{"id":76880,"date":"2023-10-05T05:00:45","date_gmt":"2023-10-05T12:00:45","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76880"},"modified":"2023-10-13T17:18:03","modified_gmt":"2023-10-14T00:18:03","slug":"housing-market-update-mortgage-rates-soar-new-listings-hold-steady","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-mortgage-rates-soar-new-listings-hold-steady\/","title":{"rendered":"Housing Market Update: New Listings Hold Up As Mortgage Rates Soar Toward 8%"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">A homebuyer on a $3,000 monthly budget has lost nearly $40,000 in purchasing power over the last year, as mortgage rates have risen from around 6.5% in October 2022 to nearly 8% today. The glimmer of hope for the housing market: a small September uptick in new listings.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Mortgage rates hit their <\/span><a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\/30-year-fixed\"><span style=\"font-weight: 400;\">highest level<\/span><\/a><span style=\"font-weight: 400;\"> in more than 20 years this week, pushing homebuyers\u2019 monthly housing payments to all-time highs. A buyer on a $3,000 monthly budget, for instance, can afford a $419,000 home with a 7.7% mortgage rate, roughly the daily average on October 4. That buyer has lost $38,000 in purchasing power since last October, when they could have bought a $457,000 home with a 6.6% rate. And by that time, buyers had already lost a significant amount of purchasing power since the start of the year, as mortgage rates doubled throughout 2022: A buyer on a $3,000 budget could have purchased a $595,000 home with the 3.5% rates common at the start of 2022.\u00a0<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-FEIwf\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"How much home can you buy on a variety of fixed monthly payments as mortgage rates change?\" src=\"\/\/datawrapper.dwcdn.net\/FEIwf\/6\/\" height=\"600\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">In addition to sky-high mortgage rates, rising home prices are cutting into buyers\u2019 budgets. The typical U.S. home sold for $371,000 during the four weeks ending October 1, up 3% from a year earlier. That\u2019s because there aren\u2019t enough homes for sale. High housing costs are pushing demand down, with mortgage-purchase applications <\/span><a href=\"https:\/\/www.mba.org\/news-and-research\/newsroom\/news\/2023\/10\/04\/mortgage-applications-decrease-in-latest-mba-weekly-survey\"><span style=\"font-weight: 400;\">dropping<\/span><\/a><span style=\"font-weight: 400;\"> to their lowest level in nearly 30 years. But inventory is falling significantly, too, as homeowners hang onto relatively low rates: The total number of homes for sale is down 14%.<\/span><\/p>\n<p><b>Why mortgage rates are rising\u2013again: <span style=\"font-weight: 400;\">\u201cThere are several reasons why mortgage rates are still climbing,\u201d said Redfin Economic Research Lead Chen Zhao. \u201cThe Fed hinted that another <\/span><a href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/feds-bowman-expects-it-be-appropriate-raise-rates-further-2023-10-02\/\"><span style=\"font-weight: 400;\">interest-rate hike<\/span><\/a><span style=\"font-weight: 400;\"> before the end of the year is likely, the latest job market data came in <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-03\/us-job-openings-unexpectedly-increased-to-9-61-million-in-august?srnd=premium&amp;sref=fRZXrT1O\"><span style=\"font-weight: 400;\">stronger than expected<\/span><\/a><span style=\"font-weight: 400;\">, and the <\/span><a href=\"https:\/\/www.marketwatch.com\/story\/entire-u-s-treasury-yield-curve-moves-toward-or-above-5-raising-risk-something-may-break-1dd08cb8\"><span style=\"font-weight: 400;\">yield curve<\/span><\/a><span style=\"font-weight: 400;\"> is steepening as investors prepare for higher rates for longer.\u00a0 Turmoil in Congress isn\u2019t helping, either, as the<\/span><a href=\"https:\/\/www.nytimes.com\/2023\/10\/03\/business\/dealbook\/house-speaker-markets-gaetz-mccarthy.html\"><span style=\"font-weight: 400;\"> clash among House Republicans<\/span><\/a><span style=\"font-weight: 400;\"> stemming from the narrowly missed government shutdown is causing volatility in stock and bond markets. \u201d<\/span><\/b><\/p>\n<p><b>The silver lining for buyers: <\/b><span style=\"font-weight: 400;\">More homeowners are listing their homes for sale after months of steady decline. New listings rose 3% in September, and so far this fall listings haven\u2019t declined as much from the summer as they typically do. That may be partly because listings didn\u2019t have much more room to fall\u2013but nonetheless, it\u2019s a glimmer of hope for buyers because it means they have a bit more to choose from and could eventually ease price increases.\u00a0<\/span><\/p>\n<h3>Leading indicators<\/h3>\n<table>\n<tbody>\n<tr>\n<td colspan=\"5\"><b>Indicators of homebuying demand and activity<\/b><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><b>Value (if applicable)<\/b><\/td>\n<td><b>Recent change<\/b><\/td>\n<td><b>Year-over-year change<\/b><\/td>\n<td><b>Source<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Daily average 30-year fixed mortgage rate<\/b><\/td>\n<td><span style=\"font-weight: 400;\">7.7% (Oct. 4)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Highest level in over 2 decades<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Up from 6.65%<\/span><\/td>\n<td><a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\/30-year-fixed\"><span style=\"font-weight: 400;\">Mortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><b>Weekly average 30-year fixed mortgage rate<\/b><\/td>\n<td><span style=\"font-weight: 400;\">7.31% (week ending Sept. 28)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Highest level in nearly 23 years<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Up from 6.7%<\/span><\/td>\n<td><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">Freddie Mac<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><b>Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<td><\/td>\n<td><span style=\"font-weight: 400;\">Down 6% from a week earlier (as of week ending Sept. 29)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Down 22% to lowest level in nearly 30 years<\/span><\/td>\n<td><a href=\"https:\/\/www.mba.org\/news-and-research\/newsroom\/news\/2023\/10\/04\/mortgage-applications-decrease-in-latest-mba-weekly-survey\"><span style=\"font-weight: 400;\">Mortgage Bankers Association<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><b>Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<td><\/td>\n<td><span style=\"font-weight: 400;\">Down 3% from a month earlier (as of the 4 weeks