Redfin Reports the Median U.S. Home Price Hit an All-Time High of $434,000 in April
Today’s housing market is much slower than it was during the pandemic homebuying boom, but prices continue climbing because there still aren’t enough homes to go around.
New listings increased 1.7% month over month in April on a seasonally adjusted basis and rose 10.8% year over year. Still, they were roughly 20% below pre-pandemic levels, in large part because many homeowners don’t want to sell, as they feel “locked in” by the low mortgage rate they scored during the pandemic.
It’s worth noting that last April, new listings were at the lowest level on record aside from the start of the pandemic, which is one reason they’re now posting such a large year-over-year gain.
Home sales were little changed from a month earlier (0.2%) in April on a seasonally adjusted basis but were down 1.4% from a year earlier.
Homebuyers are getting hit by the one-two punch of high prices and elevated mortgage rates. The average 30-year-fixed mortgage rate was 6.99% in April. That’s up from 6.82% in March and 6.34% in
“It’s not all bad news for homebuyers. Mortgage rates are already inching lower in response to this week’s inflation report, which signaled that the Fed may cut interest rates this summer—a possibility that just weeks ago many thought was off the table,” said Redfin Economics Research Lead
Housing Supply—While Historically Low—Hit a
Active listings rose to the highest level since
While new listings represent the number of homes that were listed for sale during a given month, active listings represent the total number of homes that were for sale during a given month. That means that the latter metric includes homes that have been sitting on the market for a while.
Nationwide, 43.9% of homes that went under contract in April did so within two weeks of being listed, down from 46.9% a year earlier.
18% of Home Sellers Are Cutting Their Asking Prices
Nearly one in five (17.6%) homes for sale in April had a price cut, meaning the seller lowered the asking price after putting their home on the market. That’s up 5.6 percentage points from 12.1% a year earlier—the biggest gain in over a year.
“Most sellers in
But other markets haven’t cooled as quickly, and some are seeing substantial competition between homebuyers. In
Redfin recently surveyed its agents and found that the majority of respondents (74.4%) think the 2024 housing market is shaping up to be more favorable for sellers than buyers. That’s likely in part because sellers are fetching record-high prices for their homes. The survey, conducted by
|
|
Month-Over-Month Change |
Year-Over-Year Change |
Median sale price |
|
3.2% |
6.2% |
Homes sold, seasonally adjusted |
425,102 |
0.2% |
-1.4% |
New listings, seasonally adjusted |
522,713 |
1.7% |
10.8% |
All homes for sale, seasonally adjusted (active listings) |
1,617,980 |
0.3% |
7.5% |
Months of supply |
2.3 |
-0.2 |
0.1 |
Median days on market |
35 |
-5 |
-2 |
Share of for-sale homes with a price drop |
17.6% |
1.9 ppts |
5.6 ppts |
Share of homes sold above final list price |
33.5% |
3.5 ppts |
0.1 ppts |
Average sale-to-final-list-price ratio |
99.7% |
0.4 ppts |
0.2 ppts |
Share of homes that went under contract within two weeks |
43.9% |
-1.4 ppts |
-3 ppts |
6.99% |
0.17 ppts |
0.65 ppts |
Note: Data is subject to revision
Metro-Level Highlights:
Data in the bullets below came from a list of 85 U.S. metro areas with populations of at least 750,000. A full metro-level data table can be found in the “download” tab of the dashboard in the monthly section of the Redfin Data Center . Refer to Redfin’s metrics definition page for explanations of metrics used in this report. Metro-level data is not seasonally adjusted. All changes below represent year-over-year changes.
-
Prices: Median sale prices rose most from a year earlier in
Buffalo, NY (24.3%),Anaheim, CA (22.8%) andRochester (15%). They fell in just five metros:San Antonio (-1.6%),Memphis, TN (-0.7%),Birmingham, AL (-0.7%),North Port, FL (-0.2%) andAustin, TX (-0.1%). -
New listings: New listings rose most in
San Jose (46.9%),Tacoma, WA (38.3%) andOakland (38%). They fell in one metro Redfin analyzed:Greensboro, NC (-1.6%). -
Active listings: Active listings rose most in
Cape Coral, FL (50.6%),North Port (49.1%) andFort Lauderdale, FL (42.2%). They fell most inRaleigh, NC (-12.3%),New Brunswick, NJ (-8.7%) andLake County, IL (-7.4%). -
Closed home sales: Home sales rose most in
San Jose (38.2%),San Francisco (30.4%) andStockton, CA (23.2%). They fell most inFresno, CA (-3.5%),Jacksonville, FL (-3%) andAlbany, NY (-2.6%). -
Sold above list price: In
San Jose , 75.8% of homes sold above their final list price, the highest share among the metros Redfin analyzed. Next cameRochester (72.8%) andOakland (69.7%). The shares were lowest inNorth Port (6.8%)West Palm Beach, FL (7.1%) andCape Coral (9.3%). -
Off market in two weeks: In
Rochester , 84.6% of homes that went under contract did so within two weeks—the highest share among the metros Redfin analyzed. Next cameSeattle (75.9%) andBuffalo (74.5%). The lowest shares were inHonolulu (7.4%),Tucson, AZ (16.6%) andChicago (16.9%).
To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-tracker-april-2024/
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Source: Redfin