Redfin Reports Home Prices Hit Another Record High, Pushing Pending Sales Down 4%
Prices keep rising because this spring’s inventory is lower than usual. The sliver of good news for buyers is that mortgage rates have declined slightly
High housing costs pushed pending home sales down 4.2% year over year, the biggest decline in three months (except the prior 4-week period, when sales declined 4.4%). Prices keep rising despite declining sales because there aren’t enough homes on the market: New listings are up about 8% year over year, but inventory remains lower than typical spring levels. Many homeowners are staying put because they would rather hold onto their relatively low mortgage rate than move up to a bigger and/or better home.
“Move-up buyers feel stuck because they’re ready for their next house, but it just doesn’t make financial sense to sell with current interest rates so high,” said
For Redfin economists’ takes on the housing market, including more on 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 |
7.09% ( |
Up from 6.99% a week earlier, but down from a 5-month high of 7.52% 4 weeks earlier |
Up from 6.95% |
|
Weekly average 30-year fixed mortgage rate |
7.02% (week ending |
Down from 5-month high of 7.22% 2 weeks earlier |
Up from 6.39% |
Freddie Mac |
Mortgage-purchase applications (seasonally adjusted) |
|
Declined 1% from a week earlier (as of week ending |
Down 11% |
|
Redfin Homebuyer Demand Index (seasonally adjusted) |
|
Essentially unchanged from a month earlier (as of week ending |
Down 11% |
Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents |
Touring activity |
|
Up 31% from the start of the year (as of |
At this time last year, it was up 22% from the start of 2023 |
ShowingTime, a home touring technology company |
Google searches for “home for sale” |
|
Down 8% from a month earlier (as of |
Down 18% |
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% |
All-time high |
Median asking price |
|
6.6%
|
All-time high |
Median monthly mortgage payment |
|
10.5% |
|
Pending sales |
89,303 |
-4.2% |
Biggest decline since 4 weeks ending |
New listings |
102,671 |
8.5% |
|
Active listings |
901,194 |
14.8% |
|
Months of supply |
3.2 |
+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 |
44.9% |
Down from 49% |
|
Median days on market |
33 |
+3 days |
|
Share of homes sold above list price |
31.3% |
Down from 34% |
|
Share of homes with a price drop |
6.4% |
+2 pts. |
Highest level since |
Average sale-to-list price ratio |
99.5% |
-0.1 pts. |
|
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 |
|
|
Decreased in 2 metros |
Pending sales |
|
|
Increased in 10 metros |
New listings |
|
|
Decreased in 6 metros |
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-pending-sales-fall-prices-increase
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