{"id":78329,"date":"2024-08-08T05:00:36","date_gmt":"2024-08-08T12:00:36","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78329"},"modified":"2024-08-07T13:20:23","modified_gmt":"2024-08-07T20:20:23","slug":"housing-market-update-mortgage-rates-fall-tours-increase","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-mortgage-rates-fall-tours-increase\/","title":{"rendered":"Mortgage Rates Drop to Lowest Level in Over a Year, Prompting Some House Hunters to Ramp Up Touring"},"content":{"rendered":"

A soft jobs report and recession jitters sent mortgage rates down last week. Despite the small improvement in affordability, pending sales still posted their biggest year-over-year decline in 9 months\u2013but the rate drop prompted some prospective buyers to start the house-hunting process.<\/span><\/i><\/p>\n

Mortgage rates dropped to their lowest level since April 2023 early this week, falling to a <\/span>daily average<\/span><\/a> of 6.34% on August 5, after a weaker-than-expected <\/span>jobs report<\/span><\/a> stoked recession fears. Rates have since ticked up to 6.58% as of August 7; that\u2019s still near the lowest level in over a year. Falling rates are welcome news for homebuyers, who have gained tens of thousands of dollars in <\/span>purchasing power<\/span><\/a> in the last month alone.\u00a0<\/span><\/p>\n

Home prices are also falling from their peak: The median sale price was $389,750 during the four weeks ending August 4, more than $6,000 below early July\u2019s all-time high. While that\u2019s a typical seasonal decline, the year-over-year increase of 3.2% is the smallest in nine months, indicating that price growth has eased slightly.\u00a0<\/span><\/p>\n

Home sales have yet to improve as the affordability crunch eases. Pending sales are down 6.7% year over year, the biggest decline in nine months, and there wasn\u2019t an increase in offers written with Redfin agents this past weekend after rates fell on Friday. But there are some signs that house hunters are coming off the sidelines at early stages of the homebuying process, and that pending sales could improve soon. Mortgage-purchase applications <\/span>rose slightly<\/span><\/a> over the last week on a seasonally adjusted basis. Redfin\u2019s Homebuyer Demand Index\u2013a <\/span>measure of requests for tours and other buying services from Redfin agents\u2013is down 13% year over year, but that\u2019s the smallest decline in three months. Additionally, Redfin agents report rising interest in touring homes.\u00a0<\/span><\/p>\n

\u201cMany of the buyers I\u2019m working with are excited because they\u2019ve been casually house hunting for a year, waiting for rates to come down before they make an offer. Now a lot of those buyers want to get in now, before rates get <\/span>too <\/span><\/i>low and cause more competition,\u201d said Redfin Premier agent Shoshana Godwin. \u201cOne of my listings, which went on the market last week, had over 100 parties come through and received\u00a0 nine offers. <\/span>Buyers are securing lower rates than they were a few months ago, but costs are still high enough that buyers are picky. If they’re going to have a high monthly payment, they want a move-in ready home so they don’t have to pay for upgrades<\/span>.\u201d\u00a0<\/span><\/p>\n

On the supply side, new listings are re-gaining some of the momentum they had lost in recent weeks. New listings of homes for sale are up 5.9% year over year, the biggest increase in five weeks. Redfin economists say now is a <\/span>good time<\/span><\/a> to jump into the market, while there\u2019s a pile of <\/span>stale inventory<\/span><\/a> and rates have started dropping.\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>\n6.58% (Aug. 7)<\/span><\/td>\nNear lowest level since spring 2023; down from 7.14% a month earlier<\/span><\/td>\nDown from 7.04%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.73% (week ending Aug. 1)<\/span><\/td>\nDown from 7.22% in early May<\/span><\/td>\nDown from 6.9%<\/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 Aug. 2)<\/span><\/td>\nDown 11%<\/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 Aug. 4)<\/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 13% from the start of the year (as of Aug. 4)<\/span><\/td>\nAt this time last year, it was up 8% 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 Aug. 5)<\/span><\/td>\nDown 15%<\/span><\/td>\nGoogle Trends\u00a0<\/span><\/a><\/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 August 4, 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 August 4, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$389,750<\/span><\/td>\n3.2%<\/span><\/td>\n$6,373 below all-time high set during the 4 weeks ending July 7<\/span><\/p>\n

Smallest increase in 9 months<\/span><\/td>\n<\/tr>\n

Median asking price<\/b><\/td>\n$401,500<\/span><\/td>\n6%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,665 at a 6.73% mortgage rate<\/span><\/td>\n4%<\/span><\/td>\nLowest level since March; $169 below all-time high set during the 4 weeks ending April 28<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n82,075<\/span><\/td>\n-6.7%<\/span><\/td>\nBiggest decline in 9 months<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n95,968<\/span><\/td>\n5.9%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n1,002,695<\/span><\/td>\n18.9%<\/span><\/td>\n<\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.4<\/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>\n36.8%<\/span><\/td>\nDown from 44%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n34<\/span><\/td>\n+6 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n30.2%<\/span><\/td>\nDown from 35%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n7.2%<\/span><\/td>\n+2 pts.\u00a0<\/span><\/td>\nHighest level on record\u00a0<\/span><\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99.4%<\/span><\/td>\n-0.4 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 August 4, 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 (16.8%)<\/span><\/p>\n

