{"id":77950,"date":"2024-05-16T05:00:34","date_gmt":"2024-05-16T12:00:34","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77950"},"modified":"2024-05-15T16:06:28","modified_gmt":"2024-05-15T23:06:28","slug":"housing-market-update-mortgage-rates-dip-sales-decline","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-mortgage-rates-dip-sales-decline\/","title":{"rendered":"Housing Market Update: Mortgages Rates Dip Below 7% For First Time in 5 Weeks, Giving Buyers Some Much-Needed Relief"},"content":{"rendered":"

Pending home sales are down and new listings are flat during a time of year when they typically rise. But this week\u2019s softer-than-expected inflation report sent mortgage rates down, which could bring back some homebuyers and sellers.\u00a0<\/span><\/i><\/p>\n

Pending home sales fell 4.3% from a year earlier during the four weeks ending May 12, the biggest decline in roughly three months. They also posted a week-over-week decline, unusual for early May. Inventory is losing momentum, too, as would-be sellers <\/span>stay put<\/span><\/a> to hang onto their low mortgage rate. New listings rose 10% year over year, but they were essentially flat from a week earlier, which is significant because listings typically increase this time of year.\u00a0<\/span><\/p>\n

The housing market slumped because of sky-high housing costs. The median U.S. home-sale price is up 4.7% year over year to a record $386,951, and the median monthly mortgage payment is sitting at $2,858, just $26 shy of the all-time high set in April. But affordability is starting to improve a bit: Daily average mortgage rates have steadily declined since the start of May, and this week\u2019s slightly softer-than-expected <\/span>inflation report<\/span><\/a> sent rates <\/span>below 7%<\/span><\/a> for the first time in over five weeks. And 6.3% of home sellers are dropping their price, on average, the highest share in a year and a half, which may mean price growth loses momentum soon.\u00a0<\/span><\/p>\n

\u201cHigh prices and rates are challenging, but there are ways for buyers to take advantage of the somewhat slow market,\u201d said <\/span>Marsha McMahon-Jones<\/span><\/a>, a Redfin <\/span>Premier<\/span><\/a> agent in Palm Springs, CA. \u201cSellers know that high mortgage rates mean they should expect negotiations, expect offers to come in under list price, and be ready for some back and forth on things like repairs and closing costs. Buyers may not be able to get a lower mortgage rate, but they\u2019re often getting homes for slightly less than the asking price. It\u2019s also a good time to buy a fixer-upper at a lower price point because those aren\u2019t selling as quickly.\u201d\u00a0<\/span><\/p>\n

For Redfin economists\u2019 takes on the housing market, including how current financial events like the latest CPI report 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>\n6.99% (May 15)<\/span><\/td>\nDown from a 5-month high of 7.52% three weeks earlier\u00a0<\/span><\/td>\nUp from 6.55%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n7.09% (week ending May 9)<\/span><\/td>\nDown from 5-month high of 7.22% a week earlier<\/span><\/td>\nUp from 6.35%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDeclined 2% from a week earlier (as of week ending May 10)<\/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>\nLowest level in 2 months (as of week ending May 12)<\/span><\/td>\nDown 13%<\/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 5% from the start of the year (as of May 13)<\/span><\/td>\nAt this time last year, it was up 21% 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>\nDown 8% from a month earlier (as of May 13)<\/span><\/td>\nDown 15%<\/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 12, 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 12, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$386,951<\/span><\/td>\n4.7%<\/span><\/td>\nAll-time high<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$418,455<\/span><\/td>\n6.6%<\/span><\/td>\nAll-time high<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,858 at a 7.09% mortgage rate<\/span><\/td>\n12.7%<\/span><\/td>\nJust $26 below all-time high set during the 4 weeks ending April 28<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n90,457<\/span><\/td>\n-4.3%<\/span><\/td>\nBiggest decline since 4 weeks ending Feb. 25<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n102,269<\/span><\/td>\n10%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n890,224<\/span><\/td>\n14.2%<\/span><\/td>\n<\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.2<\/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>\n45.2%<\/span><\/td>\nDown from 49%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n33<\/span><\/td>\n+2 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n30.8%<\/span><\/td>\nDown from 33%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n6.3%<\/span><\/td>\n+2 pts.\u00a0<\/span><\/td>\nHighest level since Nov. 2022<\/span><\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99.4%<\/span><\/td>\nUnchanged<\/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 12, 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>\n\n

