{"id":78528,"date":"2024-09-12T05:00:01","date_gmt":"2024-09-12T12:00:01","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78528"},"modified":"2024-09-11T17:52:45","modified_gmt":"2024-09-12T00:52:45","slug":"housing-market-update-housing-payments-becoming-more-affordable","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-housing-payments-becoming-more-affordable\/","title":{"rendered":"Falling Mortgage Rates Mean Housing Payments Are Now More Affordable Than a Year Ago Despite Higher Prices"},"content":{"rendered":"

Falling mortgage rates have pushed the median U.S. housing payment down near its lowest level since January, but pending home sales have yet to improve. Many would-be buyers are hoping rates fall further, and others are waiting for clarity around the new NAR rules.<\/span><\/i><\/p>\n

The median U.S. monthly housing payment was $2,558 during the four weeks ending September 8, nearly down to where it was at the start of the year and down 1.3% from a year earlier. That\u2019s a small drop, but it\u2019s the second-biggest decline since May 2020, when the housing market was stumbling before the pandemic-driven boom (the biggest decline since then was two weeks ago, when payments declined 1.6%).\u00a0<\/span><\/p>\n

Housing payments are falling because mortgage rates are falling. <\/span>Weekly average<\/span><\/a> mortgage rates and <\/span>daily average<\/span><\/a> rates have both dropped to their lowest level in over a year in anticipation of the Fed <\/span>cutting interest rates<\/span><\/a>. Housing payments would be falling further if not for stubbornly high home prices: The median U.S. home-sale price is $388,085, up 3.7% year over year and just a few thousand dollars shy of July\u2019s all-time high. Home prices remain elevated despite slow sales partly due to limited inventory. The total number of homes for sale is down nearly 30% from pre-pandemic levels, and while it\u2019s up 16.7% from a year ago, that\u2019s the smallest increase in five months.\u00a0<\/span><\/p>\n

Declining housing payments <\/span>haven\u2019t yet translated<\/span><\/a> to an uptick in sales; pending home sales are down 7.8% annually, the biggest decline in nearly a year (except the prior 4-week period). That\u2019s partly due to high home prices, but other factors are at play, too. Redfin agents report that some would-be buyers are holding off because they\u2019re <\/span>confused about the new NAR rules<\/span><\/a>, which went into effect on August 17. Other house hunters are hoping mortgage rates will come down further before they buy.<\/span><\/p>\n

\u201cOne of my buyers is under contract on a home, but he\u2019s trying to hold off on closing until the end of the month in hopes that rates will come down and he can get more bang for his buck,\u201d said <\/span>David Palmer<\/span><\/a>, a Redfin <\/span>Premier<\/span><\/a> agent in <\/span>Seattle<\/span><\/a>. \u201cI\u2019m also seeing people postponing until after the presidential election; buyers tend to be more careful about major financial decisions around a consequential election. The people who are buying are doing so because of major life changes, like a divorce or new job.\u201d<\/span><\/p>\n

We have seen an uptick in early-stage indicators of demand, so dynamics might be changing. Redfin\u2019s Homebuyer Demand Index\u2013<\/span>a measure of tours and other buying services from Redfin agents\u2013is near its highest level since May, and mortgage-purchase applications are <\/span>up 2%<\/span><\/a> week over week.\u00a0<\/span><\/p>\n

The <\/span>August CPI report<\/span><\/a> released yesterday was slightly hotter than expected, nudging the Fed toward a 25 bps rate cut at its meeting next week. However, inflation remains cool enough that the Fed could still surprise with a 50 bps cut to get ahead of further <\/span>weakness in the labor market <\/span><\/a>or simply project the possibility of larger cuts down the road. Mortgage rates, having priced in an aggressive cutting cycle into 2025, are unlikely to move much until we hear from the Fed.<\/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<\/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>\n6.11% (Sept. 11)<\/span><\/td>\nLowest level since February 2023<\/span><\/td>\nDown from 7.3%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.35% (week ending Sept. 5)<\/span><\/td>\nTied with prior week, which was the lowest level in 16 months (aka lowest level since May 2023)<\/span><\/td>\nDown from 7.12%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nIncreased 2% from a week earlier (as of week ending Sept. 6)<\/span><\/td>\nDown 3%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 5% from a month earlier; near highest level since May<\/span><\/p>\n

