Redfin Report: For the First Time in Nearly 2 Years, There’s No Major American Metro Where Home Prices Are Falling
Continually rising mortgage rates are further eroding affordability—and this week's Fed meeting confirmed that mortgage rates are likely to hold steady for the foreseeable future
Nationwide, the median sale price rose to a near-record
Home-price increases were driven by affluent metros and a pair of more affordable places:
Low inventory is driving up prices. New listings are up 15% year over year, but they’re still well below typical April levels: There were fewer new listings this April than any year on record except 2023 and 2020. The year-over-year increase is also inflated because of the Easter effect; Easter didn’t fall into the four weeks included in this year’s data, but the holiday did fall into last year’s comparable time period. Some homeowners are hesitant to list their homes because economic indicators point to interest rates staying higher for longer than expected, potentially exacerbating the mortgage-rate lock-in effect.
Homebuying demand is softening as rates rise. Some Redfin agents are reporting that the recent uptick in mortgage rates is scaring buyers away, and mortgage-purchase applications declined 2% week over week. Still, there are enough buyers out there to keep prices propped up: Redfin's Homebuyer Demand Index—a measure of requests for tours and other buying services from Redfin agents—is up 3% from a month ago, sitting near its highest level since August.
This week’s economic news keeps mortgage rates in a holding pattern. At their
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 |
7.41% ( |
Up from 6.91% one month earlier; near highest level since |
Up from 6.73% |
|
Weekly average 30-year fixed mortgage rate |
7.17% (week ending |
Up from 6.79% a month earlier; highest level since |
Up from 6.43% |
Freddie Mac |
Mortgage-purchase applications (seasonally adjusted) |
|
Decreased 2% from a week earlier (as of week ending |
Down 14% |
|
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 33% from the start of the year (as of |
At this time last year, it was up 28% 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 14% |
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 |
|
4.8% |
Just |
Median asking price |
|
7.7% |
All-time high; biggest increase since |
Median monthly mortgage payment |
|
14.7% |
All-time high |
Pending sales |
88,408 |
-3.4% |
The decline in pending sales would likely be bigger if not for the Easter effect: Easter didn’t fall into the 4-week period ending |
New listings |
101,065 |
15.2% |
Biggest increase in nearly 3 years, though that’s partly because of the Easter effect: Easter didn’t fall into the 4-week period ending |
Active listings |
856,350 |
11.8% |
|
Months of supply |
3.4 months |
+0.6 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 |
43.9% |
Down from 47% |
|
Median days on market |
34 |
Unchanged |
|
Share of homes sold above list price |
30.4% |
Essentially unchanged |
|
Share of homes with a price drop |
6.2% |
+1.9 pts. |
Highest level since |
Average sale-to-list price ratio |
99.3% |
+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 |
|
Prices were unchanged in
|
Increased or stayed the same in all metros |
Pending sales |
|
|
Increased in 10 metros |
New listings |
|
|
Declined in just 1 metro, partly because of the Easter effect described above |
To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-home-price-cost-increases
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
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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
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Source: Redfin