{"id":74162,"date":"2022-04-14T07:00:10","date_gmt":"2022-04-14T14:00:10","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=74162"},"modified":"2022-10-26T13:02:03","modified_gmt":"2022-10-26T20:02:03","slug":"housing-market-update-demand-slips-more-price-drops","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-demand-slips-more-price-drops\/","title":{"rendered":"Housing Market Update: Demand Slips, Pushing More Sellers to Drop Asking Prices"},"content":{"rendered":"<h2 style=\"font-style:italic;\">Early indicators of homebuyer activity falter further as mortgage rates shoot up.<\/h2>\n<p>Early-stage homebuying demand continues to falter this spring as new listings fell 7% from a year earlier, the average 30-year fixed mortgage rate shot up to 5% and the median asking price climbed to $397,747, sending the typical homebuyer\u2019s monthly payment up 35% year over year to an all-time high of $2,288. Here are the key early indicators that tell us demand is softening at a time of year it typically springs up:<\/p>\n<ul>\n<li>Fewer people <a href=\"https:\/\/trends.google.com\/trends\/explore?date=2021-01-01%202022-04-12&#038;q=homes%20for%20sale#cmpt=q\">searched for \u201chomes for sale\u201d on Google<\/a>\u2014searches during the week ending April 9 were down 3% from a year earlier.<\/li>\n<li>The seasonally-adjusted Redfin Homebuyer Demand Index\u2014a measure of requests for home tours and other home-buying services from Redfin agents\u2014has declined 3% in the past four weeks, compared to a 5% increase during the same period last year. The index was up 2% from a year earlier.<\/li>\n<li>Touring activity from the first week of January through April 10 was 23 percentage points behind the same period in 2021, <a href=\"https:\/\/www.showingtime.com\/impact-of-coronavirus\/\">according to home tour technology company ShowingTime<\/a>.<\/li>\n<li>Mortgage purchase applications were down 6% from a year earlier, while the seasonally-adjusted index <a href=\"https:\/\/www.mba.org\/news-and-research\/newsroom\/news\/2022\/04\/13\/mortgage-applications-decrease-in-latest-mba-weekly-survey-higher-mortgage-rates-to-slow-purchase-originations-growth-and-refinances\">increased 1% week over week<\/a> during the week ending April 8.<\/li>\n<li>For the week ending April 14, <a href=\"http:\/\/www.freddiemac.com\/pmms\/\">30-year mortgage rates rose to 5%<\/a>\u2014the highest level since February 2011. This was up from 4.72% the prior week, and the fastest three-month rise since May 1994.<\/li>\n<\/ul>\n<p>We\u2019re also closely watching the accelerating share of home listings with price drops, which is climbing at its fastest spring pace since at least 2015, another sign that demand is not meeting sellers\u2019 expectations.<\/p>\n<p>\u201cThere really is a limit to homebuyer demand, even though the market over the past few years has made it seem endless,\u201d said Redfin Chief Economist <a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\">Daryl Fairweather<\/a>. \u201cThe sharp increase in mortgage rates is pushing more homebuyers out of the market, but it also appears to be discouraging some homeowners from selling. With demand and supply both slipping, the market isn\u2019t likely to flip from a seller\u2019s market to a buyer\u2019s market anytime soon.\u201d<\/p>\n<p>Despite these early signs that the market is slowing, it still feels as hot as ever for homebuyers, with new records set for home-selling speeds and price escalations, based on data going back to 2015. Forty-five percent of homes that went under contract found a buyer within one week, and the average home that sold went for 2.4% above its asking price.<\/p>\n<p>\u201cIf a home is on the market for more than a week, people start to wonder why or assume something is wrong with it,\u201d said Redfin Boston real estate agent <a href=\"https:\/\/www.redfin.com\/real-estate-agents\/james-gulden\">James Gulden<\/a>. \u201cEvery offer I\u2019ve written recently has faced multiple offers, but some people have finally had enough of all the competition and are pulling out. They\u2019re becoming less willing to make a risky offer in a high-stress bidding war situation.\u201d<\/p>\n<h3>Key housing market takeaways for 400+ U.S. metro areas:<\/h3>\n<p>Unless otherwise noted, the data in this report covers the <strong>four-week period ending April 10<\/strong>. Redfin\u2019s housing market data goes back through 2012.<\/p>\n<h4>Data based on homes listed and\/or sold during the period:<\/h4>\n<ul>\n<li>The median home sale price was up 17% year over year to a record high of $389,178.<\/li>\n<li>The median asking price of newly listed homes increased 14% year over year to $397,747.<\/li>\n<li>The monthly mortgage payment on the median asking price home rose to a record high of $2,288 at the current 5% mortgage rate. This was up 35% from a year earlier, when mortgage rates were 3.04%.<\/li>\n<li>Pending home sales were up 1% year over year.<\/li>\n<li>New listings of homes for sale were down 7% from a year earlier, the 21st-straight annual decline.<\/li>\n<li>Active listings (the number of homes listed for sale at any point during the period) fell 23% year over year.<\/li>\n<li>58% of homes that went under contract had an accepted offer within the first two weeks on the market, an all-time high. This was up from the 55% rate of a year earlier.<\/li>\n<li>44% of homes that went under contract had an accepted offer within one week of hitting the market, an all-time high. This was up from 41% during the same period a year earlier.<\/li>\n<li>Homes that sold were on the market for a median of 18 days, down from 26 days a year earlier.<\/li>\n<li>54% of homes sold above list price, up from 42% a year earlier, and just shy of the all-time high seen in July of 2021.<\/li>\n<li>On average, 3.2% of homes for sale each week had a price drop, with 13% dropping their price in the past four weeks. That\u2019s up from 10% a month earlier and 9% a year ago. The share of listings with price drops is climbing faster during this time of year than they have since at least 2015. Typically during this time of year the share of homes with price drops is slightly down month over month. The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, rose to an all-time high of 102.4%. In other words, the average home sold for 2.4% above its asking price. This was up from 100.4% in 2021.<\/li>\n<\/ul>\n<p>Refer to our <a href=\"https:\/\/www.redfin.com\/news\/data-center-metrics-definitions\/\">metrics definition page<\/a> for explanations of all the metrics used in this report.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_01-median-sale-price.png\" alt=\"Median Sale Price\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74174\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_01-median-sale-price.