{"id":77917,"date":"2024-05-09T05:00:20","date_gmt":"2024-05-09T12:00:20","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77917"},"modified":"2024-05-08T14:41:36","modified_gmt":"2024-05-08T21:41:36","slug":"housing-market-update-record-high-monthly-payments-mortgage-rates-decline","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\/","title":{"rendered":"Housing Market Update: Record-High Monthly Payments Chill Spring Selling Season\u2013But Declining Rates Could Boost Activity"},"content":{"rendered":"

High home prices and rates sent home sellers and buyers to the sidelines in April and the start of May. But last week\u2019s encouraging economic news drove mortgage rates down a bit, which could bring back prospective sellers and house hunters.\u00a0<\/span><\/i><\/p>\n

The median U.S. monthly housing payment hit an all-time high of $2,894 during the four weeks ending May 5, up 14% from a year earlier, and home prices rose 4.5% to their own record high.\u00a0<\/span><\/p>\n

The supply of homes for sale lost momentum, with prospective sellers jittery about high rates. <\/b>New listings rose 9% year over year, the smallest increase in three months (with the exception of the four weeks ending March 31, when there was an artificially small decline due to Easter.) There were fewer new listings during the four-week period ending May 5 than any comparable period on record except 2020 and 2023. Many would-be sellers backed off when rates rose throughout April, opting to <\/span>stay put<\/span><\/a> to hold onto their low mortgage rate.\u00a0<\/span><\/p>\n

Home sales fell due to high rates and low supply. <\/b>Pending home sales dropped 3% from a year earlier\u2013the biggest decline in two months. There are also signs that competition for homes is slowing during a time of year when it typically speeds up: 30% of homes sold above asking price, flat from a week earlier and down from 32% a year earlier and\u00a0 more than 50% two years earlier. And 6.2% of home sellers dropped their asking price, the highest share since November and up from 4.3% a year ago. But there is one signal that demand is starting to pick up: Mortgage-purchase applications <\/span>increased 2%<\/span><\/a> week over week.\u00a0<\/span><\/p>\n

Recent economic news brought rates down from their peak. <\/b>Encouraging economic news pushed daily average mortgage rates down from a five-month high of <\/span>7.5%<\/span><\/a> on April 30 to about 7.2% at the end of last week and into this week, bringing buyers a modicum of relief. The Fed held <\/a><\/span>interest rates steady<\/span> and kept open the possibility of a rate cut later this year at their May 1 meeting, and last Friday\u2019s <\/span>soft jobs report<\/span><\/a> was another step in the right direction.\u00a0<\/span><\/p>\n

\u201cThe market is a mixed bag, with high mortgage rates causing some listings to sit longer than I would expect in the springtime and high prices holding steady,\u201d said <\/span>David Palmer<\/span><\/a>, a Redfin <\/span>Premier<\/span><\/a> agent in Seattle. \u201cSellers can rest assured that there are plenty of motivated buyers who are jumping into the market now; they finally understand that rates aren\u2019t going to plummet anytime soon. Those buyers are the people who are\u00a0 moving because they need to: They\u2019re relocating for a new job, going through a divorce, or growing their family. So even though some of my listings are taking longer to sell than they would in a typical spring market, they are selling eventually.\u201d<\/span><\/p>\n

