Redfin Reports Nearly 60K Home Purchase Agreements Were Canceled In August As Avg. 30-Year Fixed Mortgage Reached 7.07%; Median US Home Sales Price Rose 3% YoY To $420,846
Portfolio Pulse from Benzinga Newsdesk
Redfin reports that nearly 60,000 home purchase agreements were canceled in August as the average 30-year fixed mortgage rate reached 7.07%. Meanwhile, the median US home sales price rose 3% year-on-year to $420,846.
September 15, 2023 | 12:03 pm
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NEGATIVE IMPACT
Redfin's report of a high number of canceled home purchase agreements due to rising mortgage rates could negatively impact its stock price in the short term.
Redfin's business is heavily dependent on the real estate market. The high number of canceled home purchase agreements due to rising mortgage rates could lead to a decrease in Redfin's revenues, potentially negatively impacting its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The rise in mortgage rates and home prices could potentially impact the broader market, as represented by SPY, due to its implications on consumer spending and the housing market.
Rising mortgage rates and home prices could lead to decreased consumer spending and a slowdown in the housing market, which could potentially impact the broader market, as represented by SPY.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50