The median monthly mortgage payment has fallen more than $100 over the last month as rates dropped from 8% to 7.3%. Buyers are acting on the good news: Mortgage-purchase applications increased 4% this week to their highest level in six weeks.
(NASDAQ: RDFN) —This week has brought some hopeful news for homebuyers, with new listings posting their biggest year-over-year increase since 2021, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.
Declining mortgage rates are also giving buyers a bit of relief, with rates clocking in around 7.3% this week, down from 8% a month ago. Redfin is taking a break from full analysis this week, but please see the bullet points and charts below for more housing-market data. Redfin will be back with commentary next week.
Leading indicators
Indicators of homebuying demand and activity |
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|
Value
|
Recent change |
Year-over-year
|
Source |
Daily average 30-year fixed mortgage rate |
7.32% (Nov. 22) |
Down from 7.58% a week earlier; lowest level since mid-September |
Up from 6.64% |
Mortgage News Daily |
Weekly average 30-year fixed mortgage rate |
7.29% (week ending Nov. 22) |
Down from two-decade high of 7.79% a month earlier; fourth straight week of declines |
Up from 6.61% |
Freddie Mac |
Mortgage-purchase applications (seasonally adjusted) |
|
Up 4% from a week earlier (as of week ending Nov. 17) |
Down 20% |
Mortgage Bankers Association |
Redfin Homebuyer Demand Index (seasonally adjusted) |
|
Down 3% from a month earlier (as of the week ending Nov. 19) |
Down 7% |
Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents |
Google searches for “home for sale” |
|
Down 11% from a month earlier (as of Nov. 18) |
Down 7% |
Google Trends |
Touring activity |
|
Down 23% from the start of the year (as of Nov. 20) |
At this time last year, it was also down 35% from the start of 2022 |
ShowingTime, a home touring technology company |
Key housing-market data
U.S. highlights: Four weeks ending November 19, 2023 Redfin’s national metrics include data from 400+ U.S. metro areas, and is based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision. |
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|
Four weeks ending
|
Year-over-year
|
Notes |
Median sale price |
$367,750 |
4.6% |
Biggest increase in over a year. Prices are up partly because elevated mortgage rates were hampering prices during this time last year |
Median asking price |
$377,099 |
6.3% |
Biggest increase in over a year |
Median monthly mortgage payment |
$2,616 at a 7.29% mortgage rate |
13% |
Down $124 from all-time high set a month earlier |
Pending sales |
66,456 |
-8% |
|
New listings |
73,891 |
5.2% |
Biggest uptick in over two years. The increase is partly because new listings were falling at this time last year. |
Active listings |
871,492 |
-7.3% |
Smallest decline since June. Near highest level since the start of 2023. |
Months of supply |
3.7 months |
+0.1 pt. |
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 |
34.8% |
Up from 31% |
|
Median days on market |
34 |
-3 days |
|
Share of homes sold above list price |
27.9% |
Up from 26% |
|
Share of homes with a price drop |
6.5% |
+0.2 pts. |
|
Average sale-to-list price ratio |
98.9% |
+0.4 pts. |
Lowest level since April |
Metro-level highlights: Four weeks ending November 19, 2023 Redfin’s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy. |
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|
Metros with biggest year-over-year increases |
Metros with biggest year-over-year decreases |
Notes |
Median sale price |
Anaheim, CA (17.4%) Cincinnati, OH (12.6%) San Diego, CA (12.6%) Baltimore, MD (10.2%) West Palm Beach, FL (9.9%)
|
Austin, TX (-9.3%) San Antonio, TX (-3.4%) Portland, OR (-1.9%) Fort Worth, TX (-1.2%) |
Declined in 4 metros |
Pending sales |
San Jose, CA (14.2%) Columbus, OH (4.2%) Las Vegas (1.2%)
|
Cincinnati, OH (-22.3%) New York (-19.1%) Portland, OR (-18.4%) Providence, RI (-17%) New Brunswick, NJ (-15.1%) |
Increased in 3 metros |
New listings |
San Jose, CA (25.6%) Phoenix (20.8%) West Palm Beach, FL (18.5%) Orlando, FL (16.5%) Pittsburgh, PA (13.2%) |
Atlanta (-16.1%) San Francisco (-10.3%) Seattle (-10.3%) Newark, NJ (-8.8%) Providence, RI (-5.5%)
|
Declined in 16 metros |
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-listings-rise-mortgage-rates-fall
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 also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with same day tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we've saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 4,000 people.
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 Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231122513607/en/
Contacts
Redfin Journalist Services:
Kenneth Applewhaite, 206-588-6863
press@redfin.com
