{"id":77984,"date":"2024-05-23T05:00:20","date_gmt":"2024-05-23T12:00:20","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77984"},"modified":"2024-05-22T16:08:06","modified_gmt":"2024-05-22T23:08:06","slug":"housing-market-update-pending-sales-fall-prices-increase","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-pending-sales-fall-prices-increase\/","title":{"rendered":"Home Prices Hit Another Record High, Pushing Pending Sales Down 4%"},"content":{"rendered":"

Prices keep rising because this spring\u2019s inventory is lower than usual. The sliver of good news for buyers is that mortgage rates have declined slightly.\u00a0<\/span><\/i><\/p>\n

The median U.S. home-sale price hit a record <\/span>$387,600 during the four weeks ending May 19, up 4% from a year earlier. Weekly average mortgage rates dipped to <\/span>7.02%<\/span><\/a> from a five-month high of 7.22% at the start of the month, bringing the median monthly housing payment to <\/span>$2,854, roughly $20 shy of April\u2019s all-time high.\u00a0<\/span><\/p>\n

High housing costs pushed pending home sales down 4.2% year over year, the biggest decline in three months (except the prior 4-week period, when sales declined 4.4%). Prices keep rising despite declining sales because there aren\u2019t enough homes on the market: New listings are up about 8% year over year, but inventory remains lower than typical spring levels. Many homeowners are <\/span>staying put<\/span><\/a> because they would rather hold onto their relatively low mortgage rate than move up to a bigger and\/or better home.\u00a0<\/span><\/p>\n

\u201cMove-up buyers feel stuck because they\u2019re ready for their next house, but it just doesn\u2019t make financial sense to sell with current interest rates so high,\u201d said Sam Brinton<\/a>, a Redfin Premier<\/a> agent in Salt Lake City, UT<\/a>. \u201cThe homeowners listing right now are often doing so because they need to: One of my clients is selling because of a family emergency, and another couple is selling because they had a baby and simply don\u2019t have enough room. Buyers should take note that many of today\u2019s sellers are motivated; if a home doesn\u2019t have other offers on the table, offer under asking price and\/or ask for concessions because many sellers are willing to negotiate.\u201d<\/span><\/p>\n

For 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><\/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>\n7.09% (May 22)<\/span><\/td>\nUp from 6.99% a week earlier, but down from a 5-month high of 7.52% 4 weeks earlier\u00a0<\/span><\/td>\nUp from 6.95%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n7.02% (week ending May 16)<\/span><\/td>\nDown from 5-month high of 7.22% 2 weeks earlier<\/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>\nDeclined 1% from a week earlier (as of week ending May 17)<\/span><\/td>\nDown 11%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nEssentially unchanged from a month earlier\u00a0 (as of week ending May 19)<\/span><\/td>\nDown 11%<\/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 31% from the start of the year (as of May 19)<\/span><\/td>\nAt this time last year, it was up 22% 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 19)<\/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 19, 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 19, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$387,600<\/span><\/td>\n4%<\/span><\/td>\nAll-time high<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$420,250<\/span><\/td>\n6.6%<\/span><\/td>\nAll-time high<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,854 at a 7.02% mortgage rate<\/span><\/td>\n10.5%<\/span><\/td>\n$18 below all-time high set during the 4 weeks ending April 28<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n89,303<\/span><\/td>\n-4.2%<\/span><\/td>\nBiggest decline since 4 weeks ending Feb. 25\u00a0 (except the prior 4-week period, when sales declined 4.4%)<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n102,671<\/span><\/td>\n8.5%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n901,194<\/span><\/td>\n14.8%<\/span><\/td>\n<\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.2<\/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>\n44.9%<\/span><\/td>\nDown from 49%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n33<\/span><\/td>\n+3 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n31.3%<\/span><\/td>\nDown from 34%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n6.4%<\/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>\n99.5%<\/span><\/td>\n-0.1 pts.\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 19, 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 (20.1%)<\/span><\/p>\n

Detroit (16.9%)<\/span><\/p>\n

San Jose, CA (12.9%)<\/span><\/p>\n

Oakland, CA (12.5%)<\/span><\/p>\n

West Palm Beach, FL (12%)<\/span><\/th>\n

San Antonio (-1%)<\/span><\/p>\n

Fort Worth, TX (-0.6%)<\/span><\/th>\n

\n

Decreased in 2 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nSan Jose, CA (18.4%)<\/span><\/p>\n

San Francisco (8%)<\/span><\/p>\n

San Diego (4.3%)<\/span><\/p>\n

Newark, NJ (3.6%)<\/span><\/p>\n

Columbus, OH (3.3%)<\/span><\/td>\n

West Palm Beach, FL (-15.3%)<\/span><\/p>\n

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

Houston (-14.5%)<\/span><\/p>\n

Phoenix (-12.3%)<\/span><\/p>\n

Providence, RI (-11.6%)<\/span><\/td>\n

Increased in 10 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (36.7%)<\/span><\/p>\n

Montgomery County, PA (26.2%)<\/span><\/p>\n

Phoenix (26.1%)<\/span><\/p>\n

Seattle (21.2%)<\/span><\/p>\n

San Diego (21%)<\/span><\/td>\n

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

Chicago (-4.9%)<\/span><\/p>\n

Detroit (-3.9%)<\/span><\/p>\n

Virginia Beach, VA (-2.6%)<\/span><\/p>\n

Newark, NJ (-2%)<\/span><\/p>\n

Warren, MI (-1.8%)<\/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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Prices keep rising because this spring\u2019s inventory is lower than usual. The sliver of good news for buyers is that mortgage rates have declined slightly.\u00a0 The median U.S. home-sale price hit a record $387,600 during the four weeks ending May 19, up 4% from a year earlier. Weekly average mortgage rates dipped to 7.02% from […]<\/p>\n","protected":false},"author":13153,"featured_media":77998,"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-77984","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":"\nHome Prices Hit Another Record High, Pushing Pending Sales Down 4%<\/title>\n<meta name=\"description\" content=\"Prices keep rising because this spring\u2019s inventory is lower than usual. The sliver of good news for buyers is that mortgage rates have declined slightly.\" \/>\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-pending-sales-fall-prices-increase\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Home Prices Hit Another Record High, Pushing Pending Sales Down 4%\" \/>\n<meta property=\"og:description\" content=\"Prices keep rising because this spring\u2019s inventory is lower than usual. 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