{"id":77508,"date":"2024-02-15T05:00:38","date_gmt":"2024-02-15T13:00:38","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77508"},"modified":"2024-02-14T15:33:39","modified_gmt":"2024-02-14T23:33:39","slug":"housing-market-update-prices-mortgage-rates-rise","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-prices-mortgage-rates-rise\/","title":{"rendered":"Housing Market Update: Home Prices and Mortgage Rates Rise, Pushing Would-Be Buyers to the Sidelines"},"content":{"rendered":"

Home prices posted their biggest annual increase in 15 months and mortgage rates rose this week. High housing costs, along with seasonal factors like the Super Bowl, pushed down pending sales.\u00a0<\/span><\/i><\/p>\n

The median U.S. home-sale price rose 6.1% year over year during the four weeks ending February 11, the biggest increase since October 2022. Mortgage rates are rising, too, exacerbating high prices to drive costs up: Daily average rates are sitting <\/span>above 7%<\/span><\/a>, up from 6.6% at the beginning of the month.<\/span><\/p>\n

High costs are one factor keeping would-be homebuyers on the sidelines. Pending home sales are down 7.3% year over year, one of the biggest declines in over four months, and Redfin\u2019s Homebuyer Demand Index\u2013a seasonally adjusted <\/span>measure of requests for tours and other homebuying services from Redfin agents\u2013is down 18%. In addition to high housing costs, several seasonal factors kept some house hunters at home this past week: extreme <\/span>storms<\/span><\/a> in Southern California, the <\/span>Lunar New Year<\/span><\/a> and the Super Bowl (none of which are accounted for in the demand index\u2019s seasonal adjustment). Sellers are a bit more active than buyers, with new listings up 8% year over year as some homeowners hope to take advantage of rising prices.\u00a0<\/span><\/p>\n

\u201cThe Super Bowl is like Groundhog Day for real estate economists; we usually have a read on how the market is shaping up by the beginning of February, and the read this year is that it\u2019s\u00a0 looking sluggish so far,\u00a0 mostly because of stubbornly high mortgage rates,\u201d said Redfin Economic Research Lead Chen Zhao<\/a>. \u201cThis week\u2019s <\/span>hotter-than-expected<\/span><\/a> inflation report confirms that the Fed is unlikely to cut interest rates next month, which means mortgage rates will stay near 7% for now. Activity should pick up a bit in the spring, partly because it\u2019ll be selling season and partly because people are getting more and more accustomed to elevated rates. We expect mortgage rates to start declining later in the spring as inflation eases and the Fed finally starts cutting interest rates.\u201d\u00a0<\/span><\/p>\n

Christine Kooiker<\/a>, a Redfin Premier agent in Grand Rapids, MI<\/a>, said she\u2019s encouraging homeowners who are thinking about selling to list soon.<\/span><\/p>\n

