{"id":78425,"date":"2024-08-22T05:00:37","date_gmt":"2024-08-22T12:00:37","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78425"},"modified":"2024-08-21T17:03:15","modified_gmt":"2024-08-22T00:03:15","slug":"housing-market-update-house-hunters-return-monthly-payments-decline","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-house-hunters-return-monthly-payments-decline\/","title":{"rendered":"House Hunters Are Back As Monthly Mortgage Payments Post First Annual Decline Since 2020"},"content":{"rendered":"

Signals of early-stage homebuying demand, including home tours, are gaining momentum as mortgage rates stabilize at a 15-month low.\u00a0<\/span><\/i><\/p>\n

The median U.S. monthly mortgage payment was $2,587 during the four weeks ending August 18, its lowest level since February and down 0.1% from a year earlier. That\u2019s a tiny drop, but it marks the first time in four years monthly payments have posted any decline at all. Housing payments are falling because mortgage rates are falling; weekly average mortgage rates are sitting at a <\/span>15-month low<\/span><\/a> of just below 6.5%, down from a peak of 7.2% in May. Home prices are still near record highs, up 3.6% year over year.\u00a0<\/span><\/p>\n

Mortgage rates have been holding steady <\/span>around 6.5%<\/span><\/a> since the start of August. The stabilization of rates well below their peak has inspired house hunters to hit the pavement: Some would-be buyers who had been waiting for rates to decline more have realized that’s unlikely to happen anytime soon, and others are gaining confidence that rates won’t suddenly pop up before they put an offer on a home. Redfin\u2019s Homebuyer Demand Index<\/span>\u2013<\/span>a measure of requests for tours and other buying services from Redfin agents\u2013has risen 4% over the last week to its highest level in two months.\u00a0<\/span><\/p>\n

The uptick in home tours hasn\u2019t yet translated to more sales. Pending home sales are down 5.3% year over year, the biggest decline in nine months (with the exception of the 4 weeks ending August 4), and mortgage-purchase applications are <\/span>down 8%<\/span><\/a>. But pending sales are a lagging indicator, and they may improve as home tours pick up, and Redfin agents report they\u2019ve seen an uptick in buyer interest.\u00a0<\/span><\/p>\n

\u201cOver the last two weeks, I\u2019ve seen momentum build and I\u2019ve felt clients get more excited about the prospect of buying or selling a home,\u201d said Gregory Eubanks<\/a>, a Redfin Premier agent in Los Angeles. \u201cThat stems from encouraging economic news and speculation that the Fed is going to <\/span>cut interest rates<\/span><\/a> in September. Some people are actively searching and listing their homes right now, and others are still hoping rates drop more significantly before making a move.\u201d\u00a0<\/span><\/p>\n

On the supply side, new listings are up 3.4% year over year and the total number of homes for sale is up 18%. Redfin economists say we could see listings rise in the coming weeks, with the August 17 <\/span>implementation<\/span><\/a> of the NAR settlement inspiring some sellers to list their home, in hopes of a lower fee.\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<\/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>\n6.46% (Aug. 21)<\/span><\/td>\nNear lowest level since spring 2023<\/span><\/td>\nDown from 7.48%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.49% (week ending Aug. 15)<\/span><\/td>\nNear lowest level in over a year; down from 7.22% in early May<\/span><\/td>\nDown from 7.09%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDeclined 5% from a week earlier (as of week ending Aug. 16)<\/span><\/td>\nDown 8%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 4% from a month earlier to highest in two months (as of week ending Aug. 18)<\/span><\/td>\nDown 8% (smallest decline since April)<\/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 9% from the start of the year (as of Aug. 19)<\/span><\/td>\nAt this time last year, it was up 5% 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 8% from a month earlier (as of Aug. 19)<\/span><\/td>\nDown 8%<\/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 August 18, 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 18, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$390,000<\/span><\/td>\n3.6%<\/span><\/td>\nUp about $1,000 from a week earlier, but about $6,000 below all-time high set during the 4 weeks ending July 7<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$397,388<\/span><\/td>\n6%<\/span><\/td>\nBiggest increase since Oct. 2022<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,587 at a 6.49% mortgage rate<\/span><\/td>\n-0.1%<\/span><\/td>\nLowest level since Feb.; $245 below all-time high set during the 4 weeks ending April 28<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n80,894<\/span><\/td>\n-5.3%<\/span><\/td>\nBiggest decline since Nov. 2023, except the 4 weeks ending Aug. 4, when there was a 5.9% decline\u00a0<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n90,302<\/span><\/td>\n3.4%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n1,000,540<\/span><\/td>\n18%<\/span><\/td>\nSmallest increase since April<\/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>\n36.5%<\/span><\/td>\nDown from 42%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n35<\/span><\/td>\n+6 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n28.9%<\/span><\/td>\nDown from 34%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n6.9%<\/span><\/td>\n+1.7 pts.\u00a0<\/span><\/td>\nHighest level on record\u00a0<\/span><\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99.2%<\/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 August 18, 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>\nPhiladelphia (12.6%)<\/span><\/p>\n