ending Oct. 1), close to its lowest level since January<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Down 1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Google searches for \u201chome for sale\u201d<\/b><\/td>\n<td><\/td>\n<td><span style=\"font-weight: 400;\">Down 9% from a month earlier (as of Sept. 30)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Down 6%<\/span><\/td>\n<td><a href=\"https:\/\/trends.google.com\/trends\/explore?date=today%205-y&amp;q=homes%20for%20sale#cmpt=q\"><span style=\"font-weight: 400;\">Google Trends<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Key housing-market data<\/h3>\n<table>\n<tbody>\n<tr>\n<td colspan=\"4\"><b>U.S. highlights: Four weeks ending October 1, 2023<\/b><\/p>\n<p><i><span style=\"font-weight: 400;\">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<tr>\n<td><\/td>\n<td><b>Four weeks ending October 1, 2023<\/b><\/td>\n<td><b>Year-over-year change<\/b><\/td>\n<td><b>Notes<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Median sale price<\/b><\/td>\n<td><span style=\"font-weight: 400;\">$370,900<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Prices are up partly because elevated mortgage rates were hampering prices during this time last year<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Median asking price<\/b><\/td>\n<td><span style=\"font-weight: 400;\">$389,950<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Biggest increase since Oct. 2022<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Median monthly mortgage payment<\/b><\/td>\n<td><span style=\"font-weight: 400;\">$2,710 at a 7.31% mortgage rate<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">All-time high\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Pending sales<\/b><\/td>\n<td><span style=\"font-weight: 400;\">73,654<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-12.5%<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><b>New listings<\/b><\/td>\n<td><span style=\"font-weight: 400;\">83,216<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Smallest decline since July 2022, in part because new listings fell rapidly at this time in 2022<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Active listings<\/b><\/td>\n<td><span style=\"font-weight: 400;\">826,882<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-14%<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><b>Months of supply\u00a0<\/b><\/td>\n<td><span style=\"font-weight: 400;\">3.3 months<\/span><\/td>\n<td><span style=\"font-weight: 400;\">+0.2 pts.\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Highest level since March.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">4 to 5 <\/span><a href=\"https:\/\/www.redfin.com\/definition\/monthsof-supply\"><span style=\"font-weight: 400;\">months of supply<\/span><\/a><span style=\"font-weight: 400;\"> is considered balanced, with a lower number indicating seller\u2019s market conditions.\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Share of homes off market in two weeks\u00a0<\/b><\/td>\n<td><span style=\"font-weight: 400;\">39.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Up from 35%<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><b>Median days on market<\/b><\/td>\n<td><span style=\"font-weight: 400;\">31<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2\u00a0 days<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><b>Share of homes sold above list price<\/b><\/td>\n<td><span style=\"font-weight: 400;\">31.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Up from 30%<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><b>Share of homes with a price drop<\/b><\/td>\n<td><span style=\"font-weight: 400;\">6.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">+0.2 pts.\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Highest share since November 2022<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Average sale-to-list price ratio\u00a0<\/b><\/td>\n<td><span style=\"font-weight: 400;\">99.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">+0.2 pts.\u00a0<\/span><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"4\"><b>Metro-level highlights: Four weeks ending October 1, 2023<\/b><\/p>\n<p><i><span style=\"font-weight: 400;\">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<tr>\n<td><\/td>\n<td><b>Metros with biggest year-over-year increases<\/b><\/td>\n<td><b>Metros with biggest year-over-year declines<\/b><\/td>\n<td><b>Notes<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Median sale price<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Anaheim, CA (13%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">New Brunswick, NJ (10.6%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Providence, RI (10.5%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Newark, NJ (9.1%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">San Jose, CA (9.1%)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Austin, TX (-4.1%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Houston, TX (-2.8%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">San Francisco (-2.1%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">San Antonio, TX (-1.5%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Phoenix (-1.3%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nashville, TN (-1.1%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Las Vegas (-0.8%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Portland, OR (-0.1%)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Declined in 8 metros<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Pending sales<\/b><\/td>\n<td><span style=\"font-weight: 400;\">West Palm Beach, FL (1.8%)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">New York (-31.2%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">New Brunswick, NY (-24.1%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Portland, OR (-22.2%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Atlanta (-22.2%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Virginia Beach, VA (-20.3%)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Declined in all but 1 metro<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>New listings<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Orlando, FL (14.2%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Jacksonville, FL (10.6%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">West Palm Beach, FL (9.4%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Miami (8.1%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">San Jose, CA (6.9%)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Atlanta (-28.3%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Newark, NJ (-17%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Portland, OR (-15.2%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Providence, RI (-14.2%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Chicago (-14%)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Declined in all but 12 metros<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">Refer to our <\/span><a href=\"https:\/\/www.redfin.com\/news\/data-center-metrics-definitions\/\"><span style=\"font-weight: 400;\">metrics definition page<\/span><\/a><span style=\"font-weight: 400;\"> for explanations of all the metrics used in this report.