(as of week ending Sept. 8)<\/span><\/td>\n

Down 7%<\/span><\/td>\nRedfin Homebuyer Demand Index a measure of tours and other homebuying services from Redfin agents<\/span><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 4% from the start of the year (as of Sept. 9)<\/span><\/td>\nAt this time last year, it was down 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 2% from a month earlier (as of Sept. 9)<\/span><\/td>\nDown 16%<\/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 Sept. 8, 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 Sept. 8, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$388,085<\/span><\/td>\n3.7%<\/span><\/td>\nAbout $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$397,475<\/span><\/td>\n5.4%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,558 at a 6.35% mortgage rate<\/span><\/td>\n-1.3%<\/span><\/td>\nSecond-biggest decline since May 2020 (the biggest decline was during the 4 weeks ending August 25, 2024, when payments fell 1.6%)<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n76,504<\/span><\/td>\n-7.8%<\/span><\/td>\nBiggest decline since Oct. 2023, with the exception of the prior 4-week period, when there was a 7.9% decline<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n87,557<\/span><\/td>\n4.6%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n996,813<\/span><\/td>\n16.7%<\/span><\/td>\nSmallest increase since April<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.8<\/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>\n34.4%<\/span><\/td>\nDown from 38%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n36<\/span><\/td>\n+5 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n27.9%<\/span><\/td>\nDown from 33%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes with a price drop<\/b><\/td>\n6.6%<\/span><\/td>\n+1.2 pts.\u00a0<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99%<\/span><\/td>\n-0.5 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 Sept. 8, 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>\nMilwaukee (11.6%)<\/span><\/p>\n

Providence, RI (10.5%)<\/span><\/p>\n

Nassau County, NY (8.8%)<\/span><\/p>\n

New Brunswick, NJ (8.7%)<\/span><\/p>\n

Fort Lauderdale, FL (7.9%)<\/span><\/th>\n

Austin, TX (-4%)<\/span><\/p>\n

Fort Worth, TX (-2%)<\/span><\/p>\n

Dallas (-1.8%)<\/span><\/p>\n

Tampa, FL (-1%)<\/span><\/p>\n

Jacksonville, FL (-0.7%)<\/span><\/th>\n

\n

Declined in 8 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nSan Jose, CA (7%)<\/span><\/p>\n

Boston (5.9%)<\/span><\/p>\n

Cleveland (5.3%)<\/span><\/p>\n

Indianapolis (3.6%)<\/span><\/p>\n

San Antonio (3%)<\/span><\/td>\n

West Palm Beach, FL (-19.8%)<\/span><\/p>\n

Miami (-18.8%)<\/span><\/p>\n

Fort Lauderdale, FL (-16.9%)<\/span><\/p>\n

Cincinnati (-14.1%)<\/span><\/p>\n

Atlanta (-14%)<\/span><\/td>\n

Increased in 13 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nLas Vegas (19.1%)<\/span><\/p>\n

San Diego, CA (18%)<\/span><\/p>\n

Phoenix (16.6%)<\/span><\/p>\n

Anaheim, CA (13.3%)<\/span><\/p>\n

Houston (13.2%)<\/span><\/td>\n

Atlanta (-18.7%)<\/span><\/p>\n

Austin, TX (-11.2%)<\/span><\/p>\n

Nassau County, NY (-8.1%)<\/span><\/p>\n

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

Chicago (-5.9%)<\/span><\/td>\n

Declined in 11 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>
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Falling mortgage rates have pushed the median U.S. housing payment down near its lowest level since January, but pending home sales have yet to improve. Many would-be buyers are hoping rates fall further, and others are waiting for clarity around the new NAR rules. The median U.S. monthly housing payment was $2,558 during the four […]<\/p>\n","protected":false},"author":13153,"featured_media":78543,"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-78528","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":"\nHousing Payments Are More Affordable Than a Year Ago Despite Higher Prices As Mortgage Rates Fall to 16-Month Low<\/title>\n<meta name=\"description\" content=\"Falling mortgage rates have pushed the median U.S. housing payment down near its lowest level since January, but pending home sales have yet to improve. Many would-be buyers are hoping rates fall further, and others are waiting for clarity around the new NAR