{"id":78224,"date":"2024-07-18T05:00:40","date_gmt":"2024-07-18T12:00:40","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78224"},"modified":"2024-07-17T15:09:19","modified_gmt":"2024-07-17T22:09:19","slug":"housing-market-update-housing-payments-mortgage-rates-decline","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-housing-payments-mortgage-rates-decline\/","title":{"rendered":"Typical Monthly Housing Payment Drops to $115 Below Record High As Mortgage Rates Decline. But House Hunters Are Still Waiting on the Sidelines."},"content":{"rendered":"

Mortgage rates dropped to their lowest level since February after the latest CPI report showed inflation cooling. Still, pending home sales posted their biggest decline in eight months. <\/span><\/i><\/p>\n

Daily average mortgage rates have dropped to their <\/span>lowest level<\/span><\/a> since February after last week\u2019s <\/span>cooler-than-expected<\/span><\/a> inflation report, bringing homebuyers a bit of relief.\u00a0<\/span><\/p>\n

A homebuyer on a $3,000 monthly budget can afford a <\/span>$450,000 home<\/span><\/a> with a 6.8% mortgage rate, roughly the daily average as of July 17. That buyer has gained about $25,000 in purchasing power since rates hit a five-month peak in April, when they could have bought a $425,000 home with a 7.5% rate. To look at affordability another way, the typical U.S. homebuyer\u2019s monthly housing payment was $2,722 during the four weeks ending July 14, $115 lower than April\u2019s all-time high. That\u2019s despite home prices sitting just about $100 shy of last week\u2019s record high.\u00a0<\/span><\/p>\n

Rising supply is another piece of promising news for homebuyers, with new listings up 6.4% year over year and the <\/span>total <\/span><\/i>number of listings near its highest level in almost four years. More homeowners are selling because they\u2019re tired of waiting for rates to drop significantly; it has been more than two years since they started rising from pandemic-era lows.\u00a0<\/span><\/p>\n

Buyers have yet to react strongly to falling rates and increasing inventory. Pending sales are down 5.6% year over year, the biggest decline in eight months, and Redfin\u2019s Homebuyer Demand Index\u2013<\/span>a measure of requests for tours and other buying services from Redfin agents\u2013is down 15%. Mortgage-purchase applications are<\/span> down 3%<\/span><\/a> week over week on a seasonally adjusted basis. That\u2019s despite mortgage rates <\/span>falling <\/span><\/i>year over year; the 6.83% daily average as of July 17 is down from 6.9% a year ago. Some buyers are sitting on the sidelines because they\u2019re hoping mortgage rates will decline more.<\/span><\/p>\n

\u201cNow that it\u2019s looking <\/span>increasingly likely<\/span><\/a> the Fed will cut interest rates by the end of the year, some house hunters believe mortgage rates will fall more and are waiting for that to happen before they buy,\u201d <\/span>said Chen Zhao, Redfin\u2019s economic research lead. \u201cBut they may be waiting in vain; it\u2019s unlikely mortgage rates will drop much lower in the next few months, as markets are already pricing in the expectation of a rate cut in September, followed by several more at the end of 2024 and into 2025. In fact, now may be the right time for house hunters to get serious about making offers before prices increase even more and they lose some power. Plus, there are more homes to choose from, and many listings are <\/span>growing stale<\/span><\/a>, giving buyers an opportunity to negotiate.\u201d<\/span><\/p>\n

Another reason for slow demand is <\/span>extreme heat<\/span><\/a> in some parts of the country preventing house hunters from touring. Nashville, TN<\/a> Redfin Premier agent Kristin Sanchez<\/a> said: \u201cSevere heat waves are making people feel pretty much locked in their houses. They don\u2019t want to come out to see homes because it\u2019s miserable outside; open houses haven\u2019t been getting much traffic.\u201d\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\u00a0<\/b><\/p>\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>\n6.83% (July 17)<\/span><\/td>\nLowest level since February; down from 7.14% 2 weeks earlier<\/span><\/td>\nDown from 6.9%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.89% (week ending July 11)<\/span><\/td>\nDown from 6.95% a week earlier<\/span><\/td>\nDown from 6.96%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDecreased 3% from a week earlier (as of week ending July 12)<\/span><\/td>\nDown 14%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 3% from a month earlier (as of week ending July 14)<\/span><\/td>\nDown 15%<\/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 26 from the start of the year (as of July 14)<\/span><\/td>\nAt this time last year, it was up 19% 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 4% from a month earlier (as of July 15)<\/span><\/td>\nDown 20%<\/span><\/td>\nGoogle Trends\u00a0<\/span><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

