{"id":77693,"date":"2024-03-28T05:00:38","date_gmt":"2024-03-28T12:00:38","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77693"},"modified":"2024-03-29T06:46:22","modified_gmt":"2024-03-29T13:46:22","slug":"housing-market-update-housing-costs-inventory-increase","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-housing-costs-inventory-increase\/","title":{"rendered":"Housing Market Update: Rising Supply Draws in Some Buyers, Even as Housing Payments Soar 10% to All-Time High"},"content":{"rendered":"

There are more homes for buyers to choose from, with new listings posting their biggest uptick in nearly three years.\u00a0<\/span><\/i><\/p>\n

The typical U.S. monthly housing payment hit an all-time high of $2,721 during the four weeks ending March 24, up 10% from a year earlier. Housing payments are at a record high because of the one-two punch of elevated mortgage rates and rising home prices. <\/span>Mortgage rates remain elevated <\/span>near 7%<\/span><\/a>, and the median home-sale price is up 5% year over year to roughly $375,000, just about $9,000 shy of June 2022\u2019s record high.\u00a0<\/span><\/p>\n

Many sellers\u00a0 are trying to take advantage of rising prices by listing their home. New listings are up 15%, the biggest increase in nearly three years, and the <\/span>total <\/span><\/i>number of homes for sale is up 6%, the biggest increase in nearly one year.\u00a0<\/span><\/p>\n

Increased supply is bringing back some demand, which is the main reason price growth remains robust. Mortgage-purchase applications are up 14% from a month ago, and pending home sales are just 1% lower than they were a year ago, the smallest decline since the beginning of the year.<\/span><\/p>\n

\u201cHigh mortgage rates aren\u2019t deterring buyers as much as they were last year; a lot of people want to get in now before prices go up more,\u201d said Miami Redfin agent <\/span>Rachel Riva<\/span><\/a>. \u201cAll of my recent listings have gone under contract in under 10 days, and most of them have received multiple offers. Buyers are lessening the impact of elevated rates in a few ways: Some are making high down payments to lower their monthly payments, and some are willing to take on a high rate now in hopes of refinancing when and if rates come down.\u201d<\/span><\/p>\n

There are a few signs that price growth could soften a bit in the coming months. Nearly 6% of home sellers dropped their asking price this week, on average, the highest share of any March on record. Months of supply hit its highest level of any March since 2020\u2013when the onset of the pandemic ground the housing market to a halt\u2013indicating that the market is becoming more balanced.\u00a0<\/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>\n6.91% (March 27)<\/span><\/td>\nDown from 7.11% a week earlier<\/span><\/td>\nUp from 6.44%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.87% (week ending March 21)<\/span><\/td>\nUp from 6.74% a week earlier<\/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>\nEssentially unchanged from a week earlier; up 14% from a month earlier (as of week ending March 22)<\/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 2% from a month earlier (as of week ending March 24)<\/span><\/td>\nDown 8%<\/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 6% from a month earlier (as of March 25)<\/span><\/td>\nDown 5%<\/span><\/td>\nGoogle Trends<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 28% from the start of the year (as of March 25)<\/span><\/td>\nAt this time last year, it was up 21% 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 24, 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 24, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$374,500<\/span><\/td>\n4.6%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$405,451<\/span><\/td>\n5.1%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,721 at a 6.87% mortgage rate<\/span><\/td>\n9.8%<\/span><\/td>\nRecord high\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n85,048<\/span><\/td>\n-1.1%<\/span><\/td>\nSmallest decline in over 2 months<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n92,087<\/span><\/td>\n14.8%<\/span><\/td>\nBiggest increase since June 2021\u00a0<\/span><\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n807,227<\/span><\/td>\n6.3%<\/span><\/td>\nBiggest increase since May 2023<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.3 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>\n42.3%<\/span><\/td>\nEssentially unchanged<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n40<\/span><\/td>\n-2\u00a0 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n26.8%<\/span><\/td>\nUp from 26%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n5.8%<\/span><\/td>\n+1.6 pts.<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.8%<\/span><\/td>\n+0.2 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 24, 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
Median sale price<\/b><\/th>\nWest Palm B<\/span>each, FL (20.7%)<\/span><\/p>\n

San Jose, CA (17.6%)<\/span><\/p>\n

Miami (16.1%)<\/span><\/p>\n

Detroit (15%)<\/span><\/p>\n

New Brunswick, NJ (14.5%)<\/span><\/th>\n

San Antonio, TX (-0.3%)<\/span><\/th>\n\n

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

Pending sales<\/b><\/td>\nSan Jose, CA (25.1%)<\/span><\/p>\n

San Francisco (20.1%)<\/span><\/p>\n

Cincinnati (11.6%)<\/span><\/p>\n

Anaheim, CA (9.9%)<\/span><\/p>\n

Seattle (8.2%)<\/span><\/td>\n

Atlanta (-15.4%)<\/span><\/p>\n

Houston (-13%)<\/span><\/p>\n

San Antonio, TX (-12.7%)<\/span><\/p>\n

West Palm Beach, FL (-12.5%)<\/span><\/p>\n

Miami (-10.7%)<\/span><\/td>\n

Increased in roughly half of the metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (41.8%)<\/span><\/p>\n

Sacramento, CA (38%)<\/span><\/p>\n

Phoenix (31.7%)<\/span><\/p>\n

Las Vegas (27.3%)<\/span><\/p>\n

Austin, TX (26%)<\/span><\/td>\n

Atlanta (-6.6%)<\/span><\/p>\n

Chicago (-2.9%)<\/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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There are more homes for buyers to choose from, with new listings posting their biggest uptick in nearly three years.\u00a0 The typical U.S. monthly housing payment hit an all-time high of $2,721 during the four weeks ending March 24, up 10% from a year earlier. Housing payments are at a record high because of the […]<\/p>\n","protected":false},"author":13153,"featured_media":77707,"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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