{"id":77165,"date":"2023-12-07T05:00:59","date_gmt":"2023-12-07T13:00:59","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77165"},"modified":"2023-12-06T16:54:11","modified_gmt":"2023-12-07T00:54:11","slug":"housing-market-update-mortgage-rates-decline-listings-increase","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-mortgage-rates-decline-listings-increase\/","title":{"rendered":"Housing Market Update: Buyers Get Early Holiday Gift as Rates Come Down and New Listings Rise"},"content":{"rendered":"

Prices are falling from a year ago in four Texas metros\u2013Austin, San Antonio, Houston and Fort Worth\u2013and in Portland, OR. Redfin predicts price declines will become more widespread in the new year.<\/span><\/i><\/p>\n

Homebuying is becoming more affordable as mortgage rates continue declining. The median U.S. housing payment was $2,561 during the four weeks ending December 3, down $177 from the record high it hit in October. That\u2019s spurring action from sidelined homebuyers and sellers.\u00a0<\/span><\/p>\n

Mortgage-purchase applications are up 15% from the 28-year low they dropped to at the start of November.\u00a0 New listings are up 7% year over year, the biggest increase since August 2021, and the number of homeowners contacting Redfin for help selling their home is up by double digits from a year ago.\u00a0\u00a0<\/span><\/p>\n

Mortgage rates are coming down because economic events are tilting in the housing market\u2019s favor. This week, a softer-than-expected <\/span>report<\/span><\/a> on job openings is another piece of evidence on a growing pile that the Fed may cut interest rates sooner than anticipated. The daily average 30-year fixed rate was <\/span>7.04%<\/span><\/a> on December 6, down from 8% six weeks earlier and its lowest level since the start of August.<\/span><\/p>\n

\u201cWith the hope of a few more homes coming on the market, buyers who can afford 7% mortgage rates or pay in cash have some bargaining power,\u201d said Phoenix Redfin Premier Van Welborn<\/a>. \u201cPeople are taking their time looking at multiple homes, and they\u2019re able to back out if the inspection uncovers problems because they can wait for something better to come on the market. But there isn\u2019t much wiggle room on price: I\u2019m advising buyers to be reasonable with their offers because home values are still relatively high and sellers don\u2019t want to let go of their home for less than what they feel it\u2019s worth.\u201d<\/span><\/p>\n

Home prices are falling from a year ago in five of the 50 most populous U.S. metros. Redfin predicts prices will start declining in more metros in 2024<\/a>, though they still have room to grow in inexpensive parts of the country. <\/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>\n7.04% (Dec. 6)<\/span><\/td>\nDown from 7.22% a week earlier; lowest level since the beginning of August<\/span><\/td>\nUp from 6.33%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n7.22% (week ending Nov. 30)<\/span><\/td>\nDown from two-decade high of 7.79% six weeks earlier<\/span><\/td>\nUp from 6.49%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nEssentially unchanged from a week earlier (as of week ending Dec. 1)<\/span><\/td>\nDown 17%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 3% from a month earlier (as of the week ending Dec. 3)\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 4% from a month earlier (as of Dec. 2)<\/span><\/td>\nDown 4%<\/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 Dec.3)<\/span><\/td>\nAt this time last year, it was down 37% 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 December 3, 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 December 3, 2023<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$364,166<\/span><\/td>\n4.1%<\/span><\/td>\nPrices are up partly because rapidly rising mortgage rates were hampering prices during this time last year<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$371,163<\/span><\/td>\n6.7%<\/span><\/td>\nBiggest increase since Sept. 2022<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,561 at a 7.22% mortgage rate<\/span><\/td>\n15%<\/span><\/td>\nDown $177 from all-time high set during the four weeks ending Oct. 22. Lowest level since August.\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n59,434<\/span><\/td>\n-7.4%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n61,465<\/span><\/td>\n7.1%<\/span><\/td>\nBiggest uptick since August 2021. 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>\n853,529<\/span><\/td>\n-6.2%<\/span><\/td>\nSmallest decline since June.\u00a0\u00a0<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4.1 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>\n31.4%<\/span><\/td>\nUp from 28%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n35<\/span><\/td>\n-3\u00a0 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n26.7%<\/span><\/td>\nUp from 25%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n5.5%<\/span><\/td>\n+0.3 pts.<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.7%<\/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 December 3, 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 (18.6%)<\/span><\/p>\n

Fort Lauderdale, FL (12%)<\/span><\/p>\n

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

New Brunswick, NJ (10.5%)<\/span><\/p>\n

San Diego, CA (10.3%)<\/span><\/td>\n

Austin, TX (-9.6%)<\/span><\/p>\n

San Antonio, TX (-2.1%)<\/span><\/p>\n

Houston (-0.9%)<\/span><\/p>\n

Portland, OR (-0.8%)<\/span><\/p>\n

Fort Worth, TX (-0.5%)<\/span><\/td>\n

Declined in 5 metros\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\nSan Jose, CA (7.3%)<\/span><\/p>\n

Austin, TX (2.1%)<\/span><\/p>\n

Milwaukee (1%)<\/span><\/p>\n

Fort Worth, TX (0.6%)<\/span><\/p>\n

Los Angeles (0.4%)<\/span><\/td>\n

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

Cincinnati, OH (-21.8%)<\/span><\/p>\n

New York (-17.9%)<\/span><\/p>\n

Providence, RI (-17.4%)<\/span><\/p>\n

Boston (-16.1%)<\/span><\/td>\n

Increased in 5 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nOrlando, FL (27.6%)<\/span><\/p>\n

Phoenix (20.7%)<\/span><\/p>\n

West Palm Beach, FL (16.2%)<\/span><\/p>\n

Las Vegas (14.8%)<\/span><\/p>\n

Miami (14.7%)<\/span><\/td>\n

Cleveland, OH (-17.8%)<\/span><\/p>\n

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

San Francisco (-15%)<\/span><\/p>\n

Oakland, CA (-7.2%)<\/span><\/p>\n

Boston (-7.1%)<\/span><\/td>\n

Declined in 12 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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Prices are falling from a year ago in four Texas metros\u2013Austin, San Antonio, Houston and Fort Worth\u2013and in Portland, OR. Redfin predicts price declines will become more widespread in the new year. Homebuying is becoming more affordable as mortgage rates continue declining. The median U.S. housing payment was $2,561 during the four weeks ending December […]<\/p>\n","protected":false},"author":13153,"featured_media":77179,"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-77165","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 Get Early Holiday Gift as Rates Come Down and New Listings Rise - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"Prices are falling from a year ago in four Texas metros\u2013Austin, San Antonio, Houston and Fort Worth\u2013and in Portland, OR. 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