{"id":77871,"date":"2024-05-02T05:00:06","date_gmt":"2024-05-02T12:00:06","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77871"},"modified":"2024-05-01T15:22:27","modified_gmt":"2024-05-01T22:22:27","slug":"housing-market-update-home-price-cost-increases","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-home-price-cost-increases\/","title":{"rendered":"Housing Market Update: For the First Time in Nearly 2 Years, There\u2019s No Major American Metro Where Home Prices Are Falling"},"content":{"rendered":"

Inventory is below typical April levels, driving home prices up. Continually rising mortgage rates are further eroding affordability\u2013and t<\/span><\/i>his week’s Fed meeting confirmed that mortgage rates are likely to hold steady for the foreseeable future.<\/span><\/i><\/p>\n

The median home-sale price rose from a year earlier or stayed the same in all 50 of the most populous U.S. metros during the four weeks ending April 28, the first time that has happened since July 2022. Nationwide, the median sale price rose to a near-record $383,188, up 4.8% year over year. Mortgage rates also continued climbing, with the weekly average hitting its highest level in five months. High prices and rates drove the median monthly housing payment to a record $2,890, up 15% year over year.\u00a0<\/span><\/p>\n

Home-price increases were driven by affluent metros and a pair of more affordable places: Anaheim, CA, where prices rose over 20% year over year, took the top spot. It\u2019s followed by Detroit (14.9%), San Jose, CA (13.6%), West Palm Beach, FL (13.4%) and New Brunswick, NJ (12.8%). The metros with the smallest price increases were in <\/span>Texas and Florida<\/span><\/a>: Dallas (unchanged), Austin (0.3%), San Antonio (0.6%), Fort Worth (1.9%), and Tampa (2.2%).\u00a0<\/span><\/p>\n

Low inventory is driving up prices.<\/b> New listings are up 15% year over year, but they\u2019re still well below typical April levels: There were fewer new listings this April than any year on record except 2023 and 2020. The year-over-year increase is also inflated because of the Easter effect; Easter didn\u2019t fall into the four weeks included in this year\u2019s data, but the holiday did fall into last year\u2019s comparable time period. Some homeowners are hesitant to list their homes because <\/span>economic indicators<\/span><\/a> point to interest rates staying higher for longer than expected, potentially exacerbating the mortgage-rate <\/span>lock-in effect<\/span><\/a>.\u00a0<\/span><\/p>\n

Homebuying demand is softening as rates rise. <\/b>Some Redfin agents are reporting that the recent uptick in mortgage rates is scaring buyers away, and mortgage-purchase applications declined 2% week over week. Still, there are enough buyers out there to keep prices propped up: Redfin’s Homebuyer Demand Index\u2013a measure of requests for tours and other buying services from Redfin agents\u2013is up 3% from a month ago, sitting near its highest level since August.<\/span><\/p>\n

