New listings posted their biggest increase in two months this week, but mortgage applications and pending sales declined as mortgage rates stay stubbornly high. More sellers are listing their homes as spring draws nearer. New listings rose 10% year over year during the four weeks ending February 18, the biggest increase in two months. Sellers […]
Home prices posted their biggest annual increase in 15 months and mortgage rates rose this week. High housing costs, along with seasonal factors like the Super Bowl, pushed down pending sales. The median U.S. home-sale price rose 6.1% year over year during the four weeks ending February 11, the biggest increase since October 2022. Mortgage
Housing Market Update: Home Prices and Mortgage Rates Rise, Pushing Would-Be Buyers to the Sidelines
High mortgage rates and harsh weather are pushing down home sales, but some house hunters are touring and getting a feel for the market. The bumpy start to 2024’s housing market continues, with daily average mortgage rates posting their biggest one-day increase in over a year on February 2. The jump came after a hotter-than-expected
Redfin’s Homebuyer Demand Index, which measures requests for home tours and other services from Redfin agents, is ticking up as the spring home-selling season draws nearer. That hasn’t yet converted to a meaningful improvement in pending sales–but Redfin agents expect it will in the next few months. Some house hunters are dipping their toes back
Housing Market Update: More People Are Touring Homes, But That Hasn’t Yet Translated to More Sales
Redfin agents in areas affected by inclement weather report slow homebuying activity, but agents in warmer locales say buyers and sellers are active as mortgage rates stay in the high-6% range, down from 8% a few months ago. The median U.S. home-sale price rose 5.1% during the four weeks ending January 21, the biggest increase
2024 is shaping up to be more active than 2023 for homebuyers and sellers, with mortgage applications and new listings rising. But Redfin economists believe demand and listings would be rising more if not for harsher-than-usual winter weather. Homebuyers and sellers are gradually becoming more active as the calendar flips further into 2024. Mortgage-purchase applications
As mortgage rates hold steady in the 6% range and new listings tick up, mortgage-purchase applications and Redfin home tours are rising. Redfin agents report that as the new year kicks off, more sellers are listing and more buyers are going on tours and applying for mortgages as rates remain in the mid-6% range, down
The median U.S. housing payment is down nearly $400 from its October peak, enticing some sidelined buyers to get back in the game. Redfin’s Demand Index, which measures early-stage demand, is up 10% from a month ago. The median U.S. mortgage payment was $2,361 during the four weeks ending December 31, down $372 (-14%) from
Declining mortgage rates and a double-digit increase in new listings are bringing house hunters off the sidelines, with pending sales posting their smallest decline in about 20 months. We’re taking a break from analysis this week, but please see the tables and charts below for this week’s housing-market data. We’ll be back with full commentary
Listing consults with Redfin agents have risen significantly since rates began to fall last month. Our economists expect buyers will take advantage of lower rates and more listings in the new year, after the typical holiday slowdown. This week’s falling mortgage rates, sizable year-over-year increases in both new listings and listing consults with Redfin agents,
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