The median U.S. home pierce rose 5.2% year over
year this week, and mortgage rates hit their highest level since
November 2023
(NASDAQ: RDFN) —The median U.S. home-sale price hit a record
$383,725 during the four weeks ending April 21, up 5.2% from a year
earlier—one of the biggest jumps since October 2022. That’s
according to a new report from Redfin (redfin.com), the
technology-powered real estate brokerage.
The average weekly mortgage rate hit 7.1% this week, its highest
level since November 2023, as it became clear the Fed would keep
interest rates high longer than expected. High prices and mortgage
rates drove the median monthly housing payment to a record $2,843,
up 13% year over year.
Prices are soaring despite the fact that there’s more inventory
than last year. New listings are up 10.2% year over year, though
growth in listings may be losing momentum as stubbornly high rates
solidify the lock-in effect. Prices are being buoyed by the fact
that inventory remains low despite the recent improvement. Demand
is holding up fairly well in the face of 7%-plus rates, though some
indicators are starting to show a slowdown. Redfin’s Homebuyer
Demand Index—a measure of requests for tours and other buying
services from Redfin agents—is near its highest level in about
eight months, but mortgage-purchase applications are down slightly
(-1%) week over week.
“My advice to sellers is to price your home fairly. Even though
sellers are getting top dollar at the moment, they should price
competitively to attract buyers from the start and avoid having to
drop their price as stubbornly high mortgage rates eat into buying
budgets,” said Redfin Economic Research Lead Chen Zhao. “My advice
for serious buyers who can afford today’s costs is to shop for your
dream home and accept that this year is probably not the time to
find a dream deal. Price growth may cool slightly in the coming
months if mortgage rates stay high or rates might fall slightly—but
overall housing costs are likely to remain elevated for the
foreseeable future.”
For more of Redfin economists’ takes on the housing market,
including how current financial events are impacting mortgage
rates, please visit Redfin’s “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
7.39% (April 24)
Up from roughly 7% one month earlier; near
highest level since November 2023
Up from 6.59%
Mortgage News Daily
Weekly average 30-year fixed mortgage
rate
7.1% (week ending April 18)
Up from 6.87% a month earlier; highest
level since November 2023
Up from 6.39%
Freddie Mac
Mortgage-purchase applications
(seasonally adjusted)
Decreased 1% from a week earlier (as of
week ending April 19)
Down 15%
Mortgage Bankers Association
Redfin Homebuyer Demand Index
(seasonally adjusted)
Up 3% from a month earlier (as of week
ending April 21)
Down 9%
Redfin Homebuyer Demand Index, a measure
of requests for tours and other homebuying services from Redfin
agents
Touring activity
Up 34% from the start of the year (as of
April 23)
At this time last year, it was up 29% from
the start of 2023
ShowingTime, a home touring technology
company
Google searches for “home for
sale”
Unchanged from a month earlier (as of
April 21)
Down 17%
Google Trends
Key housing-market data
U.S. highlights: Four weeks
ending April 21, 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 April 21,
2024
Year-over-year change
Notes
Median sale price
$383,725
5.2%
All-time high; biggest increase
since Oct. 2022, with the exception of the 4 weeks ending Feb. 11,
2024 and the 4 weeks ending Feb. 18, 2024 (5.3% increases)
Median asking price
$415,925
6.7%
All-time high; biggest increase
since Sept. 2022
Median monthly mortgage
payment
$2,843 at a 7.1% mortgage
rate
12.6%
All-time high
Pending sales
86,786
-3.8%
Biggest decline in 6 weeks
New listings
95,580
10.2%
Active listings
840,411
10.1%
Months of supply
3.2 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
43.3%
Down from 46%
Median days on market
35
Unchanged
Share of homes sold above list
price
29.8%
Essentially unchanged
Share of homes with a price
drop
6%
+1.7 pts.
Average sale-to-list price
ratio
99.2%
+0.1 pt.
Metro-level highlights: Four weeks
ending April 21, 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
Anaheim, CA (25%)
New Brunswick, NJ (14.9%)
Detroit (14%)
West Palm Beach, FL (13.4%)
San Jose, CA (13%)
Austin, TX (-0.9%)
Declined in just 1 metro
Pending sales
San Jose, CA (14.2%)
San Francisco (6.4%)
Seattle (5.7%)
Milwaukee (5.2%)
Anaheim, CA (4.5%)
Nassau County, NY (-13.9%)
Phoenix (-13%)
Fort Lauderdale, FL (-12.5%)
Houston (-11.9%)
Riverside, CA (-11.4%)
Increased in 9 metros
New listings
San Jose, CA (43.1%)
Jacksonville, FL (29.1%)
Phoenix (25.8%)
Sacramento, CA (24%)
Miami (21.9%)
Newark, NJ (-9.1%)
Cleveland, OH (-5.9%)
Chicago (-4.7%)
Milwaukee (-4.7%)
Providence, RI (-4.4%)
Detroit (-4%)
Declined in 6 metros
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-home-prices-costs-record-high
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/20240425347655/en/
Contact Redfin Redfin Journalist Services: Kenneth Applewhaite,
206-414-8880 press@redfin.com
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