{"id":77656,"date":"2024-03-21T06:34:11","date_gmt":"2024-03-21T13:34:11","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77656"},"modified":"2024-03-21T06:34:11","modified_gmt":"2024-03-21T13:34:11","slug":"housing-market-update-supply-climbs-prices-increase","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-supply-climbs-prices-increase\/","title":{"rendered":"Housing Market Update: Supply Climbs 5%, Biggest Increase in Nearly a Year"},"content":{"rendered":"

The supply of homes for sale is picking up in time for spring homebuying season, and improving inventory is attracting some buyers.<\/span><\/i><\/p>\n

The total number of U.S. homes for sale climbed 5%,\u00a0 the biggest year-over-year uptick since May 2023, during the four weeks ending March 17. New listings rose 15%, the biggest increase since June 2021.\u00a0<\/span><\/p>\n

The surge in listings is bringing some buyers back to the market. Mortgage-purchase applications and Redfin\u2019s Homebuyer Demand Index\u2013<\/span>a measure of requests for tours and other buying services from Redfin agents\u2013are each up roughly 9% month over month.\u00a0<\/span><\/p>\n

Increasing inventory <\/span>has yet to dampen price growth. The median U.S. home-sale price is up 5.3% year over year, the second-biggest increase since October 2022, and the median monthly mortgage payment is just $31 shy of its all-time high due to elevated mortgage rates and prices. Redfin economists expect mortgage rates to gradually decline throughout 2024, an outlook that was <\/span>little changed<\/span><\/a> in the wake of this week\u2019s Fed press conference, in which the Fed held interest rates steady. <\/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>\n7.03% (March 20)<\/span><\/td>\nUp from 6.92% a week earlier<\/span><\/td>\nUp from 6.67%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.74% (week ending March 14)<\/span><\/td>\nDown from 6.88% a week earlier; first decline after 5 weeks of increases<\/span><\/td>\nUp from 6.6%<\/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 9% from a month earlier (as of week ending March 15)<\/span><\/td>\nDown 14%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 8% from a month earlier (as of week ending March 17)<\/span><\/td>\nDown 5%<\/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 March 18)<\/span><\/td>\nDown 18%<\/span><\/td>\nGoogle Trends<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 29% from the start of the year (as of March 19)<\/span><\/td>\nAt this time last year, it was up 19% 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 17, 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 17, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$374,047<\/span><\/td>\n5.3%<\/span><\/td>\nBiggest increase since Oct. 2022 (except the 4 weeks ending Feb. 11, when there was a 5.4% increase)<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$404,273<\/span><\/td>\n5.7%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,685 at a 6.74% mortgage rate<\/span><\/td>\n8.5%<\/span><\/td>\nJust $31 shy of all-time high set in October 2023<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n82,464<\/span><\/td>\n-4.4%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n88,902<\/span><\/td>\n15.1%<\/span><\/td>\nBiggest increase since June 2021\u00a0<\/span><\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n795,645<\/span><\/td>\n4.9%<\/span><\/td>\nBiggest increase since May 2023<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.4 months<\/span><\/td>\n+0.4 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>\n41.3%<\/span><\/td>\nUp from 40%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n43<\/span><\/td>\n-1\u00a0 day<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n25.9%<\/span><\/td>\nUp from 25%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n5.7%<\/span><\/td>\n+1.5 pts.<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.7%<\/span><\/td>\n+0.3 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 17, 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

San Jose, CA (18.9%)<\/span><\/p>\n

Miami (15.6%)<\/span><\/p>\n

West Palm Beach, FL (15.3%)<\/span><\/p>\n

Newark, NJ (14.6%)<\/span><\/p>\n

Anaheim, CA (14.5%)<\/span><\/th>\n

San Antonio, TX (-1.5%)<\/span><\/th>\n\n

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

Pending sales<\/b><\/td>\nSan Francisco (18.1%)<\/span><\/p>\n

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

Cincinnati (13.7%)<\/span><\/p>\n

Milwaukee (11.8%)<\/span><\/p>\n

Austin, TX (8.8%)<\/span><\/td>\n

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

San Antonio, TX (-15.4%)<\/span><\/p>\n

Houston (-13.8%)<\/span><\/p>\n

Miami (-13.6%)<\/span><\/p>\n

Jacksonville, FL (-11.6%)<\/span><\/td>\n

Increased in 15 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (40%)<\/span><\/p>\n

Phoenix (31.9%)<\/span><\/p>\n

Sacramento, CA (29.9%)<\/span><\/p>\n

Tampa, FL (28.1%)<\/span><\/p>\n

Miami (27.6%)<\/span><\/td>\n

Atlanta (-4.6%)<\/span><\/p>\n

Chicago (-0.7%)<\/span><\/td>\n

Declined in just 2 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 supply of homes for sale is picking up in time for spring homebuying season, and improving inventory is attracting some buyers. The total number of U.S. homes for sale climbed 5%,\u00a0 the biggest year-over-year uptick since May 2023, during the four weeks ending March 17. New listings rose 15%, the biggest increase since June […]<\/p>\n","protected":false},"author":13153,"featured_media":77670,"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 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