{"id":76780,"date":"2023-09-14T05:00:32","date_gmt":"2023-09-14T12:00:32","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76780"},"modified":"2023-09-14T14:49:34","modified_gmt":"2023-09-14T21:49:34","slug":"housing-market-update-monthly-mortgage-payments-record-high","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-monthly-mortgage-payments-record-high\/","title":{"rendered":"Housing Market Update: Monthly Housing Costs Hit All-Time High, Deterring Would-Be Buyers"},"content":{"rendered":"

7%-plus mortgage rates and increasing home prices have pushed the typical U.S. monthly mortgage payment to a record high, and sent pending home sales down 12% year over year.\u00a0<\/span><\/i><\/p>\n

What homebuyers need to know: <\/b>It\u2019s more expensive than ever to buy a home. The median monthly mortgage payment hit an all-time high of $2,632 during the four weeks ending September 10. Although the weekly average mortgage rate has declined slightly from August\u2019s two-decade high, it\u2019s still sitting above 7%. Prices are up, too, increasing 4% year over year.\u00a0<\/span><\/p>\n

What home sellers need to know: <\/b>Prices continue to rise because inventory is so low, posting one of its biggest declines in 19 months this week. In much of the country, you\u2019re likely to get a fair price for your home\u2013it\u2019ll help if it\u2019s move-in ready and in a desirable neighborhood. But keep in mind that high prices, elevated rates and the lack of inventory is sending some buyers to the sidelines; mortgage-purchase applications are hovering near a three-decade low and pending home sales are down 12% year over year.\u00a0<\/span><\/p>\n

Looking forward: <\/b>This week\u2019s <\/span>CPI report<\/span><\/a> shows that inflation came in a touch higher than anticipated. That doesn\u2019t change the expectation that the Fed is highly unlikely to hike interest rates next week, but it does make a rate hike in November or December <\/span>appear more likely<\/span><\/a>. That could mean mortgage rates stay high through the end of the year\u2013or rates could come down if economic data looks promising over the next few months.<\/span><\/p>\n

Leading indicators<\/h3>\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>\n7.25% (Sept. 13)<\/span><\/td>\nDown from a peak of 7.49% three weeks earlier\u00a0<\/span><\/td>\nUp from 6.3%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n7.12% (week ending Sept. 7)<\/span><\/td>\nDown slightly from 7.18% a week earlier, but 4th straight week of rates above 7%<\/span><\/td>\nUp from 5.89%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp\u00a0 1% from a month earlier (as of week ending Sept. 8)<\/span><\/td>\nDown 27%<\/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. 10)<\/span><\/td>\nDown 9%<\/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>\nUnchanged from a month earlier (as of Sept. 9)<\/span><\/td>\nDown 7%<\/span><\/td>\nGoogle Trends<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Key housing-market data<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
U.S. highlights: Four weeks ending September 10, 2023<\/b><\/p>\n

Redfin\u2019s 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.\u00a0<\/span><\/i><\/td>\n<\/tr>\n

<\/td>\nFour weeks ending September 10\u00a0\u00a0\u00a0<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$376,250<\/span><\/td>\n3.9%<\/span><\/td>\nThe median sale price has increased at least 3% year over year for the last month. That\u2019s partly because elevated mortgage rates were hampering prices during this time last year.<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$384,475<\/span><\/td>\n4.3%<\/span><\/td>\nBiggest increase since November 2022<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,632 at a 7.12% mortgage rate<\/span><\/td>\n14%<\/span><\/td>\nAll-time high\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n80,655<\/span><\/td>\n-11.8%<\/span><\/td>\nContinues 15-month streak of double-digit declines<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n82,022<\/span><\/td>\n-7.1%<\/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>\n805,063<\/span><\/td>\n-17%<\/span><\/td>\nBiggest decline since February 2022, aside from the two prior 4-week periods (-17.1% and -17.2% YoY declines, respectively)<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3 months<\/span><\/td>\nunchanged<\/span><\/td>\nHighest level since March.<\/span><\/p>\n

4 to 5 <\/span>months of supply<\/span><\/a> is considered balanced, with a lower number indicating seller\u2019s market conditions.\u00a0<\/span><\/td>\n<\/tr>\n

Share of homes off market in two weeks\u00a0<\/b><\/td>\n38.2%<\/span><\/td>\n+0.2 pts.\u00a0<\/span><\/td>\nLowest level since March<\/span><\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n30<\/span><\/td>\nUnchanged<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n32.8%<\/span><\/td>\nUnchanged<\/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>\n+0.2 pts.\u00a0<\/span><\/td>\nLowest level in nearly 4 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 10, 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>\nMiami (16.4%)<\/span><\/p>\n

Newark, NJ (14.9%)<\/span><\/p>\n

Anaheim, CA (12.6%)<\/span><\/p>\n

San Diego (11.8%)\u00a0<\/span><\/p>\n

San Jose, CA (11%)<\/span><\/td>\n

Austin, TX (-5.2%)<\/span><\/p>\n

Fort Worth, TX (-2.6%)<\/span><\/p>\n

Phoenix (-1.8%)<\/span><\/p>\n

Houston, TX (-1.5%)<\/span><\/p>\n

Las Vegas (-0.9%)<\/span><\/td>\n

Declined in just 7 metros<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\nn\/a<\/span><\/td>\nNewark, NJ (-28%)<\/span><\/p>\n

Seattle (-27.4%)\u00a0<\/span><\/p>\n

San Antonio, TX (-27.1%)<\/span><\/p>\n

San Jose, CA (-25.7%)<\/span><\/p>\n

Atlanta (-25.6%)<\/span><\/td>\n

Declined in all metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (6.1%)<\/span><\/p>\n

Milwaukee (5.7%)<\/span><\/p>\n

Minneapolis (1.2%)<\/span><\/p>\n

Montgomery County, PA (0.4%)<\/span><\/td>\n

Atlanta (-29.7%)<\/span><\/p>\n

Las Vegas (-25.2%)<\/span><\/p>\n

Riverside, CA (-21.6%)\u00a0<\/span><\/p>\n

Los Angeles (-17.3%)<\/span><\/p>\n

Newark, NJ (-15.8%)<\/span><\/td>\n

Declined in all but 4 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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7%-plus mortgage rates and increasing home prices have pushed the typical U.S. monthly mortgage payment to a record high, and sent pending home sales down 12% year over year.\u00a0 What homebuyers need to know: It\u2019s more expensive than ever to buy a home. The median monthly mortgage payment hit an all-time high of $2,632 during […]<\/p>\n","protected":false},"author":13153,"featured_media":76781,"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 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