The bidding wars have returned in many key housing markets, which signals optimism among home sellers, according to a report this week from Redfin.
The November "trough" was set and while homebuyers are coming back, home sellers have been slower to return. Mortgage rates at a tick over 6% have made a big difference, having come down from 7%+ in 2022. Mortgage applications are up 28% from early November.
"I've seen more homes go under contract this month than in the entire fourth quarter," said San Jose-based Redfin agent Angela Langone. "Listings that were stagnant in November and December are suddenly getting one to two offers."
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