For Redfin economists\u2019 takes on the housing market, including more on 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>\n7.2% (May 8)<\/span><\/td>\nDown from a 5-month high of 7.52% two weeks earlier\u00a0<\/span><\/td>\nUp from 6.5%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n7.22% (week ending May 2)<\/span><\/td>\nHighest level since Nov. 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>\nIncreased 2% from a week earlier (as of week ending May 3)<\/span><\/td>\nDown 17%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 6% from a month earlier (as of week ending May 5)<\/span><\/td>\nDown 12%<\/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 32% from the start of the year (as of May 7)<\/span><\/td>\nAt this time last year, it was up 27% 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>\nEssentially unchanged from a month earlier (as of May 5)<\/span><\/td>\nDown 18%<\/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 May 5, 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 May 5, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$384,721<\/span><\/td>\n4.5%<\/span><\/td>\nAll-time high<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$419,519<\/span><\/td>\n6.5%<\/span><\/td>\nAll-time high<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,894 at a 7.22% mortgage rate<\/span><\/td>\n14.1%<\/span><\/td>\nAll-time high<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n90,542<\/span><\/td>\n-3%<\/span><\/td>\nTied with the 2 previous 4-week periods for the biggest decline in 2 months\u00a0<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n102,449<\/span><\/td>\n9.3%<\/span><\/td>\nSmallest increase since 4 weeks ending Feb. 11, with the exception of a 6.6% increase during the 4 weeks ending March 31 (that uptick was artificially small because of the Easter holiday)<\/span><\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n877,829<\/span><\/td>\n13.3%<\/span><\/td>\n<\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.2 months<\/span><\/td>\n+0.5 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>\n44.9%<\/span><\/td>\nDown from 47%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n34<\/span><\/td>\n+1 day<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n30.4%<\/span><\/td>\nDown from 32%<\/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>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99.4%<\/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 May 5, 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>\n\n

Notes<\/b><\/p>\n<\/th>\n<\/tr>\n

Median sale price<\/b><\/th>\nAnaheim, CA (21%)<\/span><\/p>\n

West Palm Beach, FL (15.9%)<\/span><\/p>\n

Detroit (15.7%)<\/span><\/p>\n

San Jose, CA (13.2%)<\/span><\/p>\n

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

San Antonio, TX (-1.9%)<\/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 (21.9%)<\/span><\/p>\n

Anaheim, CA (9.1%)<\/span><\/p>\n

Oakland, CA (6.1%)<\/span><\/p>\n

San Francisco (6.1%)<\/span><\/p>\n

Seattle (5.9%)<\/span><\/td>\n

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

Atlanta (-11.7%)<\/span><\/p>\n

Houston (-11.1%)<\/span><\/p>\n

Jacksonville, FL (-10.3%)<\/span><\/p>\n

Orlando, FL (-10.2%)<\/span><\/td>\n

Increased in 15 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (35.6%)<\/span><\/p>\n

