Redfin reports improved demand to kickoff spring homebuying season

 

Real estate brokerage Redfin reported that mortgage-purchase applications are up 17% compared to the previous month.  However, potential homebuyers struggle with tight supply to find their ideal homes.  Redfin said Google searches for "homes for sale" was up around 48% from the trough it hit in December.  Pending home sales saw a 17% YoY decline and fell in all 50 of the most populous U.S. metro cities.  The report expects a boost in competition in the coming months if the mortgage rate stays closer to 6% than 7%.  According to Redfin agent Shauna Pendleton, there is no seasonality; if mortgage rates end the week down, all buyers will make offers, and if rates end the week high, buyers disappear.