{"id":77965,"date":"2024-05-17T06:00:26","date_gmt":"2024-05-17T13:00:26","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77965"},"modified":"2024-05-16T16:10:41","modified_gmt":"2024-05-16T23:10:41","slug":"housing-market-tracker-april-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-tracker-april-2024\/","title":{"rendered":"U.S. Home Prices Hit an All-Time High in April"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">The median home sale price rose 6% year over year to $434,000 as a lack of new listings buoyed prices.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">The total number of homes for sale hit a four-year high, but that\u2019s partly because some houses are sitting stale on the market after being priced too high.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">18% of homes for sale in April had a price cut, up from 12% in April 2023.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">San Jose and Rochester are hotter than other parts of the country; roughly three-quarters of homes that sold in those metros last month fetched more than their asking price\u2014a higher share than anywhere else in the U.S.<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The median U.S. home sale price rose 6.2% year over year in April to $433,558\u2014the highest level on record.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-77966\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-15-at-2.20.22\u202fPM-1024x723.png\" alt=\"\" width=\"635\" height=\"449\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-15-at-2.20.22\u202fPM-1024x723.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-15-at-2.20.22\u202fPM-300x212.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-15-at-2.20.22\u202fPM-768x543.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-15-at-2.20.22\u202fPM.png 1390w\" sizes=\"(max-width: 635px) 100vw, 635px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Today\u2019s housing market is much slower than it was during the pandemic homebuying boom, but prices continue climbing because there still aren\u2019t enough homes to go around.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">New listings increased 1.7% month over month in April on a seasonally adjusted basis and rose 10.8% year over year. Still, they were roughly 20% below pre-pandemic levels, in large part because many homeowners don\u2019t want to sell, as they feel \u201c<\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rate-lock-in-housing-2023\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">locked in<\/span><\/a><span style=\"font-weight: 400;\">\u201d by the low mortgage rate they scored during the pandemic.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s worth noting that last April, new listings were at the lowest level on record aside from the start of the pandemic, which is one reason they\u2019re now posting such a large year-over-year gain.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-77967 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-15-at-4.57.42\u202fPM.png\" alt=\"\" width=\"635\" height=\"438\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-15-at-4.57.42\u202fPM.png 635w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-15-at-4.57.42\u202fPM-300x207.png 300w\" sizes=\"(max-width: 635px) 100vw, 635px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Home sales were little changed from a month earlier (0.2%) in April on a seasonally adjusted basis, but were down 1.4% from a year earlier.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Homebuyers are getting hit by the one-two punch of high prices and elevated mortgage rates. The average 30-year-fixed mortgage rate was <\/span><a href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=1bnGA\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">6.99%<\/span><\/a><span style=\"font-weight: 400;\"> in April. That\u2019s up from 6.82% in March and 6.34% in April 2023, and is more than double the all-time low of 2.65% during the pandemic.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;It\u2019s not all bad news for homebuyers. Mortgage rates are already inching <\/span><a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\/30-year-fixed\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">lower<\/span><\/a><span style=\"font-weight: 400;\"> in response to this week\u2019s inflation <\/span><a href=\"https:\/\/www.redfin.com\/news\/april-2024-inflation-report\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\">, which signaled that the Fed may cut interest rates this summer\u2014a possibility that just weeks ago many thought was off the table, \u201d said Redfin Economics Research Lead <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/chen-zhao\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Chen Zhao<\/span><\/a><span style=\"font-weight: 400;\">. \u201cIn certain parts of the country, buyers also have room to negotiate as homes linger on the market, prompting sellers to slash their asking prices and provide concessions.&#8221;<\/span><\/p>\n<h3>Housing Supply\u2014While Historically Low\u2014Hit a Four-Year High in April as Homes Lingered on the Market<\/h3>\n<p><span style=\"font-weight: 400;\">Active listings rose to the highest level since December 2020 in April. They were up 0.3% from a month earlier and up 7.5% from a year earlier on a seasonally adjusted basis, though remained far below pre-pandemic levels.