{"id":77267,"date":"2023-12-28T05:00:30","date_gmt":"2023-12-28T13:00:30","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77267"},"modified":"2023-12-27T13:32:18","modified_gmt":"2023-12-27T21:32:18","slug":"housing-market-update-demand-improving-new-listings-rising","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-demand-improving-new-listings-rising\/","title":{"rendered":"Housing Market Update: Homebuying Demand Shows Early Signs of Rebound Following Weeks of Declining Mortgage Rates and Increasing Listings"},"content":{"rendered":"

Declining mortgage rates and a double-digit increase in new listings are bringing house hunters off the sidelines, with pending sales posting their smallest decline in about 20 months.\u00a0<\/span><\/i><\/p>\n

We\u2019re taking a break from analysis this week, but please see the tables and charts below for this week\u2019s housing-market data. We\u2019ll be back with full commentary in next week\u2019s report. Happy holidays!<\/span><\/p>\n

Leading indicators<\/h4>\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>\n6.61% (Dec. 27)<\/span><\/td>\nLowest level since May<\/span><\/td>\nUp slightly from 6.50%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.67% (week ending Dec. 21)<\/span><\/td>\nLowest level since June<\/span><\/td>\nUp from 6.27%<\/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; up 7% from a month earlier (as of week ending Dec. 15, the most recent week for which data is available)<\/span><\/td>\nDown 18%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 6% from a month earlier (as of the week ending Dec. 24)\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>\nUp 8% from a month earlier (as of Dec. 23)<\/span><\/td>\nUnchanged<\/span><\/td>\nGoogle Trends<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Key housing-market data<\/h4>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
U.S. highlights: Four weeks ending December 24, 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 24, 2023<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$364,250<\/span><\/td>\n4.5%<\/span><\/td>\nBiggest increase since Oct. 2022. Prices 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$363,484<\/span><\/td>\n5.1%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,401 at a 6.67% mortgage rate<\/span><\/td>\n7.3%<\/span><\/td>\nDown $334 (-12.2%) from all-time high set during the four weeks ending Oct. 22. Lowest level since February.<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n57,600<\/span><\/td>\n-4%<\/span><\/td>\nSmallest decline since March 2022<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n53,243<\/span><\/td>\n12.2%<\/span><\/td>\nBiggest uptick since June 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>\n817,863<\/span><\/td>\n-3.8%<\/span><\/td>\nSmallest decline since June<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.6 months<\/span><\/td>\n+0.2 pts.\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>\n27.4%<\/span><\/td>\nUp from 25%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n39<\/span><\/td>\n-2\u00a0 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n25%<\/span><\/td>\nUp from 23%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n5%<\/span><\/td>\n+0.8 pts.<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.5%<\/span><\/td>\n+0.5 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 24, 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 (18.2%)<\/span><\/p>\n

Newark, NJ (17%)<\/span><\/p>\n

Fort Lauderdale, FL (13.6%)<\/span><\/p>\n

West Palm Beach, FL (13.2%)<\/span><\/p>\n

Miami (12.6%)<\/span><\/td>\n

Austin, TX (-4%)<\/span><\/p>\n

Fort Worth, TX (-2.2%)<\/span><\/p>\n

San Francisco (-1.1%)<\/span><\/td>\n

Declined in 3 metros\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\nDallas (8.5%)<\/span><\/p>\n

Milwaukee (8.4%)<\/span><\/p>\n

Austin (5.1%)<\/span><\/p>\n

Orlando, FL (5%)<\/span><\/p>\n

Fort Worth, TX (4.6%)<\/span><\/td>\n

Providence, RI (-15.2%)<\/span><\/p>\n

Virginia Beach, VA (-10.6%)<\/span><\/p>\n

Jacksonville, FL (-10.2%)<\/span><\/p>\n

West Palm Beach (-10.2%)<\/span><\/p>\n

Tampa, FL (-9.6%)<\/span><\/td>\n

Increased in 14 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nPhoenix (31.5%)<\/span><\/p>\n

San Antonio (25.6%)<\/span><\/p>\n

Dallas (21.4%)<\/span><\/p>\n

Washington, D.C. (20.6%)<\/span><\/p>\n

Montgomery County, PA (19.6%)<\/span><\/td>\n

San Francisco (-25.7%)<\/span><\/p>\n

Indianapolis, IN (-12.8%)<\/span><\/p>\n

Atlanta (-11.5%)<\/span><\/p>\n

Warren, MI (-6.4%)<\/span><\/p>\n

Newark (-3.9%)<\/span><\/td>\n

Declined in 10 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

\"\" \"\" \"\" \"\" \"\" \"\" \"\" \"\" \"\" \"\" \"\" \"\" \"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Declining mortgage rates and a double-digit increase in new listings are bringing house hunters off the sidelines, with pending sales posting their smallest decline in about 20 months.\u00a0 We\u2019re taking a break from analysis this week, but please see the tables and charts below for this week\u2019s housing-market data. We\u2019ll be back with full commentary […]<\/p>\n","protected":false},"author":13153,"featured_media":77268,"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 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