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_01-median-sale-price-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_01-median-sale-price-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_01-median-sale-price-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_02-median-asking-price.png\" alt=\"Median Asking Price\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74175\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_02-median-asking-price.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_02-median-asking-price-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_02-median-asking-price-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_02-median-asking-price-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_03-median-mortgage-payment.png\" alt=\"Median Mortgage Payment\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74163\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_03-median-mortgage-payment.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_03-median-mortgage-payment-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_03-median-mortgage-payment-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_03-median-mortgage-payment-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_04-pending-sales.png\" alt=\"Pending Sales\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74164\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_04-pending-sales.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_04-pending-sales-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_04-pending-sales-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_04-pending-sales-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_05-new-listings.png\" alt=\"New Listings\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74165\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_05-new-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_05-new-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_05-new-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_05-new-listings-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_06-active-listings.png\" alt=\"Active Listings\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74166\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_06-active-listings.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_06-active-listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_06-active-listings-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_06-active-listings-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_07-off-market-in-2-weeks.png\" alt=\"Off Market in 2 Weeks\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74167\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_07-off-market-in-2-weeks.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_07-off-market-in-2-weeks-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_07-off-market-in-2-weeks-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_07-off-market-in-2-weeks-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_08-off-market-in-1-week.png\" alt=\"Off Market in 1 Week\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74168\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_08-off-market-in-1-week.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_08-off-market-in-1-week-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_08-off-market-in-1-week-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_08-off-market-in-1-week-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_09-days-on-market.png\" alt=\"Days on Market\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74169\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_09-days-on-market.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_09-days-on-market-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_09-days-on-market-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_09-days-on-market-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_10-sold-above-list.png\" alt=\"Sold Above List\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74170\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_10-sold-above-list.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_10-sold-above-list-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_10-sold-above-list-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_10-sold-above-list-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_11-price-drops.png\" alt=\"Price Drops\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74171\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_11-price-drops.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_11-price-drops-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_11-price-drops-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_11-price-drops-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_12-sale-to-list.png\" alt=\"Sale-to-List Ratio\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74172\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_12-sale-to-list.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_12-sale-to-list-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_12-sale-to-list-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_12-sale-to-list-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_13-Redfin-homebuyer-demand-index.png\" alt=\"Redfin Homebuyer Demand Index\" width=\"1200\" height=\"900\" class=\"alignnone size-full wp-image-74173\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_13-Redfin-homebuyer-demand-index.png 1200w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_13-Redfin-homebuyer-demand-index-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_13-Redfin-homebuyer-demand-index-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/04\/2022-04-10_13-Redfin-homebuyer-demand-index-768x576.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Early indicators of homebuyer activity falter further as mortgage rates shoot up.<\/p>\n","protected":false},"author":13505,"featured_media":74176,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,615],"tags":[9,32],"dashboard":[],"coauthors":[62],"class_list":["post-74162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-weekly-market-update","tag-coronavirus","tag-housing-market-tracker"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Housing Market Update: Demand Slips, Pushing More Sellers to Drop Asking Prices<\/title>\n<meta name=\"description\" content=\"Early indicators of homebuyer activity falter further as mortgage rates shoot up.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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