Axios D.C.

July 27, 2024
Hello, Saturday!
🏠 A few weeks ago, we shared a market update, and today we're talking about how buyers feel about it.
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Today's newsletter is 500 words — a 2-minute read.
1 big thing: 🔑 Buyers are tired
DMV resident Keith Powell has been attending open houses since peak pandemic days.
- The house with the socially distant real estate agent wasn't a fit — and neither were the dozen-plus homes he's seen since.
Why it matters: House hunters are giving up.
Zoom in: Powell lives mortgage-free in Brightwood and can't stomach mortgage rates coupled with sky-high home prices. He's pausing his real estate search for a home around 16th Street Heights "indefinitely."
The big picture: We've been talking about it for years — home prices, mortgage rates and a lack of inventory are posing serious challenges for buyers. And recent data show people are growing weary.
- Pending home sales fell to the lowest level in four years in April — the worst reading since the height of the pandemic lockdown, Axios' Courtenay Brown reports.
By the numbers: Just 21% of Americans say now is a good time to buy, according to the latest survey from Gallup.
- For 16 years (2005-2021), the majority of people surveyed said it was a good time to buy. Since 2022, that share has been below 30%, Gallup found.
- Younger people feel especially pessimistic: 75% of those under 50 think home prices will continue to rise, compared to 60% of older adults.
The other side: With less competition, some buyers are able to find deals right now, especially all-cash buyers who don't have to worry about mortgage rates.
What's next: Consumers are cautiously optimistic a rate cut will help them get back in the homebuying game.
Go deeper: How to know if you're ready to buy a home
2. 🏘 Failed home sales, mapped

Roughly 15% of U.S. home sales failed to close in June — a number that's held steady since this time last year, according to data Redfin shared with Axios.
The big picture: Deals fall apart for a number of reasons, from inspection issues to buyer's remorse. But in many instances, it's because the buyer failed to secure a mortgage, per the National Association of Exclusive Buyer Agents.
The bottom line: Buyers are still feeling jittery.
3. 👀 We want to see your stuff
We want to hear all about your collections — weird, rare, classic and everything in between.
- What do you collect, and how did your obsession start? What's your favorite piece?
- Did you inherit a collection or quirky family heirloom? Why were you the chosen one, and will you continue the tradition?
- Show us how you store or display your collection at home. Any tips for others?
Send photos and stories to [email protected] or hit reply with your name and neighborhood. We may feature your treasures in an upcoming newsletter.
Our picks:
🥳 Bri is celebrating her husband's birthday!
🐴 Sami is starting this book.
Thanks to our editor Ashley May and copy editor Bill Kole.
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