{"id":76813,"date":"2023-09-22T05:00:15","date_gmt":"2023-09-22T12:00:15","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76813"},"modified":"2023-09-21T14:39:53","modified_gmt":"2023-09-21T21:39:53","slug":"housing-market-update-pending-sales-down-mortgage-rates-high","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-pending-sales-down-mortgage-rates-high\/","title":{"rendered":"Housing Market Update: Pending Home Sales Drop 13% Year Over Year As Mortgage Rates Stay Stubbornly High"},"content":{"rendered":"

With monthly housing payments at an all-time high, would-be buyers are waiting for homes to become more affordable. But slightly more homeowners are listing their homes this month, providing a glimmer of hope for buyers who want more to choose from.\u00a0<\/span><\/i><\/p>\n

What homebuyers are doing: <\/b>Waiting for homes to become more affordable and for more of them to hit the market. Mortgage rates are sitting near a two-decade high and U.S. home prices rose 3% year over year during the four weeks ending September 17, pushing monthly housing payments to an all-time high. Soaring costs have pushed pending home sales down 13% from a year ago. The total number of homes for sale is down 16%, as many homeowners <\/span>stay put<\/span><\/a> to keep relatively low mortgage rates.\u00a0<\/span><\/p>\n

What home sellers are doing: <\/b>A few more home sellers have jumped off the sidelines. New listings have stabilized, ticking up slightly since the beginning of September. They\u2019re down 7% from a year earlier, but that\u2019s the smallest decline since July 2022 (though it\u2019s worth noting that new listings were falling rapidly at this time last year). It\u2019s possible that some homeowners are taking advantage of rising home prices and low inventory, counting on being one of the only homes for sale in their neighborhood.\u00a0<\/span><\/p>\n

Where the Fed comes in: <\/b>The Federal Reserve decided against an interest-rate hike at their meeting this week. But they also <\/span>signaled<\/span><\/a> that interest rates are likely to remain higher than anticipated into 2024 and 2025, which could keep borrowing costs\u2013and mortgage rates\u2013higher for longer. Buyers who are waiting for housing costs to come down may consider jumping into the market if they can afford to, because a meaningful decline probably isn\u2019t coming soon. <\/span><\/p>\n

Leading indicators<\/h3>\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>\n7.47% (Sept. 21)<\/span><\/td>\nNear the two-decade high of 7.49%, hit a month earlier\u00a0<\/span><\/td>\nUp from about 6.4%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n7.19% (week ending Sept. 21)<\/span><\/td>\nFlat from 7.18% a week earlier; 6th straight week of rates above 7%<\/span><\/td>\nUp from 6.02%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp\u00a0 2% from a week earlier (as of week ending Sept. 15)<\/span><\/td>\nDown 26%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 4% from a month earlier (as of the 4 weeks ending Sept. 17), close to its lowest level since January<\/span><\/td>\nDown 11%<\/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 13% from a month earlier (as of Sept. 16)<\/span><\/td>\nDown 14%<\/span><\/td>\nGoogle Trends<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Home touring activity\u00a0<\/b><\/td>\n<\/td>\nDown 3% from the start of the year, smaller than last year\u2019s decline (as of Sept. 16)<\/span><\/td>\n<\/td>\nShowingTime<\/span><\/a>, a home-touring tech company\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 17, 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 17\u00a0\u00a0\u00a0<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$374,975<\/span><\/td>\n3.4%<\/span><\/td>\nSmallest increase in a month. Median sale prices are up partly because elevated mortgage rates were hampering prices during this time last year.<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$386,589<\/span><\/td>\n4.5%<\/span><\/td>\nBiggest increase in nearly a year<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,661 at a 7.19% mortgage rate<\/span><\/td>\n12%<\/span><\/td>\nAll-time high\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n78,750<\/span><\/td>\n-12.7%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n81,732<\/span><\/td>\n-6.7%<\/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>\n806,701<\/span><\/td>\n-16.2%<\/span><\/td>\n<\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.1 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%<\/span><\/td>\n+0.3 pts.\u00a0<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n30<\/span><\/td>\n-1 day<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n32.3%<\/span><\/td>\nUnchanged<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n6.4%<\/span><\/td>\n+0.3 pts.\u00a0<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99.5%<\/span><\/td>\n+0.2 pts.\u00a0<\/span><\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n\n\n\n\n\n\n\n
Metro-level highlights: Four weeks ending September 17, 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 (14.4%)<\/span><\/p>\n

San Diego (11.5%)<\/span><\/p>\n

Anaheim, CA (11.1%)<\/span><\/p>\n

Newark, NJ (11%)<\/span><\/p>\n

New Brunswick, NJ (9.8%)<\/span><\/td>\n

Austin, TX (-4.5%)<\/span><\/p>\n

Fort Worth, TX (-2.2%)<\/span><\/p>\n

Phoenix (-1.7%)<\/span><\/p>\n

San Antonio, TX (-1.6%)<\/span><\/p>\n

Portland, OR (-1.2%)<\/span><\/td>\n

Declined in 8 metros<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\nn\/a<\/span><\/td>\nSeattle (-25.8%)\u00a0<\/span><\/p>\n

San Antonio, TX (-24.7%)<\/span><\/p>\n

Atlanta (-24.4%)<\/span><\/p>\n

San Diego (-23.2%)<\/span><\/p>\n

Sacramento, CA (-21.7%)<\/span><\/td>\n

Declined in all metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nMiami (3.2%)<\/span><\/p>\n

Milwaukee (2.6%)<\/span><\/p>\n

San Jose, CA (2.3%)<\/span><\/p>\n

Houston (1.8%)<\/span><\/p>\n

San Antonio, TX (1.3%)<\/span><\/td>\n

Atlanta (-28.2%)<\/span><\/p>\n

Las Vegas (-22%)<\/span><\/p>\n

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

Portland, OR (-20.4%)<\/span><\/p>\n

New Brunswick, NJ (-16%)<\/span><\/td>\n

Declined in all but 8 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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With monthly housing payments at an all-time high, would-be buyers are waiting for homes to become more affordable. But slightly more homeowners are listing their homes this month, providing a glimmer of hope for buyers who want more to choose from.\u00a0 What homebuyers are doing: Waiting for homes to become more affordable and for more […]<\/p>\n","protected":false},"author":13153,"featured_media":76828,"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-76813","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: Pending Home Sales Drop 13% Year Over Year As Mortgage Rates Stay Stubbornly High - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"With monthly housing payments at an all-time high, would-be buyers are waiting for homes to become more affordable. 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