Phoenix (25.9%)<\/span><\/p>\n

Seattle (22.4%)<\/span><\/p>\n

San Diego, CA (21.5%)<\/span><\/p>\n

Oakland, CA (21.1%)<\/span><\/td>\n

Chicago (-9%)<\/span><\/p>\n

Newark, NJ (-4.3%)<\/span><\/p>\n

Warren, MI (-3.9%)<\/span><\/p>\n

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

Detroit (-2.5%)<\/span><\/p>\n

Providence, RI (-1.5%)<\/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

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

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

High home prices and rates sent home sellers and buyers to the sidelines in April and the start of May. But last week\u2019s encouraging economic news drove mortgage rates down a bit, which could bring back prospective sellers and house hunters.\u00a0 The median U.S. monthly housing payment hit an all-time high of $2,894 during the […]<\/p>\n","protected":false},"author":13153,"featured_media":77931,"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],"dashboard":[],"coauthors":[124],"class_list":["post-77917","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: Record-High Monthly Payments Chill Spring Selling Season\u2013But Declining Rates Could Boost Activity<\/title>\n<meta name=\"description\" content=\"High home prices and rates sent home sellers and buyers to the sidelines in April and the start of May. But last week\u2019s encouraging economic news brought mortgage rates down a bit, which could bring back prospective sellers and house hunters.\" \/>\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-record-high-monthly-payments-mortgage-rates-decline\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Housing Market Update: Record-High Monthly Payments Chill Spring Selling Season\u2013But Declining Rates Could Boost Activity\" \/>\n<meta property=\"og:description\" content=\"High home prices and rates sent home sellers and buyers to the sidelines in April and the start of May. But last week\u2019s encouraging economic news brought mortgage rates down a bit, which could bring back prospective sellers and house hunters.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-09T12:00:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/13565-Marguerite-Creek-Way_San-Diego_CA_Ext_final-1024x862.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"862\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dana Anderson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dana Anderson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\\\/\"},\"author\":{\"name\":\"Dana Anderson\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/309385292bf91585d2e0a130b0a2566b\"},\"headline\":\"Housing Market Update: Record-High Monthly Payments Chill Spring Selling Season\u2013But Declining Rates Could Boost Activity\",\"datePublished\":\"2024-05-09T12:00:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\\\/\"},\"wordCount\":970,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/13565-Marguerite-Creek-Way_San-Diego_CA_Ext_final.jpg\",\"keywords\":[\"national\",\"weekly market tracker\",\"weekly market update\"],\"articleSection\":[\"Housing Market News\",\"Weekly Market Update\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\\\/\",\"name\":\"Housing Market Update: Record-High Monthly Payments Chill Spring Selling Season\u2013But Declining Rates Could Boost Activity\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/13565-Marguerite-Creek-Way_San-Diego_CA_Ext_final.jpg\",\"datePublished\":\"2024-05-09T12:00:20+00:00\",\"description\":\"High home prices and rates sent home sellers and buyers to the sidelines in April and the start of May. But last week\u2019s encouraging economic news brought mortgage rates down a bit, which could bring back prospective sellers and house hunters.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/13565-Marguerite-Creek-Way_San-Diego_CA_Ext_final.jpg\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/13565-Marguerite-Creek-Way_San-Diego_CA_Ext_final.jpg\",\"width\":1426,\"height\":1200},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.redfin.com/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Housing Market Update: Record-High Monthly Payments Chill Spring Selling Season\u2013But Declining Rates Could Boost Activity\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/\",\"name\":\"Redfin Real Estate News\",\"description\":\"The latest real estate news and research from technology-powered residential real estate company, Redfin.\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.redfin.com/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\",\"name\":\"Redfin\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com\\\/news\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/Redfin-News-Logo.png\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com\\\/news\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/Redfin-News-Logo.png\",\"width\":1100,\"height\":235,\"caption\":\"Redfin\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/redfin\",\"https:\\\/\\\/x.com\\\/redfin\",\"https:\\\/\\\/www.instagram.com\\\/redfinrealestate\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/redfin\",\"https:\\\/\\\/www.pinterest.com\\\/redfin\\\/\",\"https:\\\/\\\/en.wikipedia.org\\\/wiki\\\/Redfin\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/309385292bf91585d2e0a130b0a2566b\",\"name\":\"Dana Anderson\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Dana_Anderson_722_RT-150x150.jpg6a0821cd173d24b4c47bf9d2c09ca097\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Dana_Anderson_722_RT-150x150.jpg\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Dana_Anderson_722_RT-150x150.jpg\",\"caption\":\"Dana Anderson\"},\"description\":\"As a data journalist at Redfin, Dana Anderson writes about the numbers behind real estate trends. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our Why Redfin page.\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/author\\\/dana-andersonredfin-com\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Housing Market Update: Record-High Monthly Payments Chill Spring Selling Season\u2013But Declining Rates Could Boost Activity","description":"High home prices and rates sent home sellers and buyers to the sidelines in April and the start of May. But last week\u2019s encouraging economic news brought mortgage rates down a bit, which could bring back prospective sellers and house hunters.