{"id":78044,"date":"2024-06-06T05:00:04","date_gmt":"2024-06-06T12:00:04","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78044"},"modified":"2024-06-05T16:28:25","modified_gmt":"2024-06-05T23:28:25","slug":"housing-market-update-home-prices-decline-austin","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-decline-austin\/","title":{"rendered":"Home Prices Are Falling in 3 Texas Metros and Portland, Oregon as High Rates Cool Demand for the Former Hotspots"},"content":{"rendered":"

Prices are down 3% in Austin, TX, more than any other metro, as near-record housing costs push homebuyers away. Nationwide, price drops are at their highest level since November 2022, suggesting more metros may soon see sale prices decline.\u00a0<\/span><\/i><\/p>\n

Home-sale prices are declining year over year in four major U.S. metros, three of them in Texas: Austin (-2.9%), San Antonio (-1.2%), Fort Worth (-1.2%) and Portland, OR (-0.9%). The last time prices fell in four or more metros was in January.\u00a0<\/span><\/p>\n

Nationwide, prices rose 4.4% from a year earlier to an all-time high during the four weeks ending June 2. But there are early indicators that national price growth could soften soon: 6.4% of U.S. home sellers cut their asking price, on average, the highest share since November 2022. And the typical active listing has been on the market for 46 days, up 2.3% year over year\u2013the biggest increase in nine months, suggesting home listings are growing stale faster than they were a year ago.\u00a0<\/span><\/p>\n

Some listings are growing stale because high mortgage rates and housing costs are causing would-be buyers to back off. The weekly average mortgage rate rose back <\/span>above 7%<\/span><\/a> last week, pushing the median U.S. monthly housing payment to a near-record-high of $2,838. (It\u2019s worth noting that <\/span>daily average rates<\/span><\/a> are declining this week after U.S. job openings <\/span>fell<\/span><\/a> to their lowest level in more than three years.) Pending home sales fell 3.8% year over year, the biggest decline in three months, and mortgage-purchase applications declined<\/span> 4%<\/span><\/a> week over week.\u00a0<\/span><\/p>\n

Inventory is losing momentum, too, which is another reason sales are falling. New listings posted one of their smallest year-over-year increases (6.9%) since February, with high mortgage rates discouraging homeowners from selling because it would mean giving up their low rate and trying to offload their home in a relatively slow market.\u00a0<\/span><\/p>\n

\u201cThere\u2019s no getting around the fact that it\u2019s expensive to buy a home right now, but some people are having luck negotiating with sellers,\u201d said <\/span>Bonnie Phillips<\/span><\/a>, a Redfin <\/span>Premier<\/span><\/a> agent in Cleveland. \u201c<\/span>I’ve seen buyers get a home under asking price when it has been on the market for a few weeks. That’s especially true when their agent presents market data that supports a lower market value, like comps of similar homes nearby that have sold for less, or fewer than usual online views or tours.<\/span> Other buyers are finding creative ways to afford a home, like buying a duplex,\u00a0 living in one unit and renting out the other.\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>\n7.03% (June 5)<\/span><\/td>\nUp slightly 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>\n7.03% (week ending May 30)<\/span><\/td>\nUp from 6.94% a week earlier, but down from 5-month high of 7.22% a month earlier<\/span><\/td>\nUp from 6.79%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDeclined 4% from a week earlier (as of week ending May 31)<\/span><\/td>\nDown 13%<\/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 (as of week ending June 2)<\/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 23% from the start of the year (as of June 2)<\/span><\/td>\nAt this time last year, it was up 10% 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 June 3)<\/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 June 2, 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 June 2, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$392,200<\/span><\/td>\n4.4%<\/span><\/td>\nAll-time high<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$417,274<\/span><\/td>\n5.9%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,836 at a 7.03% mortgage rate<\/span><\/td>\n8.7%<\/span><\/td>\n$26 below all-time high set during the 4 weeks ending April 28<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n86,464<\/span><\/td>\n-3.8%<\/span><\/td>\nBiggest decline in over 3 months<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n98,467<\/span><\/td>\n6.9%<\/span><\/td>\nSmallest increase in over 4 months (with the exception of the 4 weeks ending May 5)<\/span><\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n923,747<\/span><\/td>\n15.8%<\/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>\n43.4%<\/span><\/td>\nDown from 48%<\/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>\n32%<\/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>\n99.6%<\/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 June 2, 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 (17.3%)<\/span><\/p>\n

Nassau County, NY (15.8%)<\/span><\/p>\n

Newark, NJ (13.9%)<\/span><\/p>\n

Cleveland, OH (13.9%)<\/span><\/p>\n

Oakland, CA (13.8%)<\/span><\/th>\n

Austin, TX (-2.9%)<\/span><\/p>\n

San Antonio (-1.2%)<\/span><\/p>\n

Fort Worth, TX (-1.2%)<\/span><\/p>\n

Portland, OR (-0.9%)<\/span><\/th>\n

\n

Decreased in 4 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nSan Jose, CA (10.5%)<\/span><\/p>\n

Anaheim, CA (7.1%)<\/span><\/p>\n

Columbus, OH (7%)<\/span><\/p>\n

San Diego (6.7%)<\/span><\/p>\n

San Francisco (4.1%)<\/span><\/td>\n

Houston (-15.5%)<\/span><\/p>\n

West Palm Beach, FL (-14.6%)<\/span><\/p>\n

Atlanta (-13.9%)<\/span><\/p>\n

Fort Lauderdale, FL (-12%)<\/span><\/p>\n

Virginia Beach, VA (-11.3%)<\/span><\/td>\n

Increased in 14 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (39.8%)<\/span><\/p>\n

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

San Diego (21.2%)<\/span><\/p>\n

Denver (18.4%)<\/span><\/p>\n

Las Vegas (18%)<\/span><\/td>\n

Atlanta (-9.3%)<\/span><\/p>\n

Chicago (-5.5%)<\/span><\/p>\n

Minneapolis (-3.6%)\u00a0<\/span><\/p>\n

Newark, NJ (-3.2%)<\/span><\/p>\n

Portland, OR (-2.7%)<\/span><\/td>\n

Decreased in 10 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 are down 3% in Austin, TX, more than any other metro, as near-record housing costs push homebuyers away. Nationwide, price drops are at their highest level since November 2022, suggesting more metros may soon see sale prices decline.\u00a0 Home-sale prices are declining year over year in four major U.S. metros, three of them in […]<\/p>\n","protected":false},"author":13153,"featured_media":78058,"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-78044","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 Are Falling in 3 Texas Metros and Portland, Oregon as High Rates Cool Demand for the Former Hotspots<\/title>\n<meta name=\"description\" content=\"Prices are down 3% in Austin, TX, more than any other metro, as near-record housing costs push homebuyers away. 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