{"id":76977,"date":"2023-10-26T05:00:06","date_gmt":"2023-10-26T12:00:06","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76977"},"modified":"2023-10-25T15:43:21","modified_gmt":"2023-10-25T22:43:21","slug":"housing-market-update-new-listings-increase","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-new-listings-increase\/","title":{"rendered":"Housing Market Update: Buyers Get Some Relief As New Listings Finally Increase, More Sellers Drop Prices"},"content":{"rendered":"

New listings have posted their first annual increase since July 2022 as some sellers tire of waiting for mortgage rates to come down and others worry that prices will decline.\u00a0\u00a0<\/span><\/i><\/p>\n

New listings of homes for sale rose 0.3% from a year earlier during the four weeks ending October 22\u2013a small increase, but the first since July 2022. More homeowners are putting their homes on the market as mortgage rates remain elevated near 8%. Some sellers are accepting that rates are unlikely to meaningfully decline anytime soon and finally parting with their relatively low rates, while others are nervous tepid demand could cause home prices to fall if they wait any longer. It\u2019s also worth noting that new listings were falling fast at this time last year as mortgage rates rose.\u00a0<\/span><\/p>\n

Buyers are welcoming even a small uptick in listings after nearly a year and a half of declines. Although many homebuyers are staying on the sidelines, with mortgage-purchase applications down <\/span>2%<\/span><\/a> week over week to their lowest level in nearly 30 years, some house hunters are out there. Pending home sales posted\u00a0 their smallest annual decline in a year and a half (though that\u2019s partly because pending sales were dropping at this time last year).<\/span><\/p>\n

\u201cSome people are selling right now because they\u2019re concerned home values will go down, though that\u2019s definitely not a foregone conclusion,\u201d said Ali Mafi<\/a>, a Redfin Premier<\/a> agent in San Francisco<\/a>. \u201cOthers are noticing an uptick in demand and testing the waters. My best advice for homeowners who are selling right now is to be realistic: Even though there are a few more buyers out there, this isn\u2019t 2021. Price your home fairly so it will sell as fast as possible.\u201d<\/span><\/p>\n

Buyers\u2019 budgets continue to take a hit with prices rising in much of the country and persistently high mortgage rates. Declining affordability has led to price adjustments: Roughly 7% of U.S. homes for sale had a price drop during the four weeks ending October 22, on average, the highest share on record.\u00a0<\/span><\/p>\n

\u00a0Leading 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>\n7.98% (Oct. 25)<\/span><\/td>\nDown from 8% a week earlier, but still near its highest level in 23 years\u00a0<\/span><\/td>\nUp from 7.29%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n7.63% (week ending Oct. 19)<\/span><\/td>\nHighest level in 23 years<\/span><\/td>\nUp from 6.94%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 2% from a week earlier (as of week ending Oct. 20)<\/span><\/td>\nDown 22% to its lowest level in nearly 30 years<\/span><\/td>\nMortgage Bankers Association<\/span><\/a><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nUnchanged from a month earlier (as of the week ending Oct. 22)\u00a0<\/span><\/td>\nUp 4%<\/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 12% from a month earlier (as of Oct. 21)<\/span><\/td>\nDown 12%<\/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 October 22, 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 October 22, 2023<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$369,975<\/span><\/td>\n3.1%<\/span><\/td>\nPrices 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$384,375<\/span><\/td>\n5.4%<\/span><\/td>\nBiggest increase in a year<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,738 at a 7.63% mortgage rate<\/span><\/td>\n10%<\/span><\/td>\n$5 shy of all-time high set a week earlier<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n70,325<\/span><\/td>\n-7.3%<\/span><\/td>\nSmallest decline since April 2022, partly because pending sales fell rapidly at this time in 2022<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n81,104<\/span><\/td>\n0.3%<\/span><\/td>\nFirst increase since July 2022<\/span><\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n841,697<\/span><\/td>\n-12%<\/span><\/td>\nSmallest decline since July\u00a0<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.5 months<\/span><\/td>\n+0.2 pts.\u00a0<\/span><\/td>\nHighest level since February<\/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>\n38.3%<\/span><\/td>\nUp from 35%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n33<\/span><\/td>\n-3\u00a0 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n29.8%<\/span><\/td>\nUp from 28%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n6.8%<\/span><\/td>\n+0.1 pt.<\/span><\/td>\nRecord high\u00a0<\/span><\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99.1%<\/span><\/td>\n+0.3 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 October 22, 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 decreases<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\nWest Palm Beach, FL (13.1%)<\/span><\/p>\n

Newark, NJ (13%)<\/span><\/p>\n

Anaheim, CA (12.2%)<\/span><\/p>\n

New Brunswick, NJ (11.4%)<\/span><\/p>\n

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

Austin, TX (-5.9%)<\/span><\/p>\n

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

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

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

Tampa, FL (-1.3%)<\/span><\/p>\n

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

Phoenix (-0.4%)<\/span><\/td>\n

Declined in 7 metros\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\nWest Palm Beach, FL (9.8%)<\/span><\/p>\n

Orlando, FL (7.5%)<\/span><\/p>\n

Jacksonville, FL (3.7%)<\/span><\/p>\n

Fort Lauderdale, FL (2.6%)<\/span><\/p>\n

Cleveland, OH (1.2%)<\/span><\/td>\n

Portland, OR (-21.2%)<\/span><\/p>\n

Sacramento, CA (-18.7%)<\/span><\/p>\n

Virginia Beach, VA (-18.3%)<\/span><\/p>\n

Newark, NJ (-16.6%)<\/span><\/p>\n

Atlanta (-16.4%)<\/span><\/td>\n

Declined in all but 7 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nOrlando, FL (18.7%)<\/span><\/p>\n

West Palm Beach, FL (13.7%)<\/span><\/p>\n

Miami, FL (13.6%)<\/span><\/p>\n

Jacksonville, FL (11.4%)<\/span><\/p>\n

Fort Lauderdale, FL (11.3%)<\/span><\/td>\n

Atlanta (-24.9%)<\/span><\/p>\n

Portland, OR (-14.5%)<\/span><\/p>\n

Nashville, TN (-13.2%)<\/span><\/p>\n

Columbus, OH (-12.7%)<\/span><\/p>\n

Chicago (-12.1%)<\/span><\/td>\n

Increased in 14 metros (5 biggest increases all in Florida)<\/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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 <\/p>\n","protected":false},"excerpt":{"rendered":"

New listings have posted their first annual increase since July 2022 as some sellers tire of waiting for mortgage rates to come down and others worry that prices will decline.\u00a0\u00a0 New listings of homes for sale rose 0.3% from a year earlier during the four weeks ending October 22\u2013a small increase, but the first since […]<\/p>\n","protected":false},"author":13153,"featured_media":76978,"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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