The good news for prospective buyers: There are
more new listings to choose from, and monthly housing payments are
down nearly $100 from their April peak as mortgage rates
decline.
(NASDAQ: RDFN) — Pending home sales posted their biggest decline
since February during the four weeks ending June 30, according to a
new report from Redfin (redfin.com), the technology-powered real
estate brokerage. The median sale price rose 5% from a year ago,
hitting an all-time high. New listings jumped 10%.
Redfin issued a shortened report due to the Fourth of July
holiday; full data is provided below:
For Redfin economists’ takes on the housing market, please visit
Redfin’s “From Our Economists” page.
Leading indicators
Indicators of homebuying demand and
activity
Daily average 30-year fixed mortgage
rate
7.13% (July 2)
Up from a 3-month low of 6.97% three weeks
earlier, but down from a 5-month high of 7.52% in early May
Up from 7.03%
Mortgage News Daily
Weekly average 30-year fixed mortgage
rate
6.86% (week ending June 27)
4th straight week of declines; lowest
level since week ending April 4
Up from 6.71%
Freddie Mac
Mortgage-purchase applications
(seasonally adjusted)
Decreased 3% from a week earlier (as of
week ending June 28)
Down 12%
Mortgage Bankers Association
Redfin Homebuyer Demand Index
(seasonally adjusted)
Essentially unchanged from a month earlier
(as of week ending June 30)
Down 17%
Redfin Homebuyer Demand Index, a measure
of requests for tours and other homebuying services from Redfin
agents
Touring activity
Up 21% from the start of the year (as of
June 30)
At this time last year, it was also up 11%
from the start of 2023
ShowingTime, a home touring technology
company
Google searches for “home for
sale”
Down 4% from a month earlier (as of July
1)
Down 20%
Google Trends
Daily average 30-year fixed mortgage
rate
7.13% (July 2)
Up from a 3-month low of 6.97% three weeks
earlier, but down from a 5-month high of 7.52% in early May
Up from 7.03%
Mortgage News Daily
Key housing-market data
U.S. highlights: Four weeks ending June
30, 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 June 30,
2024
Year-over-year change
Notes
Median sale price
$397,954
4.9%
All-time high; biggest increase
since March
Median asking price
$409,975
6.1%
Biggest increase since October
2022
Median monthly mortgage payment
$2,749 at a 6.86% mortgage
rate
6.5%
$88 below all-time high set
during the 4 weeks ending April 28
Pending sales
87,160
-4.6%
Biggest decline in 4 months
New listings
100,989
9.9%
Biggest increase in 2 months
Active listings
967,516
17.5%
Months of supply
3.3
+0.7 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
41.6%
Down from 47%
Median days on market
32
+5 days
Share of homes sold above list
price
32.3%
Down from 36%
Share of homes with a price
drop
6.9%
+2.1 pts.
Highest level on record
Average sale-to-list price
ratio
99.7%
-0.3 pts.
Metro-level highlights: Four weeks
ending June 30, 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 (14.7%)
Newark, NJ (13.5%)
Nassau County, NY (12.6%)
New Brunswick, NJ (11.7%)
Fort Lauderdale, FL (11.1%)
Austin, TX (-2.1%)
Dallas (-1.5%)
San Antonio (-0.2%)
Declined in 3 metros
Pending sales
San Jose, CA (18.2%)
San Francisco (6.1%)
Pittsburgh (4.8%)
Providence, RI (2.8%)
Boston (2.2%)
West Palm Beach, FL (-16.4%)
Houston (-13.4%)
Atlanta (-12%)
Miami (-11.7%)
Minneapolis (-10.7%)
Increased in 9 metros
New listings
San Jose, CA (49.2%)
Seattle (28.7%)
Miami (24.8%)
Boston (24.3%)
Montgomery County, PA (22.2%)
Atlanta (-7.7%)
Detroit (-0.4%)
Declined in 2 metros
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-home-prices-record-high-sales-decline
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/20240703170891/en/
Redfin Journalist Services: Kenneth Applewhaite
press@redfin.com
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