{"id":77830,"date":"2024-04-25T05:00:03","date_gmt":"2024-04-25T12:00:03","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77830"},"modified":"2024-04-24T15:53:49","modified_gmt":"2024-04-24T22:53:49","slug":"housing-market-update-home-prices-costs-record-high","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-costs-record-high\/","title":{"rendered":"Housing Market Update: Buying a Home Costs More Than Ever, With Prices Hitting All-Time High and Mortgage Rates Rising"},"content":{"rendered":"

The median U.S. home price rose 5.2% year over year this week, and mortgage rates hit their highest level since November 2023. Prices continue to rise partly because there are still serious buyers searching for homes.\u00a0<\/span><\/i><\/p>\n

The median U.S. home-sale price hit a record <\/span>$383,725<\/span> during the four weeks ending April 21, up 5.2% from a year earlier\u2013one of the biggest jumps since October 2022. The average weekly mortgage rate hit <\/span>7.1%<\/span><\/a> this week, its highest level since November 2023, as it <\/span>became clear<\/span><\/a> the Fed would keep interest rates high longer than expected. High prices and mortgage rates drove the median monthly housing payment to a record $2,843, up 13% year over year.\u00a0<\/span><\/p>\n

Prices are soaring despite the fact that there\u2019s more inventory than last year. New listings are up 10.2% year over year, though growth in listings may be losing momentum as stubbornly high rates solidify the <\/span>lock-in effect.<\/span><\/a> Prices are being buoyed by the fact that inventory remains low despite the recent improvement. Demand is holding up fairly well in the face of 7%-plus rates, though some indicators are starting to show a slowdown. Redfin\u2019s Homebuyer Demand Index\u2013<\/span>a measure of requests for tours and other buying services from Redfin agents\u2013is near its highest level in about eight months, but mortgage-purchase applications are <\/span>down slightly<\/span><\/a> (-1%) week over week.\u00a0<\/span><\/p>\n

\u201cMy advice to sellers is to price your home fairly. Even though sellers are getting top dollar at the moment, they should price competitively to attract buyers from the start and avoid having to drop their price as stubbornly high mortgage rates eat into buying budgets,\u201d said Redfin Economic Research Lead Chen Zhao<\/a>. \u201cMy advice for serious buyers who can afford today\u2019s costs is to shop for your dream home and accept that this year is probably not the time to find a dream deal. Price growth may cool slightly in the coming months if mortgage rates stay high or rates might fall slightly\u2013but overall housing costs are likely to remain elevated for the foreseeable future.\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 Redfin\u2019s \u201c<\/span><\/i>From Our Economists<\/span><\/i><\/a>\u201d page.<\/span><\/i>\u00a0<\/span><\/p>\n

Leading indicators<\/h2>\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>\n7.39% (April 24)<\/span><\/td>\nUp from roughly 7% one month earlier; near highest level since November 2023<\/span><\/td>\nUp from 6.59%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n7.1% (week ending April 18)<\/span><\/td>\nUp from 6.87% a month earlier; highest level since November 2023<\/span><\/td>\nUp from 6.39%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDecreased 1% from a week earlier (as of week ending April 19)<\/span><\/td>\nDown 15%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 3% from a month earlier (as of week ending April 21)<\/span><\/td>\nDown 9%<\/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 34% from the start of the year (as of April 23)<\/span><\/td>\nAt this time last year, it was up 29% 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 21)<\/span><\/td>\nDown 17%<\/span><\/td>\nGoogle Trends<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Key housing-market data<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
U.S. highlights: Four weeks ending April 21, 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 21, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$383,725<\/span><\/td>\n5.2%<\/span><\/td>\nAll-time high; biggest increase since Oct. 2022, with the exception of the 4 weeks ending Feb. 11, 2024 and the 4 weeks ending Feb. 18, 2024 (5.3% increases)<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$415,925<\/span><\/td>\n6.7%<\/span><\/td>\nAll-time high; biggest increase since Sept. 2022<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,843 at a 7.1% mortgage rate<\/span><\/td>\n12.6%<\/span><\/td>\nAll-time high<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n86,786<\/span><\/td>\n-3.8%<\/span><\/td>\nBiggest decline in 6 weeks<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n95,580<\/span><\/td>\n10.2%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n840,411<\/span><\/td>\n10.1%<\/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>\n43.3%<\/span><\/td>\nDown from 46%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n35<\/span><\/td>\nUnchanged<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n29.8%<\/span><\/td>\nEssentially unchanged<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n6%<\/span><\/td>\n+1.7 pts.<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99.2%<\/span><\/td>\n+0.1 pt.\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 21, 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 (25%)<\/span><\/p>\n

New Brunswick, NJ (14.9%)<\/span><\/p>\n

Detroit (14%)<\/span><\/p>\n

West Palm Beach, FL (13.4%)<\/span><\/p>\n

San Jose, CA (13%)<\/span><\/th>\n

Austin, TX (-0.9%)<\/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 (14.2%)<\/span><\/p>\n

San Francisco (6.4%)<\/span><\/p>\n

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

Milwaukee (5.2%)<\/span><\/p>\n

Anaheim, CA (4.5%)<\/span><\/td>\n

Nassau County, NY (-13.9%)<\/span><\/p>\n

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

Fort Lauderdale, FL (-12.5%)<\/span><\/p>\n

Houston (-11.9%)<\/span><\/p>\n

Riverside, CA (-11.4%)<\/span><\/td>\n

Increased in 9 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (43.1%)<\/span><\/p>\n

Jacksonville, FL (29.1%)<\/span><\/p>\n

Phoenix (25.8%)<\/span><\/p>\n

Sacramento, CA (24%)<\/span><\/p>\n

Miami (21.9%)<\/span><\/td>\n

Newark, NJ (-9.1%)<\/span><\/p>\n

Cleveland, OH (-5.9%)<\/span><\/p>\n

Chicago (-4.7%)<\/span><\/p>\n

Milwaukee (-4.7%)<\/span><\/p>\n

Providence, RI (-4.4%)<\/span><\/p>\n

Detroit (-4%)<\/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

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The median U.S. home price rose 5.2% year over year this week, and mortgage rates hit their highest level since November 2023. Prices continue to rise partly because there are still serious buyers searching for homes.\u00a0 The median U.S. home-sale price hit a record $383,725 during the four weeks ending April 21, up 5.2% from […]<\/p>\n","protected":false},"author":13153,"featured_media":77831,"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-77830","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: Buying a Home Costs More Than Ever, With Prices Hitting All-Time High and Mortgage Rates Rising - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"The median U.S. home price rose 5.2% year over year this week, and mortgage rates hit their highest level since November 2023. 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