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\/","og_locale":"en_US","og_type":"article","og_title":"Housing Market Update: Record-High Monthly Payments Chill Spring Selling Season\u2013But Declining Rates Could Boost Activity","og_description":"High home prices and rates sent home sellers and buyers to the sidelines in April and the start of May. But last week\u2019s encouraging economic news brought mortgage rates down a bit, which could bring back prospective sellers and house hunters.","og_url":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\/","og_site_name":"Redfin Real Estate News","article_publisher":"https:\/\/www.facebook.com\/redfin","article_published_time":"2024-05-09T12:00:20+00:00","og_image":[{"width":1024,"height":862,"url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/13565-Marguerite-Creek-Way_San-Diego_CA_Ext_final-1024x862.jpg","type":"image\/jpeg"}],"author":"Dana Anderson","twitter_card":"summary_large_image","twitter_creator":"@redfin","twitter_site":"@redfin","twitter_misc":{"Written by":"Dana Anderson","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\/#article","isPartOf":{"@id":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\/"},"author":{"name":"Dana Anderson","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/person\/309385292bf91585d2e0a130b0a2566b"},"headline":"Housing Market Update: Record-High Monthly Payments Chill Spring Selling Season\u2013But Declining Rates Could Boost Activity","datePublished":"2024-05-09T12:00:20+00:00","mainEntityOfPage":{"@id":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\/"},"wordCount":970,"publisher":{"@id":"https:\/\/www.redfin.com\/news\/#organization"},"image":{"@id":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\/#primaryimage"},"thumbnailUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/13565-Marguerite-Creek-Way_San-Diego_CA_Ext_final.jpg","keywords":["national","weekly market tracker","weekly market update"],"articleSection":["Housing Market News","Weekly Market Update"],"inLanguage":"en-US","copyrightYear":"2024","copyrightHolder":{"@id":"https:\/\/www.redfin.com\/news\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\/","url":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\/","name":"Housing Market Update: Record-High Monthly Payments Chill Spring Selling Season\u2013But Declining Rates Could Boost Activity","isPartOf":{"@id":"https:\/\/www.redfin.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\/#primaryimage"},"image":{"@id":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\/#primaryimage"},"thumbnailUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/13565-Marguerite-Creek-Way_San-Diego_CA_Ext_final.jpg","datePublished":"2024-05-09T12:00:20+00:00","description":"High home prices and rates sent home sellers and buyers to the sidelines in April and the start of May. But last week\u2019s encouraging economic news brought mortgage rates down a bit, which could bring back prospective sellers and house hunters.","breadcrumb":{"@id":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.redfin.com\/news\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\/#primaryimage","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/13565-Marguerite-Creek-Way_San-Diego_CA_Ext_final.jpg","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/13565-Marguerite-Creek-Way_San-Diego_CA_Ext_final.jpg","width":1426,"height":1200},{"@type":"BreadcrumbList","@id":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.redfin.com\/news\/"},{"@type":"ListItem","position":2,"name":"Housing Market Update: Record-High Monthly Payments Chill Spring Selling Season\u2013But Declining Rates Could Boost Activity"}]},{"@type":"WebSite","@id":"https:\/\/www.redfin.com\/news\/#website","url":"https:\/\/www.redfin.com\/news\/","name":"Redfin Real Estate News","description":"The latest real estate news and research from technology-powered residential real estate company, Redfin.","publisher":{"@id":"https:\/\/www.redfin.com\/news\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.redfin.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.redfin.com\/news\/#organization","name":"Redfin","url":"https:\/\/www.redfin.com\/news\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/logo\/image\/","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/Redfin-News-Logo.png","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/Redfin-News-Logo.png","width":1100,"height":235,"caption":"Redfin"},"image":{"@id":"https:\/\/www.redfin.com\/news\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/redfin","https:\/\/x.com\/redfin","https:\/\/www.instagram.com\/redfinrealestate\/","https:\/\/www.linkedin.com\/company\/redfin","https:\/\/www.pinterest.com\/redfin\/","https:\/\/en.wikipedia.org\/wiki\/Redfin"]},{"@type":"Person","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/person\/309385292bf91585d2e0a130b0a2566b","name":"Dana Anderson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/Dana_Anderson_722_RT-150x150.jpg6a0821cd173d24b4c47bf9d2c09ca097","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/Dana_Anderson_722_RT-150x150.jpg","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/Dana_Anderson_722_RT-150x150.jpg","caption":"Dana Anderson"},"description":"As a data journalist at Redfin, Dana Anderson writes about the numbers behind real estate trends. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our Why Redfin page.","url":"https:\/\/www.redfin.com\/news\/author\/dana-andersonredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/77917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13153"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=77917"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/77917\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/77931"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=77917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=77917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=77917"},{"taxonomy":"dashboard","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/dashboard?post=77917"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=77917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}