- Blockchain is a digital ledger that records every transaction on a public network.
- Once a transaction is recorded, it cannot be changed or deleted.
- It is the foundation of Bitcoin, Ethereum, and thousands of other cryptocurrencies.
Oil prices are climbing because of the Iran war. Mortgage rates are climbing with them. And spring homebuyers are staying on the couch.
At 6.38%, the weekly mortgage rate hasn't been this high since last fall. On certain days last week, it crossed 6.6%.
Across the country, the median monthly mortgage payment landed at $2,742 - a 0.4% increase from last year. It's not a huge jump, but it's the first increase since October.
Home prices aren't helping either. The median sale price grew 2.1% over the four weeks through March 29 - the fastest pace of growth in 12 months.
Fewer people are making offers. Pending sales fell 1.2% from last year.
Applications for new home loans dropped 3% in a single week. The average home now takes 53 days to find a buyer, up from 48 a year ago.
Even as demand shrinks, new listings grew 1.7% compared to last year.
That's pushed the gap between people listing homes and people buying them to 630,000. Redfin has tracked this number for over a decade. It's never been this lopsided.
Think of it like a farmer's market where more vendors keep showing up, but fewer shoppers walk through. The sellers who don't stand out go home empty-handed.
Redfin agents say staging and repairs matter more now than they have in years. Buyers who do show up are picky - some are walking out after inspections turn up problems.
Oil prices are the swing factor. If the Iran conflict drags on, rates could keep rising - and that 630,000-seller surplus could widen heading into summer.
Detroit is a bright spot for sellers right now, with prices up over 10% year over year. San Francisco led all major metros at close to 13%.
Spring is here, buyers are sitting on the sideline.
