{"id":77112,"date":"2023-11-22T10:06:40","date_gmt":"2023-11-22T18:06:40","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77112"},"modified":"2023-11-22T10:06:40","modified_gmt":"2023-11-22T18:06:40","slug":"housing-market-update-listings-rise-mortgage-rates-fall","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-listings-rise-mortgage-rates-fall\/","title":{"rendered":"Housing Market Update: Buyers Have a Few Things to Be Thankful For This Week, With Listings Rising and Mortgage Rates Falling"},"content":{"rendered":"

New listings posted their biggest year-over-year increase since 2021 during the four weeks ending November 19. The median monthly mortgage payment has fallen more than $100 over the last month as rates dropped from 8% to 7.3%. Buyers are acting on the good news: Mortgage-purchase applications increased 4% this week to their highest level in six weeks.\u00a0<\/span><\/i><\/p>\n

We\u2019re taking a break from analysis this week, but please see the bullet points and charts below for this week\u2019s housing-market data. We\u2019ll be back with full commentary in next week\u2019s report. Happy Thanksgiving!<\/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>\n7.32% (Nov. 22)<\/span><\/td>\nDown from 7.58% a week earlier; lowest level since mid-September<\/span><\/td>\nUp from 6.64%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n7.29% (week ending Nov. 22)<\/span><\/td>\nDown from two-decade high of 7.79% a month earlier; fourth straight week of declines<\/span><\/td>\nUp from 6.61%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 4% from a week earlier (as of week ending Nov. 17)<\/span><\/td>\nDown 20%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 3% from a month earlier (as of the week ending Nov. 19)\u00a0<\/span><\/td>\nDown 7%<\/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 11% from a month earlier (as of Nov. 18)<\/span><\/td>\nDown 7%<\/span><\/td>\nGoogle Trends<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nDown 23% from the start of the year (as of Nov. 20)<\/span><\/td>\nAt this time last year, it was also down 35% 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 19, 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 19, 2023<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$367,750<\/span><\/td>\n4.6%<\/span><\/td>\nBiggest increase in over 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$377,099<\/span><\/td>\n6.3%<\/span><\/td>\nBiggest increase in over a year<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,616 at a 7.29% mortgage rate<\/span><\/td>\n13%<\/span><\/td>\nDown $124 from all-time high set a month earlier<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n66,456<\/span><\/td>\n-8%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n73,891<\/span><\/td>\n5.2%<\/span><\/td>\nBiggest uptick in over two years. 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>\n871,492<\/span><\/td>\n-7.3%<\/span><\/td>\nSmallest decline since June. Near 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>\n34.8%<\/span><\/td>\nUp from 31%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n34<\/span><\/td>\n-3\u00a0 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n27.9%<\/span><\/td>\nUp from 26%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n6.5%<\/span><\/td>\n+0.2 pts.<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.9%<\/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 19, 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 (17.4%)<\/span><\/p>\n

Cincinnati, OH (12.6%)<\/span><\/p>\n

San Diego, CA (12.6%)<\/span><\/p>\n

Baltimore, MD (10.2%)<\/span><\/p>\n

West Palm Beach, FL (9.9%)<\/span><\/td>\n

Austin, TX (-9.3%)<\/span><\/p>\n

San Antonio, TX (-3.4%)<\/span><\/p>\n

Portland, OR (-1.9%)<\/span><\/p>\n

Fort Worth, TX (-1.2%)<\/span><\/td>\n

Declined in 4 metros\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\nSan Jose, CA (14.2%)<\/span><\/p>\n

Columbus, OH (4.2%)<\/span><\/p>\n

Las Vegas (1.2%)<\/span><\/td>\n

Cincinnati, OH (-22.3%)<\/span><\/p>\n

New York (-19.1%)<\/span><\/p>\n

Portland, OR (-18.4%)<\/span><\/p>\n

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

New Brunswick, NJ (-15.1%)<\/span><\/td>\n

Increased in 3 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (25.6%)<\/span><\/p>\n

Phoenix (20.8%)<\/span><\/p>\n

West Palm Beach, FL (18.5%)<\/span><\/p>\n

Orlando, FL (16.5%)<\/span><\/p>\n

Pittsburgh, PA (13.2%)<\/span><\/td>\n

Atlanta (-16.1%)<\/span><\/p>\n

San Francisco (-10.3%)<\/span><\/p>\n

Seattle (-10.3%)<\/span><\/p>\n

Newark, NJ (-8.8%)<\/span><\/p>\n

Providence, RI (-5.5%)<\/span><\/td>\n

Declined in 16 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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New listings posted their biggest year-over-year increase since 2021 during the four weeks ending November 19. The median monthly mortgage payment has fallen more than $100 over the last month as rates dropped from 8% to 7.3%. Buyers are acting on the good news: Mortgage-purchase applications increased 4% this week to their highest level in […]<\/p>\n","protected":false},"author":13153,"featured_media":77127,"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-77112","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: Buyers Have a Few Things to Be Thankful For This Week, With Listings Rising and Mortgage Rates Falling<\/title>\n<meta name=\"description\" content=\"New listings posted their biggest year-over-year increase since 2021 during the four weeks ending November 19. 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