{"id":77288,"date":"2024-01-04T05:00:54","date_gmt":"2024-01-04T13:00:54","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77288"},"modified":"2024-01-04T09:35:18","modified_gmt":"2024-01-04T17:35:18","slug":"housing-market-update-monthly-payments-drop","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-monthly-payments-drop\/","title":{"rendered":"Housing Market Update: Homebuyers\u2019 Monthly Payments Drop to Lowest Level in Nearly a Year, Bringing Back Some House Hunters"},"content":{"rendered":"

The median U.S. housing payment is down nearly $400 from its October peak, enticing some sidelined buyers to get back in the game. Redfin\u2019s Demand Index, which measures early-stage demand, is up 10% from a month ago.<\/span><\/i><\/p>\n

The median U.S. mortgage payment was $2,361 during the four weeks ending December 31, down $372 (-14%) from October\u2019s all-time high to its lowest level in nearly a year. The weekly average mortgage rate dipped to <\/span>6.61%<\/span><\/a> at the end of December, down from a 23-year high of 7.79% in late October.\u00a0<\/span><\/p>\n

Early-stage homebuying demand is starting to pick up as buyers take advantage of lower rates and more homes to choose from (new listings are up 10% year over year). Redfin\u2019s Homebuyer Demand Index\u2013a seasonally adjusted measure of requests for tours and other homebuying services from Redfin agents\u2013is up 10% from a month ago to its highest level since August. Pending sales are down just 3% annually, the smallest decline in two years.\u00a0<\/span><\/p>\n

\u201cThere have been more tours and more offers on my listings since mortgage rates started declining,\u201d said Las Vegas<\/a> Redfin Premier agent Shay Stein<\/a>. \u201cIt\u2019s all about perspective: Two years ago, buyers would have cried about a 6% mortgage rate. Now, they\u2019re happy they\u2019ve dropped down to the mid-6\u2019s.\u201d<\/span><\/p>\n

Leading indicators<\/h3>\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>\n6.7% (Jan. 3)<\/span><\/td>\nUp from 6.61% a week earlier<\/span><\/td>\nUp from 6.45%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.61% (week ending Dec. 28)<\/span><\/td>\nLowest level since May<\/span><\/td>\nUp from 6.42%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 5% from two weeks earlier; down 3% from a month earlier (as of week ending Dec. 29)<\/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>\nHighest level since August; Up 10% from a month earlier (as of the week ending Dec. 31)\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 3% from a month earlier (as of Dec. 30)<\/span><\/td>\nDown 20%<\/span><\/td>\nGoogle Trends<\/span><\/a>\u00a0<\/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 31, 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 31, 2023<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$363,371<\/span><\/td>\n4.4%<\/span><\/td>\nBiggest increase since Oct. 2022.\u00a0<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$359,236<\/span><\/td>\n4.3%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,361 at a 6.61% mortgage rate<\/span><\/td>\n5.4%<\/span><\/td>\nDown $372 (-14%) from all-time high set during the four weeks ending Oct. 22. Lowest level since Feb.<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n52,552<\/span><\/td>\n-3.3%<\/span><\/td>\nSmallest decline since Jan. 2022.<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n44,297<\/span><\/td>\n9.5%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n789,516<\/span><\/td>\n-3.9%<\/span><\/td>\nSmallest decline since June<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.8 months<\/span><\/td>\n+0.3 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>\n26.5%<\/span><\/td>\nUp from 25%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n41<\/span><\/td>\n-2\u00a0 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n24.2%<\/span><\/td>\nUp from 23%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n3.9%<\/span><\/td>\n+0.5 pts.<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.4%<\/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 31, 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>\nNewark, NJ (18.2%)<\/span><\/p>\n

Anaheim, CA (18.1%)<\/span><\/p>\n

West Palm Beach, FL (15.2%)<\/span><\/p>\n

Fort Lauderdale, FL (15.1%)<\/span><\/p>\n

Miami (11.7%)<\/span><\/td>\n

Fort Worth, TX (-3.1%)<\/span><\/p>\n

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

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

Denver (-0.4%)<\/span><\/td>\n

Declined in 4 metros\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\nDallas (11.3%)<\/span><\/p>\n

Milwaukee (9.3%)<\/span><\/p>\n

Cleveland, OH (6.3%)<\/span><\/p>\n

San Jose, CA (5.6%)<\/span><\/p>\n

Chicago (5.6%)<\/span><\/td>\n

Providence, RI (-15.4%)<\/span><\/p>\n

New Brunswick, NJ (-13.6%)<\/span><\/p>\n

Newark, NJ (-12.5%)<\/span><\/p>\n

New York (-10.8%)<\/span><\/p>\n

Atlanta (-10%)<\/span><\/td>\n

Increased in 13 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nPhoenix (23.5%)<\/span><\/p>\n

Montgomery County, PA (21.9%)<\/span><\/p>\n

Austin, TX (20.9%)<\/span><\/p>\n

San Antonio, TX (18.3%)<\/span><\/p>\n

Dallas (16.4%)<\/span><\/td>\n

San Francisco (-35.3%)<\/span><\/p>\n

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

Providence, RI (-9.8%)<\/span><\/p>\n

Indianapolis, IN (-6.9%)<\/span><\/p>\n

Warren, MI (-5.6%)<\/span><\/td>\n

Declined in 11 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 U.S. housing payment is down nearly $400 from its October peak, enticing some sidelined buyers to get back in the game. Redfin\u2019s Demand Index, which measures early-stage demand, is up 10% from a month ago. The median U.S. mortgage payment was $2,361 during the four weeks ending December 31, down $372 (-14%) from […]<\/p>\n","protected":false},"author":13153,"featured_media":77302,"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":[623,655,654],"coauthors":[124],"class_list":["post-77288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-weekly-market-update","tag-national","tag-weekly-market-tracker","tag-weekly-market-update"],"acf":[],"yoast_head":"\nHousing Market Update: Homebuyers\u2019 Monthly Payments Drop to Lowest Level in Nearly a Year, Bringing Back Some House Hunters<\/title>\n<meta name=\"description\" content=\"The median U.S. housing payment is down nearly $400 from its October peak, enticing some sidelined buyers to get back in the game. 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