1022 ET - Home tours and pending sales are falling as devastating wildfires burn in southern California, extreme cold and snow hit the Northeast, Midwest and South, and housing costs rise across the country, Redfin says. Redfin's Homebuyer Demand Index has fallen 11% month-over-month to its lowest since August, with pending sales down 8.4% year-over-year, the largest drop since October 2023. New listings also saw a significant annual decline. There is some positive news, though: falling mortgage rates after a softer CPI report and a surge in mortgage-purchase applications suggest potential improvement. Despite these signs, high housing costs persist, with median housing payments at a two-month high and home prices up 5.8% year-over-year.(chris.wack@wsj.com)
(END) Dow Jones Newswires
January 16, 2025 10:22 ET (15:22 GMT)
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