{"id":77767,"date":"2024-04-11T07:30:45","date_gmt":"2024-04-11T14:30:45","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77767"},"modified":"2024-04-11T07:30:45","modified_gmt":"2024-04-11T14:30:45","slug":"housing-market-update-mortgage-payments-record-high-inflation-report","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-mortgage-payments-record-high-inflation-report\/","title":{"rendered":"Housing Market Update: Monthly Payments Set New Record\u2013and Buyers\u2019 Costs Will Likely Stay High on Inflation News"},"content":{"rendered":"

Daily average mortgage rates reached their highest level in nearly five months following Wednesday\u2019s hotter-than-expected inflation report,\u00a0 which will likely keep mortgage rates elevated for the foreseeable future.\u00a0<\/span><\/i><\/p>\n

The median monthly U.S. housing payment hit an all-time high of $2,747 during the four weeks ending April 7, up 11% from a year earlier. Housing payments are soaring because home prices and mortgage rates are high. The median home-sale price is $378,250, up 4.5% year over year and just about $5,000 shy of the record high hit in June 2022. The average 30-year fixed mortgage rate is <\/span>6.82%<\/span><\/a>, below the near-8% rates hit last October but still more than double pandemic-era lows.\u00a0<\/span><\/p>\n

Prices are staying stubbornly high because there\u2019s enough homebuying demand to prop them up. Redfin\u2019s Homebuyer Demand Index\u2013a measure of requests for tours and other buying services from Redfin agents\u2013is at its highest level since last July, and a separate <\/span>measure<\/span><\/a> of tours shows they\u2019ve increased 33% since the start of 2024, much bigger than last year\u2019s increase over the same period (that\u2019s partly because Easter fell during this week last\u00a0 year). And even though supply is picking up\u2013new listings rose 14% year over year\u2013inventory is still low compared to typical spring levels, meaning there\u2019s competition for many of the homes that are on the market.\u00a0<\/span><\/p>\n

Mortgage rates, the other factor driving up monthly housing payments, remain elevated because the Fed has <\/span>kept interest rates<\/span><\/a> high so far this year. Daily average mortgage rates jumped to their highest level since last November this week because the March inflation report was <\/span>hotter than expected<\/span><\/a>, after rising last week because the latest jobs report showed a <\/span>stronger-than-expected<\/span><\/a> economy.<\/span><\/p>\n

\u201cFor homebuyers, the latest CPI report means mortgage rates will stay higher for longer because it makes the Fed unlikely to cut interest rates in the next few months,\u201d said Redfin Economic Research Lead <\/span>Chen Zhao<\/span><\/a>. \u201cHousing costs are likely to continue going up for the near future, but persistently high mortgage rates and rising supply could cool home-price growth by the end of the year, taking some pressure off costs.\u201d<\/span><\/p>\n

For more of 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.<\/span><\/i>\u00a0<\/span><\/p>\n

Leading indicators<\/h4>\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>\n7.34% (April 10)<\/span><\/td>\nUp from 6.91% two weeks earlier; highest level since November 2023<\/span><\/td>\nUp from 6.52%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.82% (week ending April 4)<\/span><\/td>\nUp just slightly from 6.79% a week earlier<\/span><\/td>\nUp from 6.28%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDeclined 5% from a week earlier (as of week ending April 5)<\/span><\/td>\nDown 23%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 7% from a month earlier to highest level since July 2023 (as of week ending April 7)<\/span><\/td>\nDown 6%<\/span><\/td>\nRedfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents<\/span><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 33% from the start of the year (as of April 9)<\/span><\/td>\nAt this time last year, it was up 9% from the start of 2023 (last year\u2019s increase was much smaller partly because this was Easter week in 2023)<\/span><\/td>\nShowingTime<\/span><\/a>, a home touring technology company\u00a0<\/span><\/td>\n<\/tr>\n
Google searches for \u201chome for sale\u201d<\/b><\/td>\n<\/td>\nUp 4% from a month earlier (as of April 6)<\/span><\/td>\nDown 9%<\/span><\/td>\nGoogle Trends<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Key housing-market data<\/h4>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
U.S. highlights: Four weeks ending April 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 April 7, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$378,250<\/span><\/td>\n4.5%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$410,950<\/span><\/td>\n6.5%<\/span><\/td>\nBiggest increase since Oct. 2022<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,747 at a 6.82% mortgage rate<\/span><\/td>\n11.3%<\/span><\/td>\nAll-time high<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n84,323<\/span><\/td>\n-4%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n91,452<\/span><\/td>\n14.1%<\/span><\/td>\nBiggest increase since June 2021 (year-over-year increase was large partly because Easter fell during this time period in 2023)<\/span><\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n819,031<\/span><\/td>\n8.2%<\/span><\/td>\n<\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.2 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>\n42.5%<\/span><\/td>\nDown from 44%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n37<\/span><\/td>\n-1\u00a0 day<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n28.4%<\/span><\/td>\nEssentially unchanged<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n5.8%<\/span><\/td>\n+1.5 pts.<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99.1%<\/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 April 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><\/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>\n\n

Anaheim, CA (22.2%)<\/span><\/p>\n

West Palm Beach, FL (17.4%)<\/span><\/p>\n

Pittsburgh (15.2%)<\/span><\/p>\n

San Jose, CA (13.9%)<\/span><\/p>\n

New Brunswick, NJ (13.9%)<\/span><\/p>\n<\/th>\n

San Antonio, TX (-1.7%)<\/span><\/th>\nDeclined in just 1 metro<\/span><\/th>\n<\/tr>\n<\/thead>\n
Pending sales<\/b><\/td>\nSan Jose, CA (22.6%)<\/span><\/p>\n

San Francisco (15.8%)<\/span><\/p>\n

Cincinnati (5.7%)<\/span><\/p>\n

Milwaukee (5.5%)<\/span><\/p>\n

Seattle (5.4%)<\/span><\/td>\n

Atlanta (-15.3%)<\/span><\/p>\n

Houston (-13.5%)<\/span><\/p>\n

Nassau County, NY (-12.1%)<\/span><\/p>\n

Fort Lauderdale, FL (-11.2%)<\/span><\/p>\n

West Palm Beach, FL (-10.9%)<\/span><\/td>\n

Increased in 11 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (56.8%)<\/span><\/p>\n

Sacramento, CA (39.2%)<\/span><\/p>\n

Austin, TX (30.7%)<\/span><\/p>\n

Jacksonville, FL (30.5%)<\/span><\/p>\n

Oakland, CA (30.4%)<\/span><\/td>\n

Newark, NJ (-3.1%)<\/span><\/p>\n

Milwaukee (-3%)<\/span><\/p>\n

Chicago (-2.9%)<\/span><\/p>\n

Providence, RI (-2.2%)<\/span><\/p>\n

Atlanta (-2%)<\/span><\/p>\n

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

Declined in 6 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

\"\" \"\" \"\" \"\" \"\" \"\" \"\" \"\" \"\" \"\" \"\" \"\" \"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Daily average mortgage rates reached their highest level in nearly five months following Wednesday\u2019s hotter-than-expected inflation report,\u00a0 which will likely keep mortgage rates elevated for the foreseeable future.\u00a0 The median monthly U.S. housing payment hit an all-time high of $2,747 during the four weeks ending April 7, up 11% from a year earlier. Housing payments […]<\/p>\n","protected":false},"author":13153,"featured_media":77782,"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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