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

Median sale price<\/b><\/th>\nDetroit (18.8%)<\/span><\/p>\n

Anaheim, CA (18.6%)<\/span><\/p>\n

West Palm Beach, FL (16.2%)<\/span><\/p>\n

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

Newark, NJ (11.7%)<\/span><\/th>\n

San Antonio (-0.5%)<\/span><\/th>\n\n

Decreased in just 1 metro<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nSan Jose, CA (16.6%)<\/span><\/p>\n

Anaheim, CA (9.2%)<\/span><\/p>\n

San Francisco (5.3%)<\/span><\/p>\n

Newark, NJ (5.2%)<\/span><\/p>\n

Sacramento, CA (3%)<\/span><\/td>\n

Phoenix (-14.9%)<\/span><\/p>\n

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

Houston (-13.2%)<\/span><\/p>\n

West Palm Beach, FL (-11.8%)<\/span><\/p>\n

Nashville, TN (-11.1%)<\/span><\/td>\n

Increased in 12 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (40.2%)<\/span><\/p>\n

Seattle (26.4%)<\/span><\/p>\n

Phoenix (24.7%)<\/span><\/p>\n

Oakland, CA (24.6%)<\/span><\/p>\n

Montgomery County, PA (21.9%)<\/span><\/td>\n

Chicago (-8.1%)<\/span><\/p>\n

Atlanta (-3.4%)<\/span><\/p>\n

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

Virginia Beach, VA (-1.9%)<\/span><\/p>\n

Newark, NJ (-1.6%)<\/span><\/p>\n

Warren, MI (-1.2%)<\/span><\/td>\n

Decreased 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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Pending home sales are down and new listings are flat during a time of year when they typically rise. But this week\u2019s softer-than-expected inflation report sent mortgage rates down, which could bring back some homebuyers and sellers.\u00a0 Pending home sales fell 4.3% from a year earlier during the four weeks ending May 12, the biggest […]<\/p>\n","protected":false},"author":13153,"featured_media":77964,"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-77950","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: Mortgages Rates Dip Below 7% For First Time in 5 Weeks, Giving Buyers Some Much-Needed Relief<\/title>\n<meta name=\"description\" content=\"Pending home sales are down and new listings are flat during a time of year when they typically rise. But this week\u2019s softer-than-expected inflation report sent mortgage rates down, which could bring back some homebuyers and sellers.\" \/>\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-mortgage-rates-dip-sales-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: Mortgages Rates Dip Below 7% For First Time in 5 Weeks, Giving Buyers Some Much-Needed Relief\" \/>\n<meta property=\"og:description\" content=\"Pending home sales are down and new listings are flat during a time of year when they typically rise. But this week\u2019s softer-than-expected inflation report sent mortgage rates down, which could bring back some homebuyers and sellers.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/housing-market-update-mortgage-rates-dip-sales-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=\"2024-05-16T12:00:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/HPTO_2018_3338-N-Oakley_Chicago-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1067\" \/>\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=\"7 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-mortgage-rates-dip-sales-decline\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-mortgage-rates-dip-sales-decline\\\/\"},\"author\":{\"name\":\"Dana Anderson\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/309385292bf91585d2e0a130b0a2566b\"},\"headline\":\"Housing Market Update: Mortgages Rates Dip Below 7% For First Time in 5 Weeks, Giving Buyers Some Much-Needed Relief\",\"datePublished\":\"2024-05-16T12:00:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-mortgage-rates-dip-sales-decline\\\/\"},\"wordCount\":825,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-mortgage-rates-dip-sales-decline\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/HPTO_2018_3338-N-Oakley_Chicago-scaled.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-mortgage-rates-dip-sales-decline\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-mortgage-rates-dip-sales-decline\\\/\",\"name\":\"Housing Market Update: Mortgages Rates Dip Below 7% For First Time in 5 Weeks, Giving Buyers Some Much-Needed Relief\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-mortgage-rates-dip-sales-decline\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-mortgage-rates-dip-sales-decline\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/HPTO_2018_3338-N-Oakley_Chicago-scaled.jpg\",\"datePublished\":\"2024-05-16T12:00:34+00:00\",\"description\":\"Pending home sales are down and new listings are flat during a time of year when they typically rise. 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