Anaheim, CA (11.4%)<\/span><\/p>\n

Providence, RI (11.1%)<\/span><\/p>\n

New Brunswick, NJ (11%)<\/span><\/p>\n

Nassau County, NJ (10.3%)<\/span><\/th>\n

Austin, TX (-3.3%)<\/span><\/p>\n

Dallas (-0.8%)<\/span><\/p>\n

Tampa, FL (-0.5%)<\/span><\/p>\n

Nashville, TN (-0.3%)<\/span><\/p>\n

San Antonio, TX (-0.1%)<\/span><\/th>\n

\n

Declined in 5 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nSan Francisco (9.1%)<\/span><\/p>\n

Los Angeles (4.4%)<\/span><\/p>\n

Newark, NJ (2.5%)<\/span><\/p>\n

Riverside, CA (0.8%)<\/span><\/p>\n

Providence, RI (0.6%)<\/span><\/p>\n

Sacramento, CA (0.4%)<\/span><\/td>\n

Houston (-30.5%)<\/span><\/p>\n

Atlanta (-17%)<\/span><\/p>\n

Detroit (-15.1%)<\/span><\/p>\n

Minneapolis (-14.4%)<\/span><\/p>\n

West Palm Beach, FL (-14.3%)<\/span><\/td>\n

Increased in 6 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (21.9%)<\/span><\/p>\n

New Brunswick, NJ (18.7%)<\/span><\/p>\n

Montgomery County, PA (18.4%)<\/span><\/p>\n

Baltimore (18.1%)<\/span><\/p>\n

San Diego (17.9%)<\/span><\/td>\n

Atlanta (-16.4%)<\/span><\/p>\n

Houston (-12.1%)<\/span><\/p>\n

Austin, TX (-6.6%)<\/span><\/p>\n

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

Warren, MI (-1.1%)<\/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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A soft jobs report and recession jitters sent mortgage rates down last week. Despite the small improvement in affordability, pending sales still posted their biggest year-over-year decline in 9 months\u2013but the rate drop prompted some prospective buyers to start the house-hunting process. Mortgage rates dropped to their lowest level since April 2023 early this week, […]<\/p>\n","protected":false},"author":13153,"featured_media":78343,"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-78329","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":"\nMortgage Rates Drop to Lowest Level in Over a Year, Prompting Some House Hunters to Ramp Up Touring<\/title>\n<meta name=\"description\" content=\"A soft jobs report and recession jitters sent mortgage rates down last week. Despite the small improvement in affordability, pending sales still posted their biggest year-over-year decline in 9 months\u2013but the rate drop prompted some prospective buyers to start the house-hunting process.\" \/>\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-mortgage-rates-fall-tours-increase\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage Rates Drop to Lowest Level in Over a Year, Prompting Some House Hunters to Ramp Up Touring\" \/>\n<meta property=\"og:description\" content=\"A soft jobs report and recession jitters sent mortgage rates down last week. Despite the small improvement in affordability, pending sales still posted their biggest year-over-year decline in 9 months\u2013but the rate drop prompted some prospective buyers to start the house-hunting process.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/housing-market-update-mortgage-rates-fall-tours-increase\/\" \/>\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=\"2024-08-08T12:00:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/212-San-Gabriel-Hideaway-Cv_Liberty-Hill_Tx_06-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2154\" \/>\n\t<meta property=\"og:image:height\" content=\"1435\" \/>\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-mortgage-rates-fall-tours-increase\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-mortgage-rates-fall-tours-increase\\\/\"},\"author\":{\"name\":\"Dana Anderson\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/309385292bf91585d2e0a130b0a2566b\"},\"headline\":\"Mortgage Rates Drop to Lowest Level in Over a Year, Prompting Some House Hunters to Ramp Up Touring\",\"datePublished\":\"2024-08-08T12:00:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-mortgage-rates-fall-tours-increase\\\/\"},\"wordCount\":977,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-mortgage-rates-fall-tours-increase\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/212-San-Gabriel-Hideaway-Cv_Liberty-Hill_Tx_06-1.jpg\",\"keywords\":[\"national\",\"weekly market tracker\",\"weekly market update\"],\"articleSection\":[\"Housing Market News\",\"Weekly Market Update\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-mortgage-rates-fall-tours-increase\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-mortgage-rates-fall-tours-increase\\\/\",\"name\":\"Mortgage Rates Drop to Lowest Level in Over a Year, Prompting Some House Hunters to Ramp Up Touring\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-mortgage-rates-fall-tours-increase\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-mortgage-rates-fall-tours-increase\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/212-San-Gabriel-Hideaway-Cv_Liberty-Hill_Tx_06-1.jpg\",\"datePublished\":\"2024-08-08T12:00:36+00:00\",\"description\":\"A soft jobs report and recession jitters sent mortgage rates down last week. 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