True Stories: Hybrid, eNote and RON Implementation

Join expert panelists that will discuss the status of federal legislation, trends in digital adoption and how best to prepare your organization for the next generation of lending processes.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

Top CFPB official “hates” QM rules, jeopardizing safe harbor

A top CFPB official in charge of the rule-making process has heavily criticized the agency's own qualifying mortgage rule, jeopardizing safe harbor.

Fraud risk factors at closing increased almost 90% last quarter

A variety of risk factors could be contributing to the drastic increase in wire and title fraud risk factors in mortgage and real estate closings – for example, compliance issues and an increase in transaction data errors.

Real Estate

Redfin: West Coast shifting to a buyers market

Homebuyers don't have last year's sense of urgency

Although several housing markets were impacted by January’s slow growth in home sales, new data from Redfin indicates the West Coast is especially feeling the slowdown.

According to the company, homes in San Jose’s metro took an average of 45 days to sell for the four-week period ending Jan. 27, an increase of 12 days from the same time period in 2018.

Notably, Seattle and Portland also experienced similar slowdowns.

In Seattle, homes spent 47 days on the market, up from 15 days in the same period last year. Homes in Portland took 50 days to sell, increasing from 28 days one year prior.

“Buyers this year don’t have the same sense of urgency that was palpable a year ago,” Redfin Agent Daniel Brooks said. “Buyers are not worried about losing out on homes and more than willing to wait for a seller to drop her price. With front-row seats to a rapidly changing market, 2019’s buyer is savvy and is adapting quickly to the new normal."

In fact, the latest data from revealed that 15% of U.S. listings experienced a price cut in January, which amounts to a 2% year-over-year increase.

“Although the market is slowing, it’s important to remember that we’re coming off of four straight years of inventory declines that pushed the market to a record low availability of homes for sale,” Chief Economist Danielle Hale said.

Nevertheless, Redfin notes the slowing trend is not as dramatic nationwide. According to their data, early 2019 marked the first year that the housing market experienced a year-over-year increase in days on market in three years.

“The slowing pace of the market comes as good news for buyers who may have felt rushed in the overheated market last spring,” Redfin writes. “As competition for homes eases, buyers now have more time to carefully consider what for many will be the largest purchase of their life.”

The image below highlights how long homes are staying on the market in the West Coast:

(Click to enlarge)

West Coast Days on the Market


Most Popular Articles

Volume-hungry mortgage lenders loosen credit standards

Mortgage credit availability loosened up in April by 2.2%, per the MBA. The drivers were in conventional mortgages and GSE programs for ARMs and high-balance loans.

May 11, 2021 By

Latest Articles

Compass loses money, explores mortgage

Compass is exploring either building a mortgage arm, buying a mortgage company or following the lead of other resi brokerages and entering into a JV.

May 12, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please