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-77968 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-15-at-4.58.21\u202fPM.png\" alt=\"\" width=\"639\" height=\"435\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-15-at-4.58.21\u202fPM.png 639w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-15-at-4.58.21\u202fPM-300x204.png 300w\" sizes=\"(max-width: 639px) 100vw, 639px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">While new listings represent the number of homes that were <\/span><i><span style=\"font-weight: 400;\">listed<\/span><\/i><span style=\"font-weight: 400;\"> for sale during a given month, active listings represent the total number of homes that were <\/span><i><span style=\"font-weight: 400;\">for sale <\/span><\/i><span style=\"font-weight: 400;\">during a given month. That means that the latter metric includes homes that have been sitting on the market for a while.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nationwide, 43.9% of homes that went under contract in April did so within two weeks of being listed, down from 46.9% a year earlier.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Redfin agents say that some homes are sitting on the market because sellers are pricing them too high initially and then having to cut their prices later.<\/span><\/p>\n<h3>18% of Home Sellers Are Cutting Their Asking Prices<\/h3>\n<p><span style=\"font-weight: 400;\">Nearly one in five (17.6%) homes for sale in April had a price cut, meaning the seller lowered the asking price after putting their home on the market. That\u2019s up 5.6 percentage points from 12.1% a year earlier\u2014the biggest gain in over a year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201c<\/span><span style=\"font-weight: 400;\">Most sellers in Las Vegas are willing to negotiate\u2014anywhere from 5% to 10% off their list price,\u201d said local <\/span><a href=\"https:\/\/www.redfin.com\/premier\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Premier<\/span><\/a><span style=\"font-weight: 400;\"> real estate agent <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/fernanda-kriese\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Fernanda Kriese<\/span><\/a><span style=\"font-weight: 400;\">. \u201cSellers are offering buyers money for mortgage-rate <\/span><a href=\"https:\/\/www.redfin.com\/blog\/what-is-a-mortgage-buydown\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">buydowns<\/span><\/a><span style=\"font-weight: 400;\">, along with other concessions. Homes that are listed below market value get multiple offers and are snatched up in two to four days, but homes that are priced $5,000 to $10,000 over market value are sitting for 30 to 60 days longer.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Las Vegas, like many pandemic boomtowns, has seen its housing market cool following the homebuying frenzy of 2021 and 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But other markets haven\u2019t cooled as quickly, and some are seeing substantial competition between homebuyers. <\/span><span style=\"font-weight: 400;\">In San Jose, CA, for example, three in four homes (75.8%) that sold in April went for more than their asking price. That\u2019s up from 61.6% a year earlier and is the highest share among the metros Redfin analyzed. Next came Rochester, NY, at 72.8%, and Oakland, CA, at 69.7%. Nationwide, one-third (33.5%) of homes that sold in April went for more than their asking price.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Redfin recently surveyed its agents and found that the majority of respondents (74.4%) think the 2024 housing market is shaping up to be more favorable for sellers than buyers. That\u2019s likely in part because sellers are fetching record-high prices for their homes. The survey, conducted by Qualtrics in April-May 2024, was fielded to roughly 300 Redfin Premier agents.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">April 2024 Highlights: United States<\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th><\/th>\n<th><b>April 2024<\/b><\/th>\n<th><b>Month-Over-Month Change<\/b><\/th>\n<th><b>Year-Over-Year Change<\/b><\/th>\n<\/tr>\n<tr>\n<th><b>Median sale price<\/b><\/th>\n<th><span style=\"font-weight: 400;\">$433,558<\/span><\/th>\n<th><span style=\"font-weight: 400;\">3.2%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">6.2%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Homes sold, seasonally adjusted<\/b><\/th>\n<th><span style=\"font-weight: 400;\">425,102<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.2%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-1.4%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>New listings, seasonally adjusted<\/b><\/th>\n<th><span style=\"font-weight: 400;\">522,713<\/span><\/th>\n<th><span style=\"font-weight: 400;\">1.7%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">10.8%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>All homes for sale, seasonally adjusted (active listings)<\/b><\/th>\n<th><span style=\"font-weight: 400;\">1,617,980<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.3%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">7.5%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Months of supply<\/b><\/th>\n<th><span style=\"font-weight: 