{"id":77017,"date":"2023-11-03T05:00:17","date_gmt":"2023-11-03T12:00:17","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77017"},"modified":"2023-11-02T16:45:17","modified_gmt":"2023-11-02T23:45:17","slug":"housing-market-update-price-drops-record-high","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-price-drops-record-high\/","title":{"rendered":"Housing Market Update: A Record Share of Home Sellers Drop Prices As High Rates Cut Into Buyers\u2019 Budgets"},"content":{"rendered":"

Budgets are getting some relief right now, with daily average rates dropping considerably from 8% to 7.5% over the last week. <\/span><\/i><\/p>\n

Nearly 7% of for-sale homes posted a price drop during the four weeks ending October 29, on average, the highest portion on record. The record comes as mortgage rates hover at elevated levels, hitting their <\/span>highest level<\/span><\/a> in 23 years last week and cutting deep into buyers\u2019 budgets. High rates have forced some sellers to lower their asking price to make up for high interest rates on monthly payments. It\u2019s worth noting that buyers are getting a bit of relief this week, at least temporarily: <\/span>Economic events<\/span><\/a> sent daily average mortgage rates from 8% down to <\/span>7.5%<\/span><\/a> over the last week.\u00a0<\/span><\/p>\n

Sale prices are still up 3% from a year ago. That\u2019s partly because sale-price data is a lagging indicator, reflecting deals that went under contract a month or two ago. Growth in sale prices may slow in the coming months as it starts to reflect sales that went under contract as mortgage rates hit 8% in October.\u00a0<\/span><\/p>\n

Another reason for rising sale prices is that despite slow demand, low inventory is propping up prices. The total number of homes for sale is down 10% year over year; new listings are up 1% from a year ago\u2013just the second increase since July 2022\u2013but that\u2019s partly due to new listings falling quickly at this time last year. Price drops becoming more prevalent than ever while prices continue increasing illustrates today\u2019s bizarre housing market. Redfin agents describe a mismatch between sellers\u2019 high expectations and the reality of buyers\u2019 budgets, saying it\u2019s more important than ever for sellers to price fairly from the start to attract buyers and sell quickly.\u00a0<\/span><\/p>\n

\u201cSome sellers are pricing too high because they have FOMO after their neighbor\u2019s house sold well over asking price two years ago,\u201d said Seattle Redfin Premier<\/a> agent Patrick Beringer<\/a>. \u201cWhile low inventory is driving some competition and relatively affordable homes in popular neighborhoods are still selling fast, they\u2019re getting two or three offers as opposed to 20 offers at the height of the market. With mortgage rates in the 7.5% to 8% range, buyers simply don\u2019t have the budget they would have had two years ago or even one year ago.\u201d<\/span><\/p>\n

