Redfin Reports Buying a Home Costs More Than Ever, With Prices Hitting All-Time High and Mortgage Rates Rising
The median
The average weekly mortgage rate hit 7.1% this week, its highest level since
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
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% ( |
Up from roughly 7% one month earlier; near highest level since |
Up from 6.59% |
|
Weekly average 30-year fixed mortgage rate |
7.1% (week ending |
Up from 6.87% a month earlier; highest level since |
Up from 6.39% |
Freddie Mac |
Mortgage-purchase applications (seasonally adjusted) |
|
Decreased 1% from a week earlier (as of week ending |
Down 15% |
|
Redfin Homebuyer Demand Index (seasonally adjusted) |
|
Up 3% from a month earlier (as of week ending |
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 |
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 |
Down 17% |
Google Trends |
Key housing-market data
Redfin’s national metrics include data from 400+ |
|||
|
Four weeks ending |
Year-over-year change |
Notes |
Median sale price |
|
5.2% |
All-time high; biggest increase since |
Median asking price |
|
6.7% |
All-time high; biggest increase since |
Median monthly mortgage payment |
|
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
Redfin’s metro-level data includes the 50 most populous |
|||
|
Metros with biggest year-over-year increases |
Metros with biggest year-over-year decreases |
Notes |
Median sale price |
|
|
Declined in just 1 metro |
Pending sales |
|
|
Increased in 9 metros |
New listings |
|
|
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
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20240425347655/en/
Contact Redfin
Redfin Journalist Services:
press@redfin.com
Source: Redfin