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-76881 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/median-sale-price-104.png\" alt=\"\" width=\"1075\" height=\"808\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/median-sale-price-104.png 1075w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/median-sale-price-104-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/median-sale-price-104-1024x770.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/median-sale-price-104-768x577.png 768w\" sizes=\"(max-width: 1075px) 100vw, 1075px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-76882 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/median-asking-price-104.png\" alt=\"\" width=\"1076\" height=\"806\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/median-asking-price-104.png 1076w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/median-asking-price-104-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/median-asking-price-104-1024x767.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/median-asking-price-104-768x575.png 768w\" sizes=\"(max-width: 1076px) 100vw, 1076px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-76883 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/housing-payments-104.png\" alt=\"\" width=\"1074\" height=\"803\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/housing-payments-104.png 1074w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/housing-payments-104-300x224.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/housing-payments-104-1024x766.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/housing-payments-104-768x574.png 768w\" sizes=\"(max-width: 1074px) 100vw, 1074px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76884 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/pending-sales-104.png\" alt=\"\" width=\"1077\" height=\"807\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/pending-sales-104.png 1077w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/pending-sales-104-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/pending-sales-104-1024x767.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/pending-sales-104-768x575.png 768w\" sizes=\"(max-width: 1077px) 100vw, 1077px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76885 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/new-listings-104.png\" alt=\"\" width=\"1075\" height=\"808\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/new-listings-104.png 1075w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/new-listings-104-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/new-listings-104-1024x770.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/new-listings-104-768x577.png 768w\" sizes=\"(max-width: 1075px) 100vw, 1075px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76886 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/active-listings-104.png\" alt=\"\" width=\"1075\" height=\"806\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/active-listings-104.png 1075w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/active-listings-104-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/active-listings-104-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/active-listings-104-768x576.png 768w\" sizes=\"(max-width: 1075px) 100vw, 1075px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76887 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/mos-104.png\" alt=\"\" width=\"1076\" height=\"807\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/mos-104.png 1076w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/mos-104-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/mos-104-1024x768.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/mos-104-768x576.png 768w\" sizes=\"(max-width: 1076px) 100vw, 1076px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76888 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/two-weeks-104.png\" alt=\"\" width=\"1076\" height=\"809\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/two-weeks-104.png 1076w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/two-weeks-104-300x226.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/two-weeks-104-1024x770.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/two-weeks-104-768x577.png 768w\" sizes=\"(max-width: 1076px) 100vw, 1076px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76889 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/dom-104.png\" alt=\"\" width=\"1079\" height=\"808\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/dom-104.png 1079w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/dom-104-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/dom-104-1024x767.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/dom-104-768x575.png 768w\" sizes=\"(max-width: 1079px) 100vw, 1079px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76890 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/sold-above-list-104.png\" alt=\"\" width=\"1077\" height=\"806\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/sold-above-list-104.png 1077w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/sold-above-list-104-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/sold-above-list-104-1024x766.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/sold-above-list-104-768x575.png 768w\" sizes=\"(max-width: 1077px) 100vw, 1077px\" 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The glimmer of hope for the housing market: a small September uptick in new listings.\u00a0 Mortgage rates hit their highest level in [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":76894,"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":[625,623,654],"dashboard":[],"coauthors":[124],"class_list":["post-76880","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-weekly-market-update","tag-housing-market-update","tag-national","tag-weekly-market-update"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Housing Market Update: New Listings Hold Up As Mortgage Rates Soar Toward 8%<\/title>\n<meta name=\"description\" content=\"A homebuyer on a $3,000 monthly budget has lost nearly $40,000 in purchasing power over the last year, as mortgage rates have risen from around 6.5% in October 2022 to nearly 8% today. 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