN75.5%73.6%-1.9 pts
New Orleans, LA80.6%79.2%-1.4 pts
New York, NY33.9%32.0%-1.9 pts
Oklahoma City, OK88.6%87.7%-0.9 pts
Orlando, FL83.0%81.6%-1.3 pts
Philadelphia, PA82.0%80.6%-1.5 pts
Phoenix, AZ70.7%68.9%-1.8 pts
Pittsburgh, PA89.1%88.4%-0.7 pts
Portland, OR58.5%55.3%-3.2 pts
Providence, RI77.4%76.0%-1.4 pts
Raleigh, NC81.8%80.2%-1.7 pts
Richmond, VA82.7%80.9%-1.8 pts
Riverside, CA60.7%57.3%-3.4 pts
Sacramento, CA50.6%47.0%-3.7 pts
Salt Lake City, UT56.8%54.4%-2.4 pts
San Antonio, TX86.5%85.1%-1.4 pts
San Diego, CA23.1%20.6%-2.6 pts
San Francisco, CA4.8%3.8%-0.9 pts
San Jose, CA4.6%3.9%-0.7 pts
Seattle, WA30.7%28.0%-2.7 pts
St. Louis, MO89.6%88.8%-0.7 pts
Tampa, FL81.4%80.2%-1.1 pts
Virginia Beach, VA89.3%88.2%-1.1 pts
Washington, DC58.7%55.8%-2.9 pts
National70.1%68.4%-1.7 pts

To read the full report, including methodology and an interactive chart that shows how much a homebuyer can afford to spend at different mortgage interest rates, please visit: https://www.redfin.com/news/rising-mortgage-rates-decrease-purchasing-power

About Redfin
Redfin (www.redfin.com) is a technology-powered residential real estate company, redefining real estate in the consumer’s favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country’s #1 nationwide brokerage website, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 95 markets in the United States and Canada. Since our launch in 2006, we have saved our customers nearly $1 billion and we’ve helped them buy or sell more than 310,000 homes worth more than $152 billion.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, email press@redfin.com. To view Redfin’s press center, click here.

SOURCE Redfin