This week\u2019s economic news keeps mortgage rates in a holding pattern. At their <\/span>May 1 meeting<\/span><\/a>, the Fed held interest rates steady, as expected, but kept open the possibility of rate cuts later this year. \u201cThe Fed meeting is unlikely to push mortgage rates down\u2013but the good news is that it won\u2019t push them up, either, which could have happened if the Fed took 2024 rate cuts off the table,\u201d said Redfin Economic Research Lead Chen Zhao<\/a>. \u201cEven though housing costs shouldn\u2019t climb much more, they will remain elevated for the foreseeable future, which could push more buyers away. But for serious house hunters who can afford today\u2019s mortgage rates and find a home they love, jumping on it now isn\u2019t a bad idea, given the fact that inventory is low and costs aren\u2019t dropping anytime soon.\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>\n7.41% (May 1)<\/span><\/td>\nUp from 6.91% one month earlier; near highest level since November 2023<\/span><\/td>\nUp from 6.73%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n7.17% (week ending April 25)<\/span><\/td>\nUp from 6.79% a month earlier; highest level since November 2023<\/span><\/td>\nUp from 6.43%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDecreased 2% from a week earlier (as of week ending April 26)<\/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 3% from a month earlier (as of week ending April 28)<\/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 33% from the start of the year (as of April 28)<\/span><\/td>\nAt this time last year, it was up 28% 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 29)<\/span><\/td>\nDown 14%<\/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 28, 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 28, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$383,188<\/span><\/td>\n4.8%<\/span><\/td>\nJust $73 shy of all-time high\u00a0<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$420,450<\/span><\/td>\n7.7%<\/span><\/td>\nAll-time high; biggest increase since Sept. 2022<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,890 at a 7.17% mortgage rate<\/span><\/td>\n14.7%<\/span><\/td>\nAll-time high<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n88,408<\/span><\/td>\n-3.4%<\/span><\/td>\nThe decline in pending sales would likely be bigger if not for the Easter effect: Easter didn\u2019t fall into the 4-week period ending April 28, 2024, but it did fall into last year\u2019s comparable period<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n101,065<\/span><\/td>\n15.2%<\/span><\/td>\nBiggest increase in nearly 3 years, though that\u2019s partly because of the Easter effect: Easter didn\u2019t fall into the 4-week period ending April 28, 2024, but it did fall into last year\u2019s comparable period<\/span><\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n856,350<\/span><\/td>\n11.8%<\/span><\/td>\n<\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.4 months<\/span><\/td>\n+0.6 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>\n43.9%<\/span><\/td>\nDown from 47%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n34<\/span><\/td>\nUnchanged<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n30.4%<\/span><\/td>\nEssentially unchanged<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n6.2%<\/span><\/td>\n+1.9 pts.<\/span><\/td>\nHighest level since Nov. 2022<\/span><\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99.3%<\/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 28, 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>\n\n

Metros with biggest year-over-year increases<\/b><\/p>\n<\/th>\n

Metros with biggest year-over-year decreases<\/b><\/th>\nNotes<\/b><\/th>\n<\/tr>\n
Median sale price<\/b><\/th>\nAnaheim, CA (22.8%)<\/span><\/p>\n

Detroit (14.9%)<\/span><\/p>\n

San Jose, CA (13.6%)<\/span><\/p>\n

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

New Brunswick, NJ (12.8%)<\/span><\/th>\n

Prices were unchanged in Dallas<\/span><\/i><\/th>\n\n

Increased or stayed the same in all metros\u00a0<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nSan Jose, CA (15%)<\/span><\/p>\n

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

Cincinnati (5.1%)<\/span><\/p>\n

Seattle (5.1%)<\/span><\/p>\n

Columbus, OH (4.7%)<\/span><\/td>\n

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

Riverside, CA (-12.2%)<\/span><\/p>\n

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

Houston (-11.8%)<\/span><\/p>\n

Jacksonville, FL (-11.3%)<\/span><\/td>\n

Increased in 10 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (53.2%)<\/span><\/p>\n

Oakland, CA (34.4%)<\/span><\/p>\n

Phoenix (28.6%)<\/span><\/p>\n

Seattle (28.4%)<\/span><\/p>\n

Miami (28%)<\/span><\/td>\n

Milwaukee (-0.3%)<\/span><\/td>\nDeclined in just 1 metro, partly because of the Easter effect described above<\/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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Inventory is below typical April levels, driving home prices up. Continually rising mortgage rates are further eroding affordability\u2013and this week’s Fed meeting confirmed that mortgage rates are likely to hold steady for the foreseeable future. The median home-sale price rose from a year earlier or stayed the same in all 50 of the most populous […]<\/p>\n","protected":false},"author":13153,"featured_media":77872,"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-77871","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: For the First Time in Nearly 2 Years, There\u2019s No Major American Metro Where Home Prices Are Falling<\/title>\n<meta name=\"description\" content=\"Inventory is below typical April levels, driving home prices up. Continually rising mortgage rates are further eroding affordability\u2013and this week's Fed meeting confirmed that mortgage rates are likely to hold steady for the foreseeable future.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/housing-market-update-home-price-cost-increases\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Housing Market Update: For the First Time in Nearly 2 Years, There\u2019s No Major American Metro Where Home Prices Are Falling\" \/>\n<meta property=\"og:description\" content=\"Inventory is below typical April levels, driving home prices up. 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