{"id":77093,"date":"2023-11-16T05:00:16","date_gmt":"2023-11-16T13:00:16","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77093"},"modified":"2023-11-15T16:13:19","modified_gmt":"2023-11-16T00:13:19","slug":"housing-market-update-demand-new-listings-tick-up","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-demand-new-listings-tick-up\/","title":{"rendered":"Housing Market Update: Mortgage Applications Tick Up As Rates Drop From Peak, New Listings Rise"},"content":{"rendered":"

It\u2019s a chicken-or-egg situation for homebuyers and sellers. Demand is rising partly due to an uptick in new listings, and listings are increasing partly because sellers are noticing more buyers enter the market.<\/span><\/i><\/p>\n

Mortgage-purchase applications are on the rise. <\/b>Mortgage-purchase applications <\/span>rose 3%<\/span><\/a> from a week earlier during the week ending November 10, bringing them to their highest level in five weeks. That marks the second straight week of increases. And while pending home sales were down 8% year over year during the four weeks ending November 12%, that\u2019s one of the smallest declines since April 2022. House hunters are coming off the sidelines because mortgage rates are dropping from their peak: <\/span>Average rates<\/span><\/a> have declined from a two-decade high of 8% to the 7.4% range in the last month.\u00a0<\/span><\/p>\n

Promising inflation report = good news for rates. <\/b>Mortgage rates are declining partly because this week\u2019s CPI report shows that inflation is easing. That means it\u2019s <\/span>almost certain<\/span><\/a> the Fed won\u2019t hike interest rates again this year\u2013and they may start cutting rates earlier than expected.\u00a0<\/span><\/p>\n

More sellers are jumping in, too. <\/b>New listings of homes for sale are up 3% from a year earlier, the biggest increase in two years and just the second increase since July 2022 (the first was last week). The total number of homes for sale is near its highest level since the start of the year. There\u2019s a variety of reasons why more homeowners are putting their homes on the market: Some are noticing the small uptick in homebuyer demand, some are worried home prices are going to decline if they wait any longer, and others are ready to give up their low mortgage rate after realizing rates are unlikely to drop back to pandemic-era levels anytime 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>\n7.45% (Nov. 15)<\/span><\/td>\nDown slightly from 7.48% a week earlier, close to lowest level since mid-September<\/span><\/td>\nUp from 6.65%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n7.5% (week ending Nov. 9)<\/span><\/td>\nDown from two-decade high of 7.79% two weeks earlier<\/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>\nUp 3% from a week earlier (as of week ending Nov. 10)<\/span><\/td>\nDown 12%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nEssentially unchanged from a month earlier (as of the week ending Nov. 12)\u00a0<\/span><\/td>\nDown 6%<\/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 Nov. 11)<\/span><\/td>\nDown 10%<\/span><\/td>\nGoogle Trends<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nDown 30% from the start of the year (as of Nov. 6)<\/span><\/td>\nAt this time last year, it was also down 30% 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 November 12, 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 November 12, 2023<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$367,998<\/span><\/td>\n4.2%<\/span><\/td>\nBiggest increase in a year. 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$378,549<\/span><\/td>\n5.6%<\/span><\/td>\nBiggest increase in over a year<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,670 at a 7.5% mortgage rate<\/span><\/td>\n13%<\/span><\/td>\nDown $70 from the all-time high set 3 weeks earlier<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n66,773<\/span><\/td>\n-8%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n75,912<\/span><\/td>\n3.3%<\/span><\/td>\nSecond year-over-year increase since July 2022. 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>\n864,976<\/span><\/td>\n-8.7%<\/span><\/td>\nSmallest decline since July. Close to their highest level since the start of 2023.\u00a0\u00a0<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.7 months<\/span><\/td>\n+0.1 pt.\u00a0<\/span><\/td>\n4 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>\n35.8%<\/span><\/td>\nUp from 32%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n34<\/span><\/td>\n-2\u00a0 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n28.6%<\/span><\/td>\nUp from 27%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n6.7%<\/span><\/td>\n+0.2 pts.<\/span><\/td>\nRecord high (tied with previous week)<\/span><\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99%<\/span><\/td>\n+0.4 pts.\u00a0<\/span><\/td>\nLowest level since April<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n\n\n\n\n\n\n\n
Metro-level highlights: Four weeks ending November 12, 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>\nAnaheim, CA (12.9%)<\/span><\/p>\n

Cincinnati, OH (12%)<\/span><\/p>\n

San Diego, CA (11.9%)<\/span><\/p>\n

Providence, RI (10.9%)<\/span><\/p>\n

Newark, NJ (10.4%)<\/span><\/td>\n

Austin, TX (-8.1%)<\/span><\/p>\n

San Antonio, TX (-3.1%)<\/span><\/p>\n

Detroit, MI (-1.2%)<\/span><\/p>\n

Fort Worth, TX (-1%)<\/span><\/p>\n

Tampa, FL (-0.5%)<\/span><\/p>\n

Nashville, TN (-0.5%)<\/span><\/td>\n

Declined in 6 metros\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\nSan Jose, CA (12%)<\/span><\/p>\n

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

Detroit (0.7%)<\/span><\/p>\n

Anaheim, CA (unchanged)<\/span><\/i><\/p>\n

San Francisco (unchanged)<\/span><\/i><\/td>\n

Portland, OR (-22.6%)<\/span><\/p>\n

Providence, RI (-17%)<\/span><\/p>\n

Virginia Beach, VA (-16.8%)<\/span><\/p>\n

New Brunswick, NJ (-16.2%)<\/span><\/p>\n

New York (-15.7%)<\/span><\/td>\n

Increased in 3 metros, stayed the same in 2, and declined in the others\u00a0<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (24%)<\/span><\/p>\n

West Palm Beach, FL (19.7%)<\/span><\/p>\n

Phoenix (15.8%)<\/span><\/p>\n

Tampa, FL (12.3%)<\/span><\/p>\n

Montgomery County, PA (11.2%)<\/span><\/td>\n

Atlanta (-17.8%)<\/span><\/p>\n

Portland, OR (-15.9%)<\/span><\/p>\n

Seattle (-9.7%)<\/span><\/p>\n

Indianapolis, IN (-9.2%)<\/span><\/p>\n

Newark, NJ (-9.1%)<\/span><\/td>\n

Declined in roughly half the 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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It\u2019s a chicken-or-egg situation for homebuyers and sellers. Demand is rising partly due to an uptick in new listings, and listings are increasing partly because sellers are noticing more buyers enter the market. Mortgage-purchase applications are on the rise. Mortgage-purchase applications rose 3% from a week earlier during the week ending November 10, bringing them […]<\/p>\n","protected":false},"author":13153,"featured_media":77107,"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-77093","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: Mortgage Applications Tick Up As Rates Drop From Peak, New Listings Rise<\/title>\n<meta name=\"description\" content=\"It\u2019s a chicken-or-egg situation for homebuyers and sellers. 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