{"id":77800,"date":"2024-04-18T05:00:15","date_gmt":"2024-04-18T12:00:15","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77800"},"modified":"2024-04-17T13:33:38","modified_gmt":"2024-04-17T20:33:38","slug":"housing-market-update-home-prices-mortgage-rates-increase","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-mortgage-rates-increase\/","title":{"rendered":"Housing Market Update: The Cost of Buying a Home Hits New Record As Mortgage Rates Jump, Prices Rise 5%"},"content":{"rendered":"

Daily average mortgage rates jumped to their highest level since last November after last week\u2019s disappointing inflation report. Persistently high home prices are exacerbating affordability challenges for buyers.\u00a0<\/span><\/i><\/p>\n

The average daily mortgage rate this week surpassed <\/span>7.4%<\/span><\/a>, the highest level since last November, after a <\/span>hotter-than-expected<\/span><\/a> inflation report and the Fed\u2019s <\/span>confirmation<\/span><\/a> that interest-rate cuts will be delayed. Home prices are rising, too: The median U.S. home-sale price increased 5% from a year earlier during the four weeks ending April 14, bringing it to $380,250\u2014just $3,095 shy of June 2022\u2019s all-time high. The combination of high mortgage rates and prices have brought homebuyers\u2019 median monthly housing payment to a record $2,775, up 11% year over year.<\/span><\/p>\n

There are signals that buyers are out there touring homes despite rising rates. Mortgage-purchase applications are <\/span>up 5%<\/span><\/a> week over week, and Redfin\u2019s Homebuyer Demand Index\u2013a measure of requests for tours and other buying services from Redfin agents\u2013is near its highest level in seven months. Chen Zhao<\/a>, Redfin’s economic research lead, said some house hunters are hoping to buy now because they’re concerned rates could rise more, and others have grown accustomed to elevated rates and pushed down their home-price budget accordingly.\u00a0<\/span><\/p>\n

\u201cHome sales are slower than usual, but there are still people buying and selling because if not now, when?\u201d said Connie Durnal<\/a>, a Redfin Premier<\/a> agent in Dallas<\/a>. \u201cI\u2019ve had a few prospective buyers touring homes for the last several years, since mortgage rates started going up, and they wish they would have bought last year because prices and rates are even higher now. My advice to them: If you can afford to and you find a house you love, buy now. There\u2019s no guarantee that rates will come down soon.\u201d\u00a0<\/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 Redfin\u2019s \u201c<\/span><\/i>From Our Economists<\/span><\/i><\/a>\u201d page.<\/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>\n7.41% (April 17)<\/span><\/td>\nUp from 7% one month earlier; highest level since November 2023<\/span><\/td>\nUp from 6.61%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.88% (week ending April 11)<\/span><\/td>\nUp just slightly from 6.82% a week earlier<\/span><\/td>\nUp from 6.27%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nIncreased 5% from a week earlier (as of week ending April 12)<\/span><\/td>\nDown 10%<\/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 April 14)<\/span><\/td>\nDown 11%<\/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 14)<\/span><\/td>\nAt this time last year, it was up 23% from the start of 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>\nUnchanged from a month earlier (as of April 14)<\/span><\/td>\nDown 17%<\/span><\/td>\nGoogle Trends<\/span><\/a>\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 April 14, 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 14, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$380,250<\/span><\/td>\n4.7%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$413,225<\/span><\/td>\n6.4%<\/span><\/td>\nBiggest increase since Oct. 2022; all-time high<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,775 at a 6.88% mortgage rate<\/span><\/td>\n10.6%<\/span><\/td>\nAll-time high<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n86,086<\/span><\/td>\n-2.3%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n93,332<\/span><\/td>\n10.8%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n832,748<\/span><\/td>\n9.6%<\/span><\/td>\n<\/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>\n42.6%<\/span><\/td>\nDown from 44%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n35<\/span><\/td>\n-1\u00a0 day<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n29.2%<\/span><\/td>\nEssentially unchanged<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n5.9%<\/span><\/td>\n+1.6 pts.<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99.2%<\/span><\/td>\n+0.2 pts.\u00a0<\/span><\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n
\n

Metro-level highlights: Four weeks ending April 14, 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>\nAnaheim, CA (24.8%)<\/span><\/p>\n

Providence, RI (14.6%)<\/span><\/p>\n

Nassau County, NY (14.3%)<\/span><\/p>\n

West Palm Beach, FL (13.5%)<\/span><\/p>\n

New Brunswick, NJ (13.1%)<\/span><\/th>\n

San Antonio, TX (-1%)<\/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 (25.6%)<\/span><\/p>\n

San Francisco (11.2%)<\/span><\/p>\n

Oakland, CA (7.1%)<\/span><\/p>\n

Columbus, OH (6.7%)<\/span><\/p>\n

Seattle (6.4%)<\/span><\/td>\n

Nassau County, NY (-14.9%)<\/span><\/p>\n

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

Houston (-11.6%)<\/span><\/p>\n

Riverside, CA (-10.8%)<\/span><\/p>\n

Fort Lauderdale, FL (-10%)<\/span><\/td>\n

Increased in 14 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (46.6%)<\/span><\/p>\n

Sacramento, CA (27.6%)<\/span><\/p>\n

Phoenix (27.4%)<\/span><\/p>\n

Jacksonville, FL (27.2%)<\/span><\/p>\n

Dallas (22.9%)<\/span><\/td>\n

Newark, NJ (-12.4%)<\/span><\/p>\n

Providence, RI (-6.3%)<\/span><\/p>\n

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

Chicago (-4.5%)<\/span><\/p>\n

Detroit (-3.1%)<\/span><\/td>\n

Declined in 9 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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Daily average mortgage rates jumped to their highest level since last November after last week\u2019s disappointing inflation report. Persistently high home prices are exacerbating affordability challenges for buyers.\u00a0 The average daily mortgage rate this week surpassed 7.4%, the highest level since last November, after a hotter-than-expected inflation report and the Fed\u2019s confirmation that interest-rate cuts […]<\/p>\n","protected":false},"author":13153,"featured_media":77815,"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-77800","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: The Cost of Buying a Home Hits New Record As Mortgage Rates Jump, Prices Rise 5%<\/title>\n<meta name=\"description\" content=\"Daily average mortgage rates jumped to their highest level since last November after last week\u2019s disappointing inflation report. 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