{"id":78192,"date":"2024-07-11T05:00:36","date_gmt":"2024-07-11T12:00:36","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78192"},"modified":"2024-07-10T12:58:13","modified_gmt":"2024-07-10T19:58:13","slug":"housing-market-update-home-prices-record-high-rising-supply","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-record-high-rising-supply\/","title":{"rendered":"Home-Sale Prices Hit Record High For 9th Straight Week, But Rising Supply and Slow Demand Could Dampen Further Price Growth"},"content":{"rendered":"

The median U.S. sale price is up 5% year over year. But there are signs that price growth could slow soon, with the average home selling for under list price, inventory rising and a high share of listings growing stale.\u00a0<\/span><\/i><\/p>\n

The median U.S. home-sale price hit an all-time high of $397,482 during the four weeks ending July 7, up 4.7% year over year\u2013the biggest increase in over four months. This marks the ninth straight week the median sale price has reached a new record high.<\/span><\/p>\n

Sale prices have remained stubbornly high despite elevated mortgage rates pushing down homebuying demand; pending home sales are down 3.5% year over year and mortgage-purchase applications are <\/span>down 13%<\/span><\/a>. That\u2019s partly because inventory remains historically low, pushing up prices and pushing down sales. And it\u2019s partly because final sale prices are a lagging indicator\u2013they reflect deals that were struck between buyers and sellers a month or two earlier.\u00a0<\/span><\/p>\n

There are signs that price growth may lose momentum soon. The typical home is selling for 0.4% less than its asking price, marking the first time the typical home has sold under list price at the start of July since 2020, when the onset of the pandemic nearly ground the housing market to a halt. Additionally, just 32% of homes are selling above<\/span> asking price, down from 36% a year ago and the lowest share at this time of year since 2020.\u00a0<\/span><\/p>\n

Although inventory is still historically low, it is rising on a year-over-year basis, which is another sign that price growth may lose steam in the coming months. New listings are up 7.3% year over year, and the total number of homes for sale is up 18.3%, with most homes for sale growing stale: More than <\/span>60%<\/span><\/a> of homes are listed for at least a month without going under contract. More homes are hitting the market partly because mortgage rates have been sitting at double pandemic-era lows for nearly two years, and sellers are tired of waiting for rates to drop before they move on to their next home.\u00a0<\/span><\/p>\n

\u201cHomes are sitting longer than they usually do this time of year, which has led to some\u2013but not all\u2013homes selling for a little bit less,\u201d said Julie Zubiate<\/a>, a Redfin Premier<\/a> agent in the Bay Area. \u201cThe longer rates stay high, the pickier buyers are getting. Buyers will jump ship or try to negotiate the price down with any sort of tiny problem; sellers should take the time to prep, price and promote their homes correctly to find the right buyer. That being said, there is one segment of the market that is still moving fast, with homes going over asking price with multiple offers:\u00a0 Move-in ready homes with big backyards located in desirable school districts.\u201d<\/span><\/p>\n