Nassau County, NY (10.4%)<\/span><\/p>\n

Detroit (10%)<\/span><\/p>\n

Anaheim, CA (9.9%)<\/span><\/p>\n

Milwaukee (9.5%)<\/span><\/th>\n

Austin, TX (-1.8%)<\/span><\/p>\n

Tampa, FL (-1.3%)<\/span><\/p>\n

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

Fort Worth, TX (-0.7%)<\/span><\/p>\n

Phoenix (-0.1%)<\/span><\/th>\n

Declined in 5 metros<\/span><\/th>\n<\/tr>\n<\/thead>\n
Pending sales<\/b><\/td>\nSan Jose, CA (9.2%)<\/span><\/p>\n

Los Angeles (7.8%)<\/span><\/p>\n

Boston (7.5%)<\/span><\/p>\n

Montgomery County, PA (5.5%)<\/span><\/p>\n

Sacramento, CA (5.2%)<\/span><\/td>\n

Houston (-17.1%)<\/span><\/p>\n

Atlanta (-16%)<\/span><\/p>\n

Tampa, FL (-15.2%)<\/span><\/p>\n

West Palm Beach, FL (-14.7%)<\/span><\/p>\n

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

Increased in 13 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (17.4%)<\/span><\/p>\n

San Diego (16.4%)<\/span><\/p>\n

Montgomery County, PA (16.2%)<\/span><\/p>\n

Miami (13.4%)<\/span><\/p>\n

Baltimore, MD (12.6%)<\/span><\/td>\n

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

Newark, NJ (-5.9%)<\/span><\/p>\n

Austin, TX (-5.2%)<\/span><\/p>\n

San Antonio (-3.8%)<\/span><\/p>\n

Tampa, FL (-3.7%)<\/span><\/td>\n

Declined in 14 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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Signals of early-stage homebuying demand, including home tours, are gaining momentum as mortgage rates stabilize at a 15-month low.\u00a0 The median U.S. monthly mortgage payment was $2,587 during the four weeks ending August 18, its lowest level since February and down 0.1% from a year earlier. That\u2019s a tiny drop, but it marks the first […]<\/p>\n","protected":false},"author":13153,"featured_media":78439,"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-78425","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":"\nHouse Hunters Are Back As Monthly Mortgage Payments Post First Annual Decline Since 2020<\/title>\n<meta name=\"description\" content=\"Signals of early-stage homebuying demand, including home tours, are gaining momentum as mortgage rates stabilize at a 15-month low. But that has yet to translate to more mortgage applications or sales.\" \/>\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-house-hunters-return-monthly-payments-decline\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House Hunters Are Back As Monthly Mortgage Payments Post First Annual Decline Since 2020\" \/>\n<meta property=\"og:description\" content=\"Signals of early-stage homebuying demand, including home tours, are gaining momentum as mortgage rates stabilize at a 15-month low. 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