{"id":77135,"date":"2023-11-30T05:00:46","date_gmt":"2023-11-30T13:00:46","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77135"},"modified":"2023-12-01T12:56:20","modified_gmt":"2023-12-01T20:56:20","slug":"housing-market-update-monthly-payments-mortgage-rates-down","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-monthly-payments-mortgage-rates-down\/","title":{"rendered":"Housing Market Update: Monthly Mortgage Payments Fall; New Listings Post Biggest Annual Uptick in Over 2 Years"},"content":{"rendered":"

The median monthly mortgage payment has declined more than $150 from its peak to its lowest level since August. Another piece of good news for buyers: New listings are seeing their biggest year-over-year increase since summer 2021. <\/span><\/i><\/p>\n

Housing payments have declined for the fifth week in a row. The typical U.S. homebuyer\u2019s monthly mortgage payment was $2,575 during the four weeks ending November 26, down $164 from a peak of $2,739 last month but up 13% year over year.\u00a0<\/span><\/p>\n

Monthly payments are falling from their peak because mortgage rates are falling from their peak. The weekly average 30-year mortgage rate is <\/span>7.29%<\/span><\/a>, down from a high of 7.79% in October, and the daily average is <\/span>7.13%<\/span><\/a> as of November 29, its lowest level since the start of September. Rates have declined enough to offset rising home prices; the median sale price is up 4%. Prices are up because inventory is low; the total number of homes for sale is down 7% year over year. But there is hope for buyers wanting more homes to choose from: New listings are up 6%, the biggest uptick in over two years. Buyers are taking note of slightly improved conditions: Mortgage-purchase applications are <\/span>up 5%<\/span><\/a> week over week.\u00a0<\/span><\/p>\n

“Mortgage rates are dropping due to easing inflation and investors <\/span>betting<\/span><\/a> the Fed will cut interest rates sooner than expected,” said Redfin Economics Research Lead Chen Zhao. “Declining rates, along with a sizable year-over-year increase in new listings, are leading to more favorable conditions for some buyers. My advice for serious homebuyers is to compare housing costs to recent highs instead of long-ago lows. Housing costs are at their lowest level in three months and it’s unlikely they will drop significantly anytime soon. That makes it a relatively good time to lock in a rate.”<\/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>\n7.13% (Nov. 29)<\/span><\/td>\nDown from 7.3% a week earlier; near lowest level since start if September<\/span><\/td>\nUp from 6.62%<\/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 5% from a week earlier (as of week ending Nov. 24)<\/span><\/td>\nDown 19%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 2% from a month earlier (as of the week ending Nov. 26)\u00a0<\/span><\/td>\nDown 5%<\/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 13% from a month earlier (as of Nov. 25)<\/span><\/td>\nFlat<\/span><\/td>\nGoogle Trends<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nDown 38% from the start of the year (as of Nov. 23)<\/span><\/td>\nAt this time last year, it was down 40% 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 26, 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 26, 2023<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$364,730<\/span><\/td>\n4.2%<\/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$371,225<\/span><\/td>\n6%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,575 at a 7.29% mortgage rate<\/span><\/td>\n13%<\/span><\/td>\nDown $164 from all-time high set a month earlier. Lowest level in 3 months.\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n61,217<\/span><\/td>\n-6.9%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n64,576<\/span><\/td>\n5.8%<\/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>\n856,016<\/span><\/td>\n-7%<\/span><\/td>\nSmallest decline since June.\u00a0\u00a0<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4.2 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>\n33.7%<\/span><\/td>\nUp from 30%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n35<\/span><\/td>\n-2\u00a0 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n27.3%<\/span><\/td>\nUp from 26%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n5.7%<\/span><\/td>\n+0.3 pts.<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.8%<\/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 26, 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 (19.3%)<\/span><\/p>\n

San Diego, CA (13%)<\/span><\/p>\n

Cincinnati, OH (12.3%)<\/span><\/p>\n

Miami (10.5%)<\/span><\/p>\n

Providence, RI (9.9%)<\/span><\/td>\n

Austin, TX (-9.2%)<\/span><\/p>\n

San Antonio, TX (-1.7%)<\/span><\/p>\n

Portland, OR (-1.3%)<\/span><\/p>\n

Detroit (-0.8%)<\/span><\/p>\n

Houston (-0.5%)<\/span><\/p>\n

Nashville, TN (-0.2%)<\/span><\/p>\n

Denver (-0.1%)<\/span><\/td>\n

Declined in 7 metros\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\nSan Jose, CA (15.3%)<\/span><\/p>\n

Columbus, OH (3.7%)<\/span><\/p>\n

Detroit (1.3%)<\/span><\/td>\n

Cincinnati, OH (-21.9%)<\/span><\/p>\n

New York (-18.7%)<\/span><\/p>\n

New Brunswick, NJ (-15.4%)<\/span><\/p>\n

Providence, RI (-15.3%)<\/span><\/p>\n

Portland, OR (-14.1%)<\/span><\/td>\n

Increased in 3 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nOrlando, FL (22.5%)<\/span><\/p>\n

San Jose, CA (21.5%)<\/span><\/p>\n

Phoenix (16.9%)<\/span><\/p>\n

West Palm Beach, FL (16.7%)<\/span><\/p>\n

Houston (13.4%)<\/span><\/td>\n

Atlanta (-14.9%)<\/span><\/p>\n

San Francisco (-11.7%)<\/span><\/p>\n

Seattle (-11%)<\/span><\/p>\n

Providence, RI (-8.4%)<\/span><\/p>\n

Portland, OR (-6.8%)<\/span><\/td>\n

Declined in 14 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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The median monthly mortgage payment has declined more than $150 from its peak to its lowest level since August. Another piece of good news for buyers: New listings are seeing their biggest year-over-year increase since summer 2021. Housing payments have declined for the fifth week in a row. The typical U.S. homebuyer\u2019s monthly mortgage payment […]<\/p>\n","protected":false},"author":13153,"featured_media":77136,"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],"coauthors":[124],"class_list":["post-77135","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: Typical Homebuyer\u2019s Monthly Payment Falls to Lowest Level in 3 Months As Mortgage Rates Tick Down<\/title>\n<meta name=\"description\" content=\"The median monthly mortgage payment has declined more than $150 from its peak to its lowest level since August. Another piece of good news for buyers: New listings are seeing their biggest year-over-year increase since 2021.\" \/>\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-monthly-payments-mortgage-rates-down\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Housing Market Update: Monthly Mortgage Payments Fall; New Listings Post Biggest Annual Uptick in Over 2 Years\" \/>\n<meta property=\"og:description\" content=\"The median monthly mortgage payment has declined more than $150 from its peak to its lowest level since August. 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