{"id":77319,"date":"2024-01-11T05:00:22","date_gmt":"2024-01-11T13:00:22","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77319"},"modified":"2024-01-31T15:19:16","modified_gmt":"2024-01-31T23:19:16","slug":"housing-market-update-new-listings-demand-up","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-new-listings-demand-up\/","title":{"rendered":"Housing Market Update: The New Year Brings an Uptick in Early-Stage Demand As Mortgage Payments Fall and More Homes Hit the Market"},"content":{"rendered":"

As mortgage rates hold steady in the 6% range and new listings tick up, mortgage-purchase applications and Redfin home tours are rising.\u00a0<\/span><\/i><\/p>\n

Redfin agents report that as the new year kicks off, more sellers are listing and more buyers are going on tours and applying for mortgages as rates remain in the <\/span>mid-6%<\/span><\/a> range, down from 8% in October. Buyers are motivated by lower mortgage payments\u2013the median U.S. housing payment is down $325 (-12%) from October\u2019s all-time high\u2013and sellers are motivated by increased demand and the<\/span> lock-in effect<\/span><\/a> easing.\u00a0<\/span><\/p>\n

Mortgage-purchase applications are up 3% from a month ago, and Redfin\u2019s Homebuyer Demand Index\u2013a seasonally adjusted measure of requests for tours and other buying services from Redfin\u2019s agents\u2013is up 5% from a month ago. Pending U.S. home sales posted their smallest year-over-year decline in two years (-3%) during the four weeks ending January 7. There are 9% more new listings than there were a year ago, and while the <\/span>total <\/span><\/i>number of listings is down 3% annually, that\u2019s the smallest decline since June. <\/span><\/p>\n

“More buyers are out there touring this week; they feel optimistic now that rates have come down a bit,” said Phoenix Redfin Premier agent Heather Mahmood-Corley<\/a>. “I’m advising house hunters to start making offers now because the market feels pretty balanced. Interest rates are lower and there are more listings, but there’s not much competition yet. With activity picking up, I think prices will rise and bidding wars will become more common.”<\/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>\n6.78% (Jan. 10)<\/span><\/td>\nUp just slightly from 6.72% a week earlier<\/span><\/td>\nUp from 6.14%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.62% (week ending Jan. 4)<\/span><\/td>\nNear lowest level since May<\/span><\/td>\nUp from 6.48%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 6% from a week earlier; up 3% from a month earlier (as of week ending Jan. 5)<\/span><\/td>\nDown 16%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 5% from a month earlier (as of the week ending Jan. 7)\u00a0<\/span><\/td>\nDown 9%<\/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 10% from a month earlier (as of Jan. 8)<\/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 January 7, 2024<\/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 January 7, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$363,125<\/span><\/td>\n4.1%<\/span><\/td>\nClose to the biggest increase since Oct. 2022.\u00a0<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$364,725<\/span><\/td>\n4.9%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,399 at a 6.62% mortgage rate<\/span><\/td>\n7.4%<\/span><\/td>\nDown $325 from all-time high set during the four weeks ending Oct. 22. Near lowest level in about a year.\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n49,963<\/span><\/td>\n-2.5%<\/span><\/td>\nSmallest decline since Jan. 2022<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n44,682<\/span><\/td>\n9%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n775,467<\/span><\/td>\n-2.9%<\/span><\/td>\nSmallest decline since June<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4.2 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>\n24.9%<\/span><\/td>\nUp from 24%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n42<\/span><\/td>\n-2\u00a0 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n23.7%<\/span><\/td>\nUp from 22%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n3.9%<\/span><\/td>\n+0.4 pts.\u00a0<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.3%<\/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 January 7, 2024<\/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>\nWest Palm Beach, FL (19.1%)<\/span><\/p>\n

Newark, NJ (17.6%)<\/span><\/p>\n

Anaheim, CA (16.4%)<\/span><\/p>\n

Boston (13.1%)<\/span><\/p>\n

Miami (12.2%)<\/span><\/td>\n

Austin, TX (-3.3%)<\/span><\/p>\n

Fort Worth, TX (-3.2%)<\/span><\/p>\n

San Francisco (-2.5%)<\/span><\/p>\n

San Antonio, TX (-0.9%)<\/span><\/p>\n

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

Declined in 5 metros\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\nMilwaukee, WI (12.3%)<\/span><\/p>\n

Austin, TX (10.6%)<\/span><\/p>\n

Dallas (10.2%)<\/span><\/p>\n

San Jose, CA (10%)<\/span><\/p>\n

Cleveland, OH (7.5%)<\/span><\/td>\n

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

Newark, NJ (-13.4%)<\/span><\/p>\n

San Diego (-12.2%)<\/span><\/p>\n

New Brunswick, NJ (-11.9%)<\/span><\/p>\n

Providence, RI (-10.9%)<\/span><\/td>\n

Increased in 14 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nPhoenix (21.6%)<\/span><\/p>\n

Austin, TX (20.3%)<\/span><\/p>\n

Nassau County, NY (19.2%)<\/span><\/p>\n

Minneapolis, MN (17.7%)<\/span><\/p>\n

Milwaukee, WI (17.6%)<\/span><\/td>\n

Atlanta (-12.2%)<\/span><\/p>\n

San Francisco (-11.2%)<\/span><\/p>\n

Indianapolis, IN (-7.7%)<\/span><\/p>\n

Providence, RI (-6.5%)<\/span><\/p>\n

Newark, NJ (-6.5%)<\/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

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As mortgage rates hold steady in the 6% range and new listings tick up, mortgage-purchase applications and Redfin home tours are rising.\u00a0 Redfin agents report that as the new year kicks off, more sellers are listing and more buyers are going on tours and applying for mortgages as rates remain in the mid-6% range, down […]<\/p>\n","protected":false},"author":13153,"featured_media":77333,"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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