{"id":78080,"date":"2024-06-13T05:00:09","date_gmt":"2024-06-13T12:00:09","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78080"},"modified":"2024-06-12T15:18:25","modified_gmt":"2024-06-12T22:18:25","slug":"housing-market-update-home-prices-record-high-mortgage-rates-decline","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-record-high-mortgage-rates-decline\/","title":{"rendered":"U.S. Home Prices Hit Another Record High, But Mortgage Rates Are Starting to Decline\u2013Which Could Give Buyers Relief"},"content":{"rendered":"

Daily average mortgage rates dropped to their lowest level in three months after the May CPI report showed that inflation is continuing to cool. That could bring back some demand; for now, home sales are still declining. <\/span><\/i><\/p>\n

The median U.S. home-sale price hit an all-time high of $394,000 during the four weeks ending June 9, up 4.4% year over year\u2013the biggest increase in about three months. But there are signs that home-price growth could ease soon. Asking prices have leveled off, and 6.5% of home sellers are cutting their asking price, on average, the highest share since November 2022. Prices are already declining in four U.S. metros: Austin, TX, Fort Worth, TX, San Antonio, TX and Portland, OR.\u00a0<\/span><\/p>\n

Meanwhile, the typical homebuyer\u2019s monthly housing payment dipped to $2,829, which is $30 below April\u2019s record high. Median housing payments have fallen slightly since April despite record sale prices because weekly average mortgage rates have declined to <\/span>6.99%<\/span><\/a> .<\/span><\/p>\n

Mortgage rates are likely to decline further over the summer, which would keep monthly housing costs from spiraling up again. Daily average mortgage rates <\/span>dropped<\/span><\/a> to their lowest level in three months on June 12 after the latest CPI report showed that inflation is <\/span>continuing to cool<\/span><\/a>. And although the Fed forecast just one interest-rate cut this year at its June 12 meeting, it\u2019s possible the Fed wasn\u2019t able to <\/span>fully consider<\/span><\/a> the fresh inflation data in time for the meeting; they may revise their projection at the next meeting. (It\u2019s worth noting that daily rates have been volatile for the last several days; they soared after last Friday\u2019s <\/span>hot jobs report<\/span><\/a> before dropping back down).\u00a0\u00a0<\/span><\/p>\n

\u201cThe latest inflation report is good for homebuyers because it has already sent mortgage rates down, though this week\u2019s Fed meeting will temper mortgage-rate declines,\u201d said Chen Zhao<\/a>, Redfin\u2019s economic research lead. \u201cBut on the other side of the coin, if lower mortgage rates bring back more demand than supply, that could erase the possibility that home-price growth softens, and push prices up even further. Lower rates and higher prices may ultimately cancel each other out when it comes to homebuyers\u2019 monthly payments.\u201d<\/span><\/p>\n

For now, high costs are keeping some prospective homebuyers on the sidelines. Pending home sales are down 3.5% year over year, the biggest decline in over three months, and Redfin\u2019s Homebuyer Demand Index\u2013a measure of requests for tours and other buying services from Redfin agents\u2013is down 18%, sitting at its lowest level since February. But there is one encouraging sign for demand: Mortgage-purchase applications are <\/span>up 9%<\/span><\/a> week over week. On the selling side, new listings are up 7.8% year over year, but they\u2019re below typical springtime levels, which is why home prices keep rising despite tepid demand.\u00a0<\/span><\/p>\n

For more on Redfin economists\u2019 takes on the housing market, 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>\n6.98% (June 12)<\/span><\/td>\nUp from 7.03% a week earlier, but down from a 5-month high of 7.52% 5 weeks earlier\u00a0<\/span><\/td>\nUp from 6.94%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.99% (week ending June 6)<\/span><\/td>\nDown slightly from 7.03% a week earlier; down from a 5-month high of 7.22% a month earlier<\/span><\/td>\nUp from 6.71%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nIncreased 9% from a week earlier (as of week ending June 7)<\/span><\/td>\nDown 12%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 2% from a month earlier (as of week ending June 9)<\/span><\/td>\nDown 18%<\/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 28% from the start of the year (as of June 9)<\/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>\nUnchanged from a month earlier (as of June 10)<\/span><\/td>\nDown 16%<\/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 9, 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 9, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$393,627<\/span><\/td>\n4.4%<\/span><\/td>\nAll-time high; biggest increase in about 3 months (tied with increase during 4 weeks ending April 21)<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$417,475<\/span><\/td>\n6%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,829 at a 6.99% mortgage rate<\/span><\/td>\n8.6%<\/span><\/td>\n$30 below all-time high set during the 4 weeks ending April 28<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n86,604<\/span><\/td>\n-3.5%<\/span><\/td>\nBiggest decline in over 3 months<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n100,411<\/span><\/td>\n7.8%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n939,839<\/span><\/td>\n16.7%<\/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>\n42.4%<\/span><\/td>\nDown from 48%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n31<\/span><\/td>\n+3 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n32.1%<\/span><\/td>\nDown from 35%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n6.5%<\/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-0.3 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 9, 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 (16.8%)<\/span><\/p>\n

Newark, NJ (16.4%)<\/span><\/p>\n

New Brunswick, NJ (15.5%)<\/span><\/p>\n

Nassau County, NY (14.6%)<\/span><\/p>\n

San Jose, CA (13%)<\/span><\/th>\n

Austin, TX (-3.5%)<\/span><\/p>\n

Fort Worth, TX (-2.5%)<\/span><\/p>\n

San Antonio (-1.1%)<\/span><\/p>\n

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

\n

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

Pending sales<\/b><\/td>\nSan Jose, CA (12.2%)<\/span><\/p>\n

Columbus, OH (5.8%)<\/span><\/p>\n

Pittsburgh (5.4%)<\/span><\/p>\n

Milwaukee (4%)<\/span><\/p>\n

Seattle (3.6%)<\/span><\/td>\n

Houston (-16.2%)<\/span><\/p>\n

West Palm Beach, FL (-13.4%)<\/span><\/p>\n

Fort Lauderdale, FL (-11.5%)<\/span><\/p>\n

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

Tampa, FL (-9.9%)<\/span><\/td>\n

Increased in 13 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (39.9%)<\/span><\/p>\n

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

San Diego (23.2%)<\/span><\/p>\n

Miami (20.9%)<\/span><\/p>\n

Denver (17.7%)<\/span><\/td>\n

Atlanta (-7.9%)<\/span><\/p>\n

Chicago (-5.1%)<\/span><\/p>\n

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

Indianapolis (-2.8%)<\/span><\/p>\n

Minneapolis (-2.1%)<\/span><\/td>\n

Declined in 7 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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Daily average mortgage rates dropped to their lowest level in three months after the May CPI report showed that inflation is continuing to cool. That could bring back some demand; for now, home sales are still declining. The median U.S. home-sale price hit an all-time high of $394,000 during the four weeks ending June 9, […]<\/p>\n","protected":false},"author":13153,"featured_media":78094,"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-78080","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":"\nU.S. Home Prices Hit Another Record High, But Mortgage Rates Are Starting to Decline\u2013Which Could Give Buyers Relief - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"Daily average mortgage rates dropped to their lowest level in three months after the May CPI report showed that inflation is continuing to cool. 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