Key housing-market data<\/b><\/p>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
U.S. highlights: Four weeks ending July 14, 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 14, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$396,379<\/span><\/td>\n4.4%<\/span><\/td>\nJust about $100 shy of last week\u2019s all-time high<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$404,998<\/span><\/td>\n5.2%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,722 at a 6.89% mortgage rate<\/span><\/td>\n6.1%<\/span><\/td>\n$115 below all-time high set during the 4 weeks ending April 28<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n81,297<\/span><\/td>\n-5.6%<\/span><\/td>\nBiggest decline in 8 months<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n93,676<\/span><\/td>\n6.4%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n977,230<\/span><\/td>\n18.4%<\/span><\/td>\nSmallest increase in 3 months<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.6<\/span><\/td>\n+0.7 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>\n39.1%<\/span><\/td>\nDown from 44%<\/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>\n31.6%<\/span><\/td>\nDown from 36%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n6.7%<\/span><\/td>\n+1.8 pts.\u00a0<\/span><\/td>\nHighest level on record<\/span><\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99.5%<\/span><\/td>\n-0.5 pts.\u00a0<\/span><\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n\n\n\n\n\n\n\n\n
Metro-level highlights: Four weeks ending July 14, 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><\/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>\nDetroit (16.3%)<\/span><\/p>\n

Fort Lauderdale, FL (14.4%)<\/span><\/p>\n

West Palm Beach, FL (13.9%)<\/span><\/p>\n

Providence, RI (13.4%)<\/span><\/p>\n

New Brunswick, NJ (12.3%)<\/span><\/th>\n

Dallas (-2.3%)<\/span><\/p>\n

Austin, TX (-2.1%)<\/span><\/th>\n

Declined in 2 metros<\/span><\/th>\n<\/tr>\n<\/thead>\n
Pending sales<\/b><\/td>\nSan Jose, CA (9.6%)<\/span><\/p>\n

San Francisco (7.1%)<\/span><\/p>\n

Boston (4.5%)<\/span><\/p>\n

Newark, NJ (3.5%)<\/span><\/p>\n

Cincinnati, OH (2.4%)<\/span><\/td>\n

Houston (-24.4%)<\/span><\/p>\n

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

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

Virginia Beach, VA (-13.4%)<\/span><\/p>\n

Atlanta (-12.9%)<\/span><\/td>\n

Increased in 7 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (30.3%)<\/span><\/p>\n

Las Vegas (19.7%)<\/span><\/p>\n

Miami (18.9%)<\/span><\/p>\n

Jacksonville, FL (17.4%)<\/span><\/p>\n

Seattle (15.6%)<\/span><\/td>\n

Atlanta (-13.1%)<\/span><\/p>\n

Houston (-6.6%)<\/span><\/p>\n

Warren, MI (-5.1%)<\/span><\/p>\n

Detroit (-4.5%)<\/span><\/p>\n

Minneapolis (-3.2%)<\/span><\/td>\n

Declined 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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Mortgage rates dropped to their lowest level since February after the latest CPI report showed inflation cooling. Still, pending home sales posted their biggest decline in eight months. Daily average mortgage rates have dropped to their lowest level since February after last week\u2019s cooler-than-expected inflation report, bringing homebuyers a bit of relief.\u00a0 A homebuyer on […]<\/p>\n","protected":false},"author":13153,"featured_media":78238,"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-78224","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":"\nTypical Monthly Housing Payment Drops to $115 Below Record High As Mortgage Rates Decline. But House Hunters Are Still Waiting on the Sidelines.<\/title>\n<meta name=\"description\" content=\"Mortgage rates dropped to their lowest level since February after the latest CPI report showed inflation cooling. Still, pending home sales posted their biggest decline in eight months.\" \/>\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-housing-payments-mortgage-rates-decline\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Typical Monthly Housing Payment Drops to $115 Below Record High As Mortgage Rates Decline. But House Hunters Are Still Waiting on the Sidelines.\" \/>\n<meta property=\"og:description\" content=\"Mortgage rates dropped to their lowest level since February after the latest CPI report showed inflation cooling. Still, pending home sales posted their biggest decline in eight months.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/housing-market-update-housing-payments-mortgage-rates-decline\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-18T12:00:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/1610-Hardwick-Court-Unit-B_Hanover_MD_Ext_final.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"906\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dana Anderson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dana Anderson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-housing-payments-mortgage-rates-decline\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-housing-payments-mortgage-rates-decline\\\/\"},\"author\":{\"name\":\"Dana Anderson\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/309385292bf91585d2e0a130b0a2566b\"},\"headline\":\"Typical Monthly Housing Payment Drops to $115 Below Record High As Mortgage Rates Decline. 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