{"id":76753,"date":"2023-09-07T05:00:28","date_gmt":"2023-09-07T12:00:28","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76753"},"modified":"2023-09-06T16:16:22","modified_gmt":"2023-09-06T23:16:22","slug":"housing-market-update-home-prices-increase-low-inventory","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-increase-low-inventory\/","title":{"rendered":"Housing Market Update: Prices Go Up While Demand Goes Down"},"content":{"rendered":"

Mortgage-purchase applications are sitting at their lowest level in nearly three decades. But there are so few homes for sale that prices are up 4.5% annually, the biggest increase in nearly a year.<\/em><\/p>\n

Although mortgage rates are <\/span>inching down<\/span><\/a> from their recent peak, housing affordability isn\u2019t improving much. With the median U.S. home-sale price up 4.5% year over year during the four weeks ending September 3 and mortgage rates remaining above 7%, the typical monthly mortgage payment is $2,612, just $18 shy of the all-time high set in May. High housing costs are dampening homebuying demand, with mortgage-purchase applications falling to a <\/span>28-year low<\/span><\/a>.\u00a0<\/span><\/p>\n

Prices are rising due to a supply shortage: The total number of homes on the market is down 18% year over year, the biggest decline since February 2022. New listings are down 9% as many homeowners <\/span>refuse to part with<\/span><\/a> relatively low mortgage rates. But there are still more buyers than sellers in much of the country.<\/span><\/p>\n

\u201cThe market is marching on, especially for turnkey homes,\u201d said Chicago<\/a> Redfin Premier<\/a> agent Niko Voutsinas<\/a>. \u201cIf folks can figure out a way to buy instead of rent, they will. Some buyers are cutting back on other expenses to up their housing budgets because they believe home prices are only going to increase. They\u2019re nervous that the minute rates come down, a flood of competition will edge them out. Those buyers typically need to move quickly and offer at or above the asking price if they love a home, because so few listings are hitting the market.\u201d\u00a0<\/span><\/p>\n

Leading indicators<\/h2>\n\n\n\n\n\n\n\n\n\n\n
Indicators of homebuying demand and activity<\/b><\/td>\n<\/tr>\n
<\/td>\nValue (if applicable)<\/b><\/td>\nRecent change<\/b><\/td>\nYear-over-year change<\/b><\/td>\nSource<\/b><\/td>\n<\/tr>\n
Daily average 30-year fixed mortgage rate<\/b><\/td>\n7.33% (Sept. 6)<\/span><\/td>\nDown from a peak of 7.49% two weeks earlier\u00a0<\/span><\/td>\nUp from 6.12%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n7.18% (week ending August 31)<\/span><\/td>\nDown slightly from 7.23% a week earlier<\/span><\/td>\nUp from 5.66%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 2% from a month earlier<\/span><\/td>\nDown 28%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 3% from a month earlier (as of the 4 weeks ending Sept. 3)<\/span><\/td>\nDown 6%<\/span><\/td>\nRedfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents<\/span><\/td>\n<\/tr>\n
Google searches for \u201chome for sale\u201d<\/b><\/td>\n<\/td>\nDown 11% from a month earlier (as of Sept. 5)<\/span><\/td>\nDown 16%<\/span><\/td>\nGoogle Trends<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Home touring activity<\/b><\/td>\n<\/td>\nDown 16% from the start of the year, same as last year\u2019s decline (as of Sept. 4)<\/span><\/td>\n<\/td>\nShowingTime<\/span><\/a>, a home-touring tech company<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Key housing-market data<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
U.S. highlights: Four weeks ending September 3, 2023<\/b><\/p>\n

Redfin\u2019s national metrics include data from 400+ U.S. metro areas, and are based on homes listed and\/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision.\u00a0<\/span><\/i><\/td>\n<\/tr>\n

