New listings rose 13% from a year earlier,
their biggest increase in nearly three years, but home prices and
mortgage rates remain elevated
(NASDAQ: RDFN) —The median U.S. monthly housing payment was
$2,686 during the four weeks ending March 10, just $30 shy of last
October’s all-time high, according to a new report from Redfin
(redfin.com), the technology-powered real estate brokerage. That’s
due to a combination of still-high mortgage rates and rising
prices.
While mortgage rates came down slightly this past week after
increasing for four straight weeks, they’re still near 7%, and sale
prices are up 5% year over year nationwide. On a local level,
prices increased in all 50 of the most populous U.S. metros, the
first time that has happened since July 2022.
High housing costs are still pricing out some would-be
homebuyers, with pending sales down 6% from a year earlier. But
more house hunters are wading into the market; mortgage-purchase
applications rose for the second week in a row. That’s partly
because supply is steadily improving, giving buyers who can afford
elevated prices and rates more homes to choose from. New listings
are up 13%, the biggest annual increase in nearly three years, and
the total number of homes for sale is up 3%, the biggest increase
in nine months.
“Mortgage rates are likely to stay high a little longer than
expected, with the latest inflation report essentially eliminating
any chance of the Fed cutting interest rates before June,” said
Redfin Economic Research Lead Chen Zhao. “Buyers who can afford to
may want to get serious about their home search now, as housing
costs are unlikely to fall anytime soon. The uptick in listings
should be another motivator for buyers: There’s more to choose
from, and improving inventory may bring out more competition from
other buyers as we get further into spring. Some buyers have
already gotten the memo, with mortgage applications finally
increasing after weeks of declines.”
For more on Redfin economists’ takes on the housing market,
including how current financial events are impacting mortgage
rates, please visit our “From Our Economists” page.
Leading indicators
Indicators of homebuying demand and
activity
Value (if applicable)
Recent change
Year-over-year change
Source
Daily average 30-year fixed mortgage
rate
6.94% (March 13)
Down from 6.97% a week earlier
Up from 6.75%
Mortgage News Daily
Weekly average 30-year fixed mortgage
rate
6.88% (week ending March 7)
Down from 6.94% a week earlier; first
decline after 4 weeks of increases
Up from 6.73%
Freddie Mac
Mortgage-purchase applications
(seasonally adjusted)
Up 5% from a week earlier (as of week
ending March 8); 2nd straight week of increases
Down 11%
Mortgage Bankers Association
Redfin Homebuyer Demand Index
(seasonally adjusted)
Up 5% from a month earlier (as of week
ending March 10)
Down 10%
Redfin Homebuyer Demand Index, a measure
of requests for tours and other homebuying services from Redfin
agents
Google searches for “home for
sale”
Down 4% from a month earlier (as of March
9)
Down 19%
Google Trends
Touring activity
Up 29% from the start of the year (as of
March 10)
At this time last year, it was up 20% from
the start of 2023
ShowingTime, a home touring technology
company
Key housing-market data
U.S. highlights: Four weeks ending
March 10, 2024
Redfin’s national metrics include data
from 400+ U.S. metro areas, and is based on homes listed and/or
sold during the period. Weekly housing-market data goes back
through 2015. Subject to revision.
Four weeks ending March 10,
2024
Year-over-year change
Notes
Median sale price
$371,750
5.1%
Median asking price
$399,850
4.9%
Median monthly mortgage payment
$2,686 at a 6.88% mortgage
rate
7.3%
Just $30 shy of all-time high set
in October 2023
Pending sales
79,779
-5.8%
New listings
85,122
13%
Biggest increase since June
2021
Active listings
780,779
2.9%
Biggest increase since May
2023
Months of supply
3.5 months
+0.4 pts.
4 to 5 months of supply is
considered balanced, with a lower number indicating seller’s market
conditions
Share of homes off market in two
weeks
40.2%
Up from 38%
Median days on market
45
-2 days
Share of homes sold above list
price
25.1%
Up from 24%
Share of homes with a price
drop
5.6%
+1.5 pts.
Average sale-to-list price
ratio
98.6%
+0.3 pts.
Metro-level highlights: Four weeks
ending March 10, 2024
Redfin’s metro-level data includes the 50
most populous U.S. metros. Select metros may be excluded from time
to time to ensure data accuracy.
Metros with biggest year-over-year
increases
Metros with biggest year-over-year
decreases
Notes
Median sale price
San Jose, CA (16.3%)
Newark, NJ (15.1%)
Boston (14.9%)
West Palm Beach, FL (14.8%)
Fort Lauderdale, FL (13.8%)
n/a
Increased in all metros
Pending sales
Milwaukee (11.5%)
San Francisco (9%)
Cincinnati (8%)
Minneapolis (7.5%)
San Jose, CA (5.8%)
San Antonio, TX (-25.8%)
New York (-15%)
Atlanta (-14.8%)
Houston (-13.9%)
New Brunswick, NJ (-13.8%)
Increased in 12 metros
New listings
San Jose, CA (30.4%)
Phoenix (29.9%)
Las Vegas (27.4%)
Minneapolis (26%)
Jacksonville, FL (24.9%)
New York (-18.4%)
Atlanta (-5.8%)
Newark, NJ (-3.9%)
Chicago (-0.7%)
Virginia Beach, VA (-0.4%)
Philadelphia (-0.2%)
Declined in 6 metros
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-new-listings-surge
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate
company. We help people find a place to live with brokerage,
rentals, lending, title insurance, and renovations services. We run
the country's #1 real estate brokerage site. Our customers can save
thousands in fees while working with a top agent. Our home-buying
customers see homes first with on-demand tours, and our lending and
title services help them close quickly. Customers selling a home
can have our renovations crew fix it up to sell for top dollar. Our
rentals business empowers millions nationwide to find apartments
and houses for rent. Since launching in 2006, we've saved customers
more than $1.6 billion in commissions. We serve more than 100
markets across the U.S. and Canada and employ over 4,000
people.
Redfin’s subsidiaries and affiliated brands include: Bay Equity
Home Loans®, Rent.™, Apartment Guide®, Title Forward® and
WalkScore®.
For more information or to contact a local Redfin real estate
agent, visit www.redfin.com. To learn about housing market trends
and download data, visit the Redfin Data Center. To be added to
Redfin's press release distribution list, email press@redfin.com.
To view Redfin's press center, click here.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240314861472/en/
Redfin Journalist Services: Kenneth Applewhaite, 206-414-8880
press@redfin.com
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