{"id":78255,"date":"2024-07-25T05:00:31","date_gmt":"2024-07-25T12:00:31","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78255"},"modified":"2024-07-24T15:37:48","modified_gmt":"2024-07-24T22:37:48","slug":"housing-market-update-monthly-payment-mortgage-rates-drop","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-monthly-payment-mortgage-rates-drop\/","title":{"rendered":"Typical Homebuyer\u2019s Monthly Payment Drops to Lowest Level in 4 Months"},"content":{"rendered":"

Monthly housing payments are falling as mortgage rates decline, but many house hunters remain on the sidelines, with pending sales posting their biggest drop in nearly nine months. That\u2019s because sale prices are still near record highs; additionally, some would-be buyers are wary of political and economic instability.\u00a0<\/span><\/i><\/p>\n

The typical U.S. homebuyer\u2019s monthly housing payment was $2,671 during the four weeks ending July 21, the lowest level in four months and down $166 from the record high set at the end of April. Housing payments are falling because mortgage rates are falling: The weekly average mortgage rate has declined to <\/span>6.77%<\/span><\/a>, its lowest level since March, as <\/span>inflation cools<\/span><\/a>.\u00a0\u00a0<\/span><\/p>\n

Buyers also have more homes to choose from: New listings are up 6.1% year over year, and <\/span>more listings<\/span><\/a> are growing stale, giving house hunters the opportunity to negotiate. But even though housing payments are declining and inventory is improving, homebuyers remain hesitant. Pending home sales are down 5.7% year over year, the biggest decline in nearly nine months, and mortgage-purchase applications are <\/span>down 15%<\/span><\/a> (purchase applications are down 4% week over week).\u00a0<\/span><\/p>\n

Many would-be buyers are still waiting on the sidelines largely because even though mortgage rates are coming down a bit, home-sale prices are just shy of the record high hit in early July. Additionally, Redfin agents say some house hunters are waiting until after the upcoming presidential election to buy because they don\u2019t want to make a large purchase in the midst of political and economic uncertainty.\u00a0\u00a0<\/span><\/p>\n

\u201cI\u2019m working with several buyers who are waiting for the election before they make a move,\u201d said Matthew Purdy<\/a>, a Redfin Premier agent in northern Colorado. \u201cSome of them say they\u2019ll only buy a home if their candidate wins. Others are waiting because they feel the economy and housing market are shaky, and hope it will improve after the election. I am working with a few foreign buyers who are wary about investing any more money in U.S. real estate before they see who takes office.\u201d\u00a0<\/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\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>\n6.9% (July 24)<\/span><\/td>\nNear lowest level since February; down from 7.14% 3 weeks earlier<\/span><\/td>\nUnchanged from\u00a0 6.9%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.77% (week ending July 18)<\/span><\/td>\nDown from 6.89% a week earlier<\/span><\/td>\nEssentially unchanged from 6.78%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDecreased 4% from a week earlier (as of week ending July 19)<\/span><\/td>\nDown 15%<\/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 July 21)<\/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>\nUp 19% from the start of the year (as of July 22)<\/span><\/td>\nAt this time last year, it was up 15% 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 12% from a month earlier (as of July 22)<\/span><\/td>\nDown 15%<\/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 21, 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 21, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$395,500<\/span><\/td>\n4.4%<\/span><\/td>\n$1,000 below all-time high set during the 4 weeks ending July 7<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$401,250<\/span><\/td>\n4.9%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,671 at a 6.77% mortgage rate<\/span><\/td>\n4.6%<\/span><\/td>\nLowest level since March; $166 below all-time high set during the 4 weeks ending April 28<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n81,224<\/span><\/td>\n-5.7%<\/span><\/td>\nBiggest decline in nearly 9 months<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n92,972<\/span><\/td>\n6.1%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n985,303<\/span><\/td>\n18.7%<\/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>\n38.3%<\/span><\/td>\nDown from 44%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n33<\/span><\/td>\n+5 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n31.2%<\/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\u00a0<\/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
\n

Metro-level highlights: Four weeks ending July 21, 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>\nDetroit (15.4%)<\/span><\/p>\n

Providence, RI (14.3%)<\/span><\/p>\n

New Brunswick, NJ (13.2%)<\/span><\/p>\n

Newark, NJ (13%)<\/span><\/p>\n

Milwaukee (12.4%)<\/span><\/th>\n

Austin, TX (-3.6%)<\/span><\/p>\n

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

Declined in 2 metros<\/span><\/th>\n<\/tr>\n<\/thead>\n
Pending sales<\/b><\/td>\nNewark, NJ (7.1%)<\/span><\/p>\n

San Jose, CA (4%)<\/span><\/p>\n

Boston (3.1%)<\/span><\/p>\n

Cincinnati, OH (2.3%)<\/span><\/p>\n

San Francisco (1.7%)<\/span><\/p>\n

Los Angeles (1.4%)<\/span><\/p>\n

Columbus, OH (0.5%)<\/span><\/td>\n

Houston (-28%)<\/span><\/p>\n

Minneapolis (-16.1%)<\/span><\/p>\n

West Palm Beach, FL (-15.7%)<\/span><\/p>\n

Virginia Beach, VA (-14.3%)<\/span><\/p>\n

Atlanta (-13.6%)<\/span><\/td>\n

Increased in 7 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (25.8%)<\/span><\/p>\n

Las Vegas (20.6%)<\/span><\/p>\n

Miami (17.1%)<\/span><\/p>\n

Phoenix (16.2%)<\/span><\/p>\n

Jacksonville, FL (16.1%)<\/span><\/td>\n

Atlanta (-14.2%)<\/span><\/p>\n

Houston (-10.5%)<\/span><\/p>\n

Detroit (-4%)<\/span><\/p>\n

Chicago (-3.1%)<\/span><\/p>\n

Warren, MI (-2.5%)<\/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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Monthly housing payments are falling as mortgage rates decline, but many house hunters remain on the sidelines, with pending sales posting their biggest drop in nearly nine months. That\u2019s because sale prices are still near record highs; additionally, some would-be buyers are wary of political and economic instability.\u00a0 The typical U.S. homebuyer\u2019s monthly housing payment […]<\/p>\n","protected":false},"author":13153,"featured_media":78269,"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-78255","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 Homebuyer\u2019s Monthly Payment Drops to Lowest Level in 4 Months<\/title>\n<meta name=\"description\" content=\"Monthly housing payments are falling as mortgage rates decline, but many house hunters remain on the sidelines, with pending sales posting their biggest drop in nearly nine months. 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