<\/td>\nFour weeks ending September 3\u00a0\u00a0\u00a0<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$378,725<\/span><\/td>\n4.5%<\/span><\/td>\nBiggest increase since October 2022<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$379,747<\/span><\/td>\n3.7%<\/span><\/td>\nBiggest increase since November 2022<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,612 at a 7.18% mortgage rate<\/span><\/td>\n15%<\/span><\/td>\nJust $18 shy of the all-time high\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n83,271<\/span><\/td>\n-13.3%<\/span><\/td>\nContinues 15-month streak of double-digit declines<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n82,136<\/span><\/td>\n-9.3%<\/span><\/td>\nSmallest decline in over a year, but that\u2019s partly because new listings fell rapidly at this time in 2022<\/span><\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n798,259<\/span><\/td>\n-18%<\/span><\/td>\nBiggest decline since February 2022<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n2.8 months<\/span><\/td>\nUnchanged<\/span><\/td>\n4 to 5 <\/span>months of supply<\/span><\/a> is considered balanced, with a lower number indicating seller\u2019s market conditions.\u00a0\u00a0<\/span><\/td>\n<\/tr>\n
Share of homes off market in two weeks\u00a0<\/b><\/td>\n39.3%<\/span><\/td>\n+0.2 pts.\u00a0<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n29<\/span><\/td>\nUnchanged<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n33.5%<\/span><\/td>\n-0.1 pt.<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n6.1%<\/span><\/td>\n+0.1 pt.\u00a0<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99.6%<\/span><\/td>\nUnchanged\u00a0<\/span><\/td>\nLowest level in over 3 months<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n\n\n\n\n\n\n\n
Metro-level highlights: Four weeks ending September 3, 2023<\/b><\/p>\n

Redfin\u2019s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.\u00a0<\/span><\/i><\/td>\n<\/tr>\n

<\/td>\nMetros with biggest year-over-year increases<\/b><\/td>\nMetros with biggest year-over-year declines<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\nNewark, NJ (16.3%)<\/span><\/p>\n

Miami (16.3%)<\/span><\/p>\n

Anaheim, CA (12.8%)<\/span><\/p>\n

San Diego (11.2%)\u00a0<\/span><\/p>\n

Montgomery County, PA (11.1%)<\/span><\/td>\n

Austin, TX (-6%)<\/span><\/p>\n

Fort Worth, TX (-2.5%)<\/span><\/p>\n

Phoenix (-2.2%)<\/span><\/p>\n

Portland, OR (-1.1%)<\/span><\/p>\n

San Antonio, TX (-1%)<\/span><\/td>\n

Declined in just 9 metros<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\nn\/a<\/span><\/td>\nNew Brunswick, NJ (-31.8%)<\/span><\/p>\n

Seattle (-28.5%)\u00a0<\/span><\/p>\n

Boston (-27.7%)\u00a0<\/span><\/p>\n

Sacramento (-27.4%)<\/span><\/p>\n

Atlanta (-25.9%)<\/span><\/td>\n

Declined in all metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nMilwaukee (3.9%)<\/span><\/p>\n

San Jose, CA (3.6%)<\/span><\/p>\n

Pittsburgh (3.2%)<\/span><\/td>\n

Atlanta (-30.9%)<\/span><\/p>\n

Las Vegas (-26.4%)<\/span><\/p>\n

Riverside, CA (-21.2%)\u00a0<\/span><\/p>\n

Cincinnati (-18.8%)\u00a0<\/span><\/p>\n

Seattle (-18.2%)<\/span><\/td>\n

Declined in all but 3 metros<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Refer to our <\/span>metrics definition page<\/span><\/a> for explanations of all the metrics used in this report.<\/span><\/p>\n

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Mortgage-purchase applications are sitting at their lowest level in nearly three decades. But there are so few homes for sale that prices are up 4.5% annually, the biggest increase in nearly a year. Although mortgage rates are inching down from their recent peak, housing affordability isn\u2019t improving much. With the median U.S. home-sale price up […]<\/p>\n","protected":false},"author":13153,"featured_media":76754,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","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":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,615],"tags":[32,625,623],"dashboard":[],"coauthors":[124],"class_list":["post-76753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-weekly-market-update","tag-housing-market-tracker","tag-housing-market-update","tag-national"],"acf":[],"yoast_head":"\nHousing Market Update: Prices Go Up While Demand Goes Down<\/title>\n<meta name=\"description\" content=\"Mortgage-purchase applications are sitting at their lowest level in nearly three decades. 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