In a housing market plagued by record-low availability, homebuyers could see more listings as back-to-office mandates force sellers to find a deal sooner – even if it means taking a loss. In fact, return-to-work policies are encouraging one in 10 U.S. home sellers to move, according to a survey commissioned by Redfin. Three years after the onset of the COVID-19 pandemic, major employers have issued back-to-work mandates that require employees to return to their offices at least part-time.
The median home price is about $376,250, marking an annual increase of 3.9%, according to the latest housing market data by Redfin. And these price tags are having a major impact on many would-be homebuyers. "High prices, elevated rates and the lack of inventory is sending some buyers to the sidelines," Redfin said in its report. "Mortgage-purchase applications are hovering near a three-decade low and pending home sales are down 12% year over year.