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The strain of climbing inflation and mortgage rates has weighed down the once frenzied market behavior that folks grew accustomed to last year. While that has carried its share of immediate challenges for buyers, a new report from realtor.com® indicates that an easing of the once-frenetic housing market could yield some necessary benefits as well.
The last few raucous years of real estate has been a mixed bag for first-time homebuyers. On one hand, raw numbers of those buyers ticked up through much of the pandemic, as younger families took advantage of low interest rates, pandemic relief and a strong job market to snatch up their first home.
Rising mortgage rates and high prices are beginning to take its toll on prospective home buyers throughout the Mid-Atlantic, as sales were down 7.6% year-over-year, according to the Bright MLS Monthly Housing Report released Monday. According to the report, as home buyers have pulled back, active listings increased for the first time since June 2015. Despite a deceleration in sales activity, the median home price in the region continues to rise quickly, reaching a record high of $399,000 in May—$124,000 higher than it was five years ago, Bright MLS stated.
In a surprise post on the company’s website, Redfin CEO Glen Kelman announced today the company will be laying off 6% of its workforce across all its businesses—amounting to about 470 employees, according to a Redfin spokesperson.
In a blunt, emotional blog post, Kelman wrote to the affected employees that he is “sorry we can’t keep our commitment to you.”