{"id":77578,"date":"2024-03-07T05:00:58","date_gmt":"2024-03-07T13:00:58","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77578"},"modified":"2024-03-06T13:02:26","modified_gmt":"2024-03-06T21:02:26","slug":"housing-market-update-supply-increases-first-time-eight-months","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-supply-increases-first-time-eight-months\/","title":{"rendered":"Housing Market Update: Supply Ticked Up in February for First Time in 8 Months"},"content":{"rendered":"

There are more homes for sale as spring approaches, and house hunters are hitting the pavement. Home touring activity is rising, and mortgage-purchase applications are up 11% this week. <\/span><\/i><\/p>\n

New listings rose 13% from a year earlier nationwide during the four weeks ending March 3, the biggest increase in nearly three years. The boost in new listings helped bring the <\/span>total <\/span><\/i>number of homes for sale up 1.7%. <\/span>Following eight months of declines, February is the first month the number of homes for sale has increased on an annual basis.\u00a0<\/span><\/p>\n

This week\u2019s pricing data also brings a few glimmers of hope for house hunters. Asking prices of new listings posted their smallest increase in roughly two months; additionally, 5.5% of home sellers dropped their asking price, on average, the highest share of any February since at least 2015. High mortgage rates pushed the median monthly housing payment to $2,694 this week, just $23 shy of the all-time high. But final <\/span>sale <\/span><\/i>prices, which rose 5.3% year over year, one of the biggest increases in a year and a half,\u00a0 should start declining soon as price growth for new listings loses some momentum.\u00a0\u00a0<\/span><\/p>\n

House hunters are looking at homes and applying for mortgages as we approach spring. <\/span>Touring activity<\/span><\/a> is up 23% from the start of the year, compared to a 14% increase during the same period last year, and mortgage-purchase applications are <\/span>up 11%<\/span><\/a> week over week. That early-stage buying activity hasn\u2019t yet translated to a boost in sales, with pending sales down 6% year over year.<\/span><\/p>\n

\u201cThere have been two major obstacles for homebuyers over the last year: Low inventory and high housing costs,\u201d said Redfin Economic Research Lead Chen Zhao<\/a>. \u201cNow, the first barrier is starting to come down as more supply comes on the market. Housing costs are still high, but they\u2019re likely to come down a bit as mortgage rates gradually decline through the year and price growth loses some steam. Buyers who can afford today\u2019s mortgage rates may have better luck finding a home now than they have in the past several months, and they also may be less likely to face competition because inventory is improving.\u201d<\/span><\/p>\n

For more on Redfin economists\u2019 takes on the housing market, including how current financial events are impacting mortgage rates, please visit our \u201c<\/span><\/i>From Our Economists<\/span><\/i><\/a>\u201d page.\u00a0<\/span><\/i><\/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>\n6.97% (March 6)<\/span><\/td>\nDown from 7.15% a week earlier<\/span><\/td>\nEssentially flat\u00a0<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.94% (week ending Feb. 29)<\/span><\/td>\nUp from 6.9% a week earlier; 4th straight week of increases<\/span><\/td>\nUp from 6.65%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 11% from a week earlier (as of week ending March 1)<\/span><\/td>\nDown 8%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 4% from a month earlier (as of week ending March 3)<\/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>\nUp 4% from a month earlier (as of March 2)<\/span><\/td>\nDown 11%<\/span><\/td>\nGoogle Trends<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 23% from the start of the year (as of March 1)<\/span><\/td>\nAt this time last year, it was up 14% 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 March 3, 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 March 3, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$368,588<\/span><\/td>\n5.3%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$399,223<\/span><\/td>\n5.1%<\/span><\/td>\nSmallest increase since 4 weeks ending Jan. 14<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,694 at a 6.94% mortgage rate<\/span><\/td>\n6.9%<\/span><\/td>\nDown just $23 from all-time high set in October 2023<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n77,925<\/span><\/td>\n-6.4%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n81,971<\/span><\/td>\n12.8%<\/span><\/td>\nBiggest increase since June 2021 (there was also a 12.8% increase during the prior 4-week period)<\/span><\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n773,048<\/span><\/td>\n1.7%<\/span><\/td>\nLargest increase since the four weeks ending June 4, 2023. Based on revised data, active listings began increasing for the first time since June during the 4 weeks ending Feb. 11.\u00a0<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.7 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>\n39.1%<\/span><\/td>\nUp from 37%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n47<\/span><\/td>\n-2\u00a0 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n24.3%<\/span><\/td>\nUp from 23%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n5.5%<\/span><\/td>\n+1.3 pts.<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.5%<\/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\n
\n

Metro-level highlights: Four weeks ending March 3, 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

\n

Newark, NJ (14.7%)<\/span><\/p>\n

Montgomery County, PA (14.6%)<\/span><\/p>\n

Anaheim, CA (14%)<\/span><\/p>\n

Fort Lauderdale, FL (13.9%)<\/span><\/p>\n

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

\n

San Antonio, TX (-3.2%)<\/span><\/p>\n<\/th>\n

\n

Declined in just 1 metro<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nCincinnati (9.2%)<\/span><\/p>\n

Milwaukee (6%)<\/span><\/p>\n

Pittsburgh (5%)<\/span><\/p>\n

Minneapolis (5%)<\/span><\/p>\n

Austin, TX (4.6%)<\/span><\/p>\n

San Francisco (2.8%)<\/span><\/p>\n

Seattle (0.7%)<\/span><\/p>\n

Cleveland (0.2%)<\/span><\/td>\n

San Antonio, TX (-23.8%)<\/span><\/p>\n

Warren, MI (-15.7%)<\/span><\/p>\n

New Brunswick, NJ (-15.6%)<\/span><\/p>\n

Atlanta (-15.1%)<\/span><\/p>\n

Nassau County, NY (-14.1%)<\/span><\/td>\n

Increased in 8 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nFort Worth, TX (27%)<\/span><\/p>\n

Fort Lauderdale, FL (25.4%)<\/span><\/p>\n

Houston (24.4%)<\/span><\/p>\n

Jacksonville, FL (24.1%)<\/span><\/p>\n

Miami (24.1%)<\/span><\/td>\n

Atlanta (-5.9%)<\/span><\/p>\n

Newark, NJ (-2.1%)<\/span><\/p>\n

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

Declined in 3 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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There are more homes for sale as spring approaches, and house hunters are hitting the pavement. Home touring activity is rising, and mortgage-purchase applications are up 11% this week. New listings rose 13% from a year earlier nationwide during the four weeks ending March 3, the biggest increase in nearly three years. The boost in […]<\/p>\n","protected":false},"author":13153,"featured_media":77592,"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-77578","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: Supply Ticked Up in February for First Time in 8 Months<\/title>\n<meta name=\"description\" content=\"There are more homes for sale as spring approaches, and house hunters are hitting the pavement. Home touring activity is rising, and mortgage-purchase applications are up 11% this week.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/housing-market-update-supply-increases-first-time-eight-months\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Housing Market Update: Supply Ticked Up in February for First Time in 8 Months\" \/>\n<meta property=\"og:description\" content=\"There are more homes for sale as spring approaches, and house hunters are hitting the pavement. 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