\u201cA lot of sellers want to wait until spring, but I\u2019m telling people to consider listing in the next few weeks because even though demand is fairly slow, there\u2019s hardly anything else on the market,\u201d Kooiker said. \u201cBuyers may want to act sooner rather than later, too, because prices will continue to go up. I have a few clients who waited to make an offer, or made an offer that was too low, and now they regret it because a house they love got snatched up.\u201d<\/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>\n7.09% (Feb. 14)<\/span><\/td>\nUp from 6.75% a week earlier<\/span><\/td>\nUp from 6.54%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.64% (week ending Feb. 8)<\/span><\/td>\nNear lowest level since May<\/span><\/td>\nUp from 6.12%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 3% from a week earlier; up 1% from a month earlier (as of week ending Feb. 9)<\/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>\nDown about 6% from a week earlier (as of week ending Feb. 11)<\/span><\/td>\nDown 18%<\/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>\nEssentially unchanged from a month earlier (as of Feb. 10)<\/span><\/td>\nDown 11%<\/span><\/td>\nGoogle Trends<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 14% from the start of the year (as of Feb. 12)<\/span><\/td>\nAt this time last year, it was up 10% from the start of 2023<\/span><\/td>\nShowingTime<\/span><\/a>, a home touring technology company\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 February 11, 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 February 11, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$362,725<\/span><\/td>\n6.1%<\/span><\/td>\nBiggest increase since Oct. 2022<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$395,850<\/span><\/td>\n6.3%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,608 at a 6.64% mortgage rate<\/span><\/td>\n9.1%<\/span><\/td>\nDown roughly $110 from all-time high set in October 2023, but up roughly $250 from the four weeks ending Dec. 31<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n72,221<\/span><\/td>\n-7.3%<\/span><\/td>\nBiggest decline since October 2023 (with the exception of the prior 4-week period, when there was a 7.4% decline)<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n73,214<\/span><\/td>\n8%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n751,411<\/span><\/td>\n-2.5%<\/span><\/td>\n<\/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>\n35.3%<\/span><\/td>\nUp from 34%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n50<\/span><\/td>\n-2\u00a0 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n22.5%<\/span><\/td>\nUp from 20%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n5.6%<\/span><\/td>\n+1.1 pts.<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.2%<\/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\n
\n

Metro-level highlights: Four weeks ending February 11, 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><\/p>\n<\/th>\n<\/tr>\n

<\/th>\nMetros with biggest year-over-year increases<\/b><\/th>\nMetros with biggest year-over-year decreases<\/b><\/th>\nNotes<\/b><\/th>\n<\/tr>\n
\n

Median sale price<\/b><\/p>\n<\/th>\n

Newark, NJ (14%)<\/span><\/p>\n

New Brunswick, NJ (13.8%)<\/span><\/p>\n

Miami (13.2%)<\/span><\/p>\n

Anaheim, CA (12.8%)<\/span><\/p>\n

Warren, MI (12%)<\/span><\/th>\n

San Antonio, TX (-5.2%)<\/span><\/p>\n

Austin, TX (-1.4%)<\/span><\/p>\n

Fort Worth, TX (-0.7%)<\/span><\/th>\n

\n

Declined in 3 metros\u00a0<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nSan Jose, CA (9%)<\/span><\/p>\n

Cleveland, OH (2%)<\/span><\/p>\n

San Francisco (1.9%)<\/span><\/td>\n

Portland, OR (-31.3%)<\/span><\/p>\n

San Antonio, TX (-28.4%)<\/span><\/p>\n

Warren, MI (-24.2%)<\/span><\/p>\n

Nashville, TN (-21.8%)<\/span><\/p>\n

New Brunswick, TN (-20.1%)<\/span><\/td>\n

Increased in 3 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nDallas, TX (28.6%)<\/span><\/p>\n

Jacksonville, FL (28.4%)<\/span><\/p>\n

Fort Lauderdale, FL (26.7%)<\/span><\/p>\n

Miami (25.6%)<\/span><\/p>\n

Tampa, FL (19.6%)<\/span><\/td>\n

Milwaukee, WI (-13.5%)<\/span><\/p>\n

Atlanta (-13.3%)<\/span><\/p>\n

Chicago (-11.9%)<\/span><\/p>\n

Portland, OR (- 11.7%)<\/span><\/p>\n

Nashville, TN (-7.4%)<\/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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Home prices posted their biggest annual increase in 15 months and mortgage rates rose this week. High housing costs, along with seasonal factors like the Super Bowl, pushed down pending sales.\u00a0 The median U.S. home-sale price rose 6.1% year over year during the four weeks ending February 11, the biggest increase since October 2022. Mortgage […]<\/p>\n","protected":false},"author":13153,"featured_media":77522,"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],"dashboard":[],"coauthors":[124],"class_list":["post-77508","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: Home Prices and Mortgage Rates Rise, Pushing Would-Be Buyers to the Sidelines<\/title>\n<meta name=\"description\" content=\"Home prices posted their biggest annual increase in 15 months and mortgage rates rose this week. 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