Redfin Reports Rising Mortgage Rates Haven’t Yet Slowed Pending Sales
Pending home sales posted their biggest increase since 2021 this week, but some house hunters are starting to pull back
Home sales are rising. On a local level, pending sales are up in 34 of the 50 most populous
Mortgage rates are rising. Mortgage rates have ticked up over the last few weeks, largely due to a stronger-than-expected jobs report on
Home tours and mortgage-purchase applications have flattened out. Rising rates have slowed demand somewhat at earlier stages of the homebuying process. Some would-be buyers seem to be waiting for rates to come back down: Redfin’s Homebuyer Demand Index—a measure of tours and other buying services from Redfin agents—has fallen marginally from the six-month high it hit two weeks ago, though it is up 7% year over year. And mortgage-purchase applications are down 7% week over week, but they are still trending up from a year ago.
Sellers are taking a small step back as rates rise: New listings are up 3.6% nationwide, the smallest year-over-year increase in a month.
“So far, higher rates haven’t slowed buyers down in the
For Redfin economists’ takes on the housing market, 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 |
6.63% ( |
Near highest level in 3 months |
Down from 7.69% |
|
Weekly average 30-year fixed mortgage rate |
6.32% (week ending |
Up from 2-year low of 6.08% 2 weeks earlier |
Down from 7.57% |
Freddie Mac |
Mortgage-purchase applications (seasonally adjusted) |
|
Down 7% from a week earlier (as of week ending |
Up 7% |
|
Redfin Homebuyer Demand Index (seasonally adjusted) |
|
Up 6% from a month earlier (as of week ending |
Up 7%
Biggest increase in over a year |
Redfin Homebuyer Demand Index a measure of tours and other homebuying services from Redfin agents |
Touring activity |
|
Down 2% from the start of the year (as of
|
At this time last year, it was down 12% from the start of 2023 |
ShowingTime, a home touring technology company |
Google searches for “home for sale” |
|
Up 4% from a month earlier (as of |
Down 4%
|
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 |
|
4.7% |
Biggest increase since March |
Median asking price |
|
6% |
Biggest increase in 2 years |
Median monthly mortgage payment |
|
-4.5% |
Up from |
Pending sales |
76,447 |
3.2% |
Biggest increase in nearly 3 years |
New listings |
85,943 |
3.6% |
|
Active listings |
1,024,565 |
16% |
Smallest increase since March |
Months of supply |
4 |
+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 |
33.8% |
Down from 39% |
|
Median days on market |
39 |
+6 days |
|
Share of homes sold above list price |
26% |
Down from 30% |
|
Average sale-to-list price ratio |
98.8% |
-0.3 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 |
|
|
Declined in 5 metros |
Pending sales |
|
|
Increased in 34 metros
The last time pending sales increased in this many metro areas was in |
New listings |
|
|
Declined in 11 metros |
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-rising-mortgage-rates-pending-sales-holding-up
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/20241017833256/en/
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Source: Redfin