1024 ET - The housing market is facing pressure from economic shifts, Redfin says, including President Trump's tariff policy, a volatile stock market, and recession fears. Homebuying demand briefly rose in early April, with mortgage applications up 9% and pending sales dropping just 1.1% year over year. This followed a tariff announcement that temporarily lowered mortgage rates to a six-month low. However, rates surged to 6.95% by Wednesday, the highest in six weeks, driven by economic turmoil and the Fed's stance on interest rates. Median mortgage payments hit a record $2,813 and may climb further, deterring buyers. New listings jumped 10.3% annually, as homeowners aim to sell before a downturn, boosting supply. Despite this, pending sales are declining. (chris.wack@wsj.com)
(END) Dow Jones Newswires
April 10, 2025 10:25 ET (14:25 GMT)
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