{"id":78015,"date":"2024-05-30T05:00:02","date_gmt":"2024-05-30T12:00:02","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78015"},"modified":"2024-05-29T15:45:37","modified_gmt":"2024-05-29T22:45:37","slug":"housing-market-update-sellers-drop-asking-prices","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-sellers-drop-asking-prices\/","title":{"rendered":"Price Drops Hit Highest Level in 18 Months As High Rates Dampen Buyer Demand"},"content":{"rendered":"

More home sellers are cutting their asking price, suggesting sale-price growth could soften in the coming months. But this week, the median sale price rose to another record high, pricing out some buyers.\u00a0<\/span><\/i><\/p>\n

Nationwide, 6.4% of home sellers cut their asking price during the four weeks ending May 26, on average, the highest share since November 2022. The median asking price dropped roughly $3,000 to $416,623 in the last week, the first decline in six months. Additionally, for-sale supply is growing more stale: Age of inventory (the number of days active listings have been on the market) started rising year over year in May for the first time in eight months, hitting a median of 46 days. Together, those metrics suggest sale-price growth could soften in the coming months as persistently high mortgage rates turn off homebuyers. For now, the median-home sale price is up 4.3% year over year to another record high, though sale prices are a lagging indicator because they\u2019re typically negotiated at least a month before a deal closes.\u00a0<\/span><\/p>\n

Buyers did get a modicum of relief on housing costs this week. The typical U.S. homebuyer\u2019s monthly housing payment dropped to $2,812, its lowest level in six weeks. Payments are declining because even though sale prices remain at all-time highs, mortgage rates have come down from their peak: The weekly average mortgage rate is <\/span>6.94%<\/span><\/a>, the first time it has dipped below 7% since early April. <\/span>(It\u2019s worth noting that the reprieve in rates may be short-lived; <\/span>daily<\/span><\/i> average rates<\/span><\/a> started increasing this week after a string of <\/span>disappointing<\/span><\/a> treasury auctions.)\u00a0<\/span><\/p>\n

High costs are dampening demand. <\/span>\u00a0Pending sales are down 3.4% year over year, on par with declines over the last month, and mortgage-purchase applications are sitting near their <\/span>lowest level<\/span><\/a> in six months. Low inventory is another factor pushing down sales. Even though 7.8% more new listings hit the market than during the same period last year, listing growth has been losing momentum for the last few months, leaving buyers with fewer homes to choose from than there typically are in May.\u00a0<\/span><\/p>\n

\u201cThe market is slower than usual, but well-maintained properties listed for under a million dollars still get multiple offers,\u201d said <\/span>Christine Chang<\/span><\/a>, a Redfin Premier<\/a> agent in the Bay Area. \u201cPeople who are buying right now are typically doing so because they\u2019re having a baby or looking for a more family friendly home. My advice for those buyers is to be open-minded: Consider single-family homes that are a bit outdated but don\u2019t need major renovations, and\/or homes in lesser-known, non-trendy neighborhoods. That type of home tends to sit on the market longer, and buyers may be able to avoid competition and get a home for asking price instead of engaging in a bidding war. Buyers who can get by with less space should consider a condo; they\u2019re relatively unpopular right now and many are going under asking price.\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>\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>\n7.34% (May 29)<\/span><\/td>\nUp from 6.99% 2 weeks earlier, but down from a 5-month high of 7.52% 5 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>\n6.94% (week ending May 23)<\/span><\/td>\nDown from 5-month high of 7.22% 3 weeks earlier<\/span><\/td>\nUp from 6.57%<\/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 24)<\/span><\/td>\nDown 10%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 7% from a month earlier to lowest level in 3 months (as of week ending May 23)<\/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 10% from the start of the year (as of May 27)<\/span><\/td>\nAt this time last year, it was up 12% 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 May 28)<\/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 May 26, 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 26, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$390,613<\/span><\/td>\n4.3%<\/span><\/td>\nAll-time high<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$416,623<\/span><\/td>\n6%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,812 at a 6.94% mortgage rate<\/span><\/td>\n7.3%<\/span><\/td>\n$58 below all-time high set during the 4 weeks ending April 28<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n89,218<\/span><\/td>\n-3.4%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n101,172<\/span><\/td>\n7.8%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n912,320<\/span><\/td>\n15.2%<\/span><\/td>\nHighest level since Dec. 2022<\/span><\/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>\n44.7%<\/span><\/td>\nDown from 49%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n32<\/span><\/td>\n+3 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n31.8%<\/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-0.2 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 26, 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 (19.3%)<\/span><\/p>\n

Detroit (16.4%)<\/span><\/p>\n

Nassau County, NY (12.5%)<\/span><\/p>\n

San Jose, CA (12.4%)<\/span><\/p>\n

West Palm Beach, FL (12.4%)<\/span><\/th>\n

Fort Worth, TX (-0.4%)<\/span><\/p>\n

San Antonio, TX (-0.3%)<\/span><\/th>\n

\n

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

Pending sales<\/b><\/td>\nSan Jose, CA (13.7%)<\/span><\/p>\n

San Francisco (7.2%)<\/span><\/p>\n

Columbus, OH (6.5%)<\/span><\/p>\n

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

Anaheim, CA\u00a0 (4.2%)<\/span><\/td>\n

Houston (-15.1%)<\/span><\/p>\n

West Palm Beach, FL (-14.4%)<\/span><\/p>\n

Atlanta (-14.1%)<\/span><\/p>\n

Fort Lauderdale, FL (-12.5%)<\/span><\/p>\n

Orlando (-11.5%)<\/span><\/td>\n

Increased in 13 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (34.5%)<\/span><\/p>\n

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

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

Oakland, CA (20.1%)<\/span><\/p>\n

Montgomery County, PA (19.5%)<\/span><\/td>\n

Chicago (-10%)<\/span><\/p>\n

Atlanta (-9.4%)<\/span><\/p>\n

Newark, NJ (-6.4%)<\/span><\/p>\n

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

Warren, MI (-1.9%)<\/span><\/td>\n

Decreased in 8 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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More home sellers are cutting their asking price, suggesting sale-price growth could soften in the coming months. But this week, the median sale price rose to another record high, pricing out some buyers.\u00a0 Nationwide, 6.4% of home sellers cut their asking price during the four weeks ending May 26, on average, the highest share since […]<\/p>\n","protected":false},"author":13153,"featured_media":78029,"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-78015","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":"\nPrice Drops Hit Highest Level in 18 Months As High Rates Dampen Buyer Demand<\/title>\n<meta name=\"description\" content=\"More home sellers are cutting their asking price, suggesting sale-price growth could soften in the coming months. But this week, the median sale price rose to another record high, pricing out some buyers.\" \/>\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-sellers-drop-asking-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Price Drops Hit Highest Level in 18 Months As High Rates Dampen Buyer Demand\" \/>\n<meta property=\"og:description\" content=\"More home sellers are cutting their asking price, suggesting sale-price growth could soften in the coming months. 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