For 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<\/h3>\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>\n6.99% (July 10)<\/span><\/td>\nDown from 7.14% a week earlier; first time in about a month it has dropped below 7%<\/span><\/td>\nDown from 7.12%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.95% (week ending July 3)<\/span><\/td>\nUp from 6.86% a week earlier; first increase after 4 straight weeks of declines<\/span><\/td>\nUp from 6.81%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nIncreased 1% from a week earlier (as of week ending July 5)<\/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>\nUp 2% from a month earlier (as of week ending July 7)<\/span><\/td>\nDown 16%<\/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>\nFlat from the start of the year (as of July 7)<\/span><\/td>\nAt this time last year, it was up 1% 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>\nUp 17% from a month earlier (as of July 7)<\/span><\/td>\nDown 14%<\/span><\/td>\nGoogle Trends\u00a0<\/span><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Key housing-market data<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
U.S. highlights: Four weeks ending July 7, 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 July 7, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$397,482<\/span><\/td>\n4.7%<\/span><\/td>\nAll-time high; biggest increase in 4 months<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$406,000<\/span><\/td>\n5.4%<\/span><\/td>\nLowest level in 3 months<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,742 at a 6.95% mortgage rate<\/span><\/td>\n5.3%<\/span><\/td>\n$95 below all-time high set during the 4 weeks ending April 28<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n83,410<\/span><\/td>\n-3.5%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n93,452<\/span><\/td>\n7.3%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n970,503<\/span><\/td>\n18.3%<\/span><\/td>\nSmallest increase in over 2 months<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.6<\/span><\/td>\n+0.8 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>\n41.1%<\/span><\/td>\nDown from 45%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n32<\/span><\/td>\n+4 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n31.9%<\/span><\/td>\nDown from 36%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n6.5%<\/span><\/td>\n+1.8 pts.\u00a0<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99.6%<\/span><\/td>\n-0.4 pts.\u00a0<\/span><\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n
\n

Metro-level highlights: Four weeks ending July 7, 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>\n\n

Notes<\/b><\/p>\n<\/th>\n<\/tr>\n

Median sale price<\/b><\/th>\nWest Palm Beach, FL (13.8%)<\/span><\/p>\n

Fort Lauderdale, FL (13%)<\/span><\/p>\n

Detroit (12.9%)<\/span><\/p>\n

New Brunswick, NJ (12.8%)<\/span><\/p>\n

Anaheim, CA (12.2%)<\/span><\/th>\n

Austin, TX (-1.9%)<\/span><\/p>\n

Dallas (-1.2%)<\/span><\/th>\n

Declined in 2 metros<\/span><\/th>\n<\/tr>\n<\/thead>\n
Pending sales<\/b><\/td>\nSan Jose, CA (18.8%)<\/span><\/p>\n

San Francisco (9.4%)<\/span><\/p>\n

Boston (9.2%)<\/span><\/p>\n

Montgomery County, PA (3.8%)<\/span><\/p>\n

Columbus, OH (2.8%)<\/span><\/td>\n

West Palm Beach, FL (-16.9%)<\/span><\/p>\n

Houston (-13.8%)<\/span><\/p>\n

Miami (-13.6%)<\/span><\/p>\n

Minneapolis (-12.5%)<\/span><\/p>\n

Atlanta (-11.7%)<\/span><\/td>\n

Increased in 12 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (29.3%)<\/span><\/p>\n

Jacksonville, FL (21.2%)<\/span><\/p>\n

Las Vegas (21.2%)<\/span><\/p>\n

Miami (19.9%)<\/span><\/p>\n

Phoenix (16.4%)<\/span><\/td>\n

Atlanta (-9.8%)<\/span><\/p>\n

Minneapolis (-6.2%)<\/span><\/p>\n

Chicago (-5.4%)<\/span><\/p>\n

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

Portland, OR (-4.3%)<\/span><\/td>\n

Declined in 9 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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The median U.S. sale price is up 5% year over year. But there are signs that price growth could slow soon, with the average home selling for under list price, inventory rising and a high share of listings growing stale.\u00a0 The median U.S. home-sale price hit an all-time high of $397,482 during the four weeks […]<\/p>\n","protected":false},"author":13153,"featured_media":78206,"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-78192","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-Sale Prices Hit Record High For 9th Straight Week, But Rising Supply and Slow Demand Could Dampen Price Growth<\/title>\n<meta name=\"description\" content=\"The median U.S. sale price is up 5% year over year. But there are signs that price growth could slow soon, with the average home selling for under list price, inventory rising and a high share of listings growing stale.\" \/>\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-home-prices-record-high-rising-supply\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Home-Sale Prices Hit Record High For 9th Straight Week, But Rising Supply and Slow Demand Could Dampen Further Price Growth\" \/>\n<meta property=\"og:description\" content=\"The median U.S. sale price is up 5% year over year. 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