400;\">2.3<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.2<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.1<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Median days on market<\/b><\/th>\n<th><span style=\"font-weight: 400;\">35<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-5<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-2<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Share of for-sale homes with a price drop<\/b><\/th>\n<th><span style=\"font-weight: 400;\">17.6%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">1.9 ppts<\/span><\/th>\n<th><span style=\"font-weight: 400;\">5.6 ppts<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Share of homes sold above final list price<\/b><\/th>\n<th><span style=\"font-weight: 400;\">33.5%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">3.5 ppts<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.1 ppts<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Average sale-to-final-list-price ratio<\/b><\/th>\n<th><span style=\"font-weight: 400;\">99.7%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.4 ppts<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.2 ppts<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Share of homes that went under contract within two weeks<\/b><\/th>\n<th><span style=\"font-weight: 400;\">43.9%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-1.4 ppts<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-3.0 ppts<\/span><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\n<p style=\"text-align: center;\"><a href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=1bnGA\" target=\"_blank\" rel=\"noopener\"><b>Average 30-year fixed mortgage rate<\/b><\/a><\/p>\n<\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">6.99%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.17 ppts<\/span><\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.65 ppts<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i><span style=\"font-weight: 400;\">Note: Data is subject to revision<\/span><\/i><\/p>\n<h3><\/h3>\n<h3><span style=\"font-weight: 400;\">Metro-Level Highlights: April 2024<\/span><\/h3>\n<p><i><span style=\"font-weight: 400;\">Data in the bullets below came from a list of 85 U.S. metro areas with populations of at least 750,000. A full metro-level data table can be found in the \u201cdownload\u201d tab of the dashboard in<\/span><\/i><i><span style=\"font-weight: 400;\"> the monthly section of the Redfin <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Data Center<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">. <\/span><\/i><i><span style=\"font-weight: 400;\">Refer to our <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center-metrics-definitions\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">metrics definition page<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> for explanations of metrics used in this report. Metro-level data is not seasonally adjusted. All changes below represent year-over-year changes.<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Prices: <\/b><span style=\"font-weight: 400;\">Median sale prices rose most from a year earlier in Buffalo, NY (24.3%), Anaheim, CA (22.8%) and Rochester (15%). The fell in just five metros: San Antonio (-1.6%), Memphis, TN (-0.7%), Birmingham, AL (-0.7%), North Port, FL (-0.2%) and Austin, TX (-0.1%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>New listings: <\/b><span style=\"font-weight: 400;\">New listings rose most in San Jose (46.9%), Tacoma, WA (38.3%) and Oakland (38%). They fell in one metro Redfin analyzed: Greensboro, NC (-1.6%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Active listings:<\/b><span style=\"font-weight: 400;\"> Active listings rose most in Cape Coral, FL (50.6%), North Port (49.1%) and Fort Lauderdale, FL (42.2%). They fell most in Raleigh, NC (-12.3%), New Brunswick, NJ (-8.7%) and Lake County, IL (-7.4%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Closed home sales:<\/b><span style=\"font-weight: 400;\"> Home sales rose most in San Jose (38.2%), San Francisco (30.4%) and Stockton, CA (23.2%). They fell most in Fresno, CA (-3.5%), Jacksonville, FL (-3%) and Albany, NY (-2.6%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Sold above list price:<\/b><span style=\"font-weight: 400;\"> In San Jose, 75.8% of homes sold above their final list price, the highest share among the metros Redfin analyzed. Next came Rochester (72.8%) and Oakland (69.7%). The shares were lowest in North Port (6.8%) West Palm Beach, FL (7.1%) and Cape Coral (9.3%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Off market in two weeks: <\/b><span style=\"font-weight: 400;\">In Rochester, 84.6% of homes that went under contract did so within two weeks\u2014the highest share among the metros Redfin analyzed. Next came Seattle (75.9%) and Buffalo (74.5%). The lowest shares were in Honolulu (7.4%), Tucson, AZ (16.6%) and Chicago (16.9%).<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The median home sale price rose 6% year over year to $434,000 as a lack of new listings buoyed prices. The total number of homes for sale hit a four-year high, but that\u2019s partly because some houses are sitting stale on the market after being priced too high. 18% of homes for sale in April [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":77969,"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 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