In the Seattle metro, for instance, the typical homebuyer\u2019s monthly mortgage payment is $232 more than it would have been a year ago. It\u2019s nearly $2,000 more than it would have been two years ago.\u00a0<\/span><\/p>\n\n\n\n\n\n\n\n
Seattle metro area: Homebuyer\u2019s typical monthly mortgage payments<\/b><\/td>\n<\/tr>\n
<\/td>\nAverage mortgage rate<\/b><\/a> (30-year fixed)<\/b><\/td>\nMedian home-sale price<\/b><\/td>\nTypical monthly mortgage payment\u00a0<\/b><\/a><\/td>\n<\/tr>\n
Late October 2021<\/b><\/td>\n3.14%<\/span><\/td>\n$723,000<\/span><\/td>\n$3,218<\/span><\/td>\n<\/tr>\n
Late October 2022<\/b><\/td>\n7.08%<\/span><\/td>\n$762,000<\/span><\/td>\n$4,863<\/span><\/td>\n<\/tr>\n
Late October 2023<\/b><\/td>\n7.76%\u00a0<\/span><\/td>\n$774,500<\/span><\/td>\n$5,095<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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>\n7.51% (Nov. 2)<\/span><\/td>\nDown from 7.9% a week earlier<\/span><\/td>\nUp from 7.09%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n7.76% (week ending Nov. 2)<\/span><\/td>\nDown slightly from 7.79% a week ago; still near highest level in 23 years<\/span><\/td>\nUp from 7.08%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 1% from a week earlier (as of week ending Oct. 27)<\/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>\nDown 6% from a month earlier (as of the week ending Oct. 29)\u00a0<\/span><\/td>\nDown 1%<\/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 6% from a month earlier (as of Oct. 28)<\/span><\/td>\nDown 12%<\/span><\/td>\nGoogle Trends<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\nDown 16% from the start of the year<\/span><\/td>\n<\/td>\nAt this time last year, it was down 27% from the start of 2022<\/span><\/td>\nShowingTime<\/span><\/a>, a home touring technology company<\/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 29, 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 29, 2023<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$369,613<\/span><\/td>\n3.4%<\/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$383,200<\/span><\/td>\n5.4%<\/span><\/td>\nBiggest increase in a year<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,757 at a 7.76% mortgage rate<\/span><\/td>\n12%<\/span><\/td>\n$16 shy of all-time high set a week earlier<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n68,693<\/span><\/td>\n-8.8%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n79,906<\/span><\/td>\n1.1%<\/span><\/td>\nSecond year-over-year increase since July 2022; the first was a week earlier. The increase is partly because new listings were falling at this time last\u00a0 year.\u00a0<\/span><\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n858,570<\/span><\/td>\n-10.2%<\/span><\/td>\nSmallest decline since July\u00a0<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.7 months<\/span><\/td>\n+0.3 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>\n37.7%<\/span><\/td>\nUp from 34%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n33<\/span><\/td>\n-2\u00a0 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n29.4%<\/span><\/td>\nUp from 28%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n6.9%<\/span><\/td>\n+0.2 pts.<\/span><\/td>\nRecord high\u00a0<\/span><\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99.1%<\/span><\/td>\n+0.4 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 29, 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>\nNewark, NJ (14.8%)<\/span><\/p>\n

San Jose, CA (13.6)<\/span><\/p>\n

Anaheim, CA (11.5%)<\/span><\/p>\n

West Palm Beach, FL (10.6%)<\/span><\/p>\n

Columbus, OH (10.3%)<\/span><\/td>\n

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

Fort Worth, TX (-3%)<\/span><\/p>\n

Tampa, FL (-1.8%)<\/span><\/p>\n

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

San Antonio, TX (-1.1%)<\/span><\/td>\n

Declined in 5 metros\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\nAustin, TX (2%)<\/span><\/p>\n

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

Las Vegas (0.2%)<\/span><\/td>\n

Portland, OR (-23.5%)<\/span><\/p>\n

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

San Antonio, TX (-21.6%)<\/span><\/p>\n

Seattle (-18.1%)<\/span><\/p>\n

Newark, NJ (-16.4%)<\/span><\/td>\n

Declined in all but 3 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nPhoenix (13.9%)<\/span><\/p>\n

San Jose, CA (12.7%)<\/span><\/p>\n

Miami (12.1%)<\/span><\/p>\n

Tampa, FL (10.7%)<\/span><\/p>\n

West Palm Beach, FL (10.6%)<\/span><\/td>\n

Atlanta (-22.5%)<\/span><\/p>\n

Portland, OR (-14.7%)<\/span><\/p>\n

Seattle (-12%)<\/span><\/p>\n

Nashville, TN (-10.2%)<\/span><\/p>\n

San Antonio, TX (-9.8%)<\/span><\/td>\n

Increased in 16 metros\u00a0<\/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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Budgets are getting some relief right now, with daily average rates dropping considerably from 8% to 7.5% over the last week. Nearly 7% of for-sale homes posted a price drop during the four weeks ending October 29, on average, the highest portion on record. The record comes as mortgage rates hover at elevated levels, hitting […]<\/p>\n","protected":false},"author":13153,"featured_media":77031,"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-77017","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":"\nHousing Market Update: A Record Share of Home Sellers Drop Prices As High Rates Cut Into Buyers\u2019 Budgets<\/title>\n<meta name=\"description\" content=\"Home sellers are adjusting to the reality of buyers\u2019 budgets as mortgage rates stay elevated. Budgets are getting some relief right now, though, with daily average rates dropping considerably from 8% to 7.5% over the last week.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/housing-market-update-price-drops-record-high\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Housing Market Update: A Record Share of Home Sellers Drop Prices As High Rates Cut Into Buyers\u2019 Budgets\" \/>\n<meta property=\"og:description\" content=\"Home sellers are adjusting to the reality of buyers\u2019 budgets as mortgage rates stay elevated. 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