Homebuyer Demand Falls 11%, Home Prices Could “Soften” in Summer

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The hot housing market may cool down this summer as demand for housing sees a double-digit percentage drop. Thanks to record-low affordability and high mortgage rates, homebuyers are ditching the prospect of buying a property, which could have negative effects on prices. But instead of guessing where home prices are headed, we’re looking at all the data on demand, listings, pricing, and more to give the best summer housing market prediction so you can make better buying decisions.

Dave Meyer, VP of Market Intelligence at BiggerPockets, has been analyzing the housing market to see if any shifts are coming this summer. Home prices have faced a lot of headwinds as buyers flee the market due to affordability problems. So, will we see the home price growth trend start to reverse as we enter summer, or will the Fed finally make some mortgage rate moves that bring affordability back up?

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Home Prices Are Falling in These 10 Markets—Are They Ripe for Investing?
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Data Used in This Video:
Redfin Data Center: https://www.redfin.com/news/data-center/
Redfin US Housing Market Data: https://www.redfin.com/us-housing-market
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00:00 Summer Housing Market Update
00:47 Sponsor: The Walker Webcast!
01:32 Home Prices Rise 4.7%
01:59 Affordability Hits 40-Year Low
03:40 Demand Drops as Mortgage
06:01 Where Home Prices are Headed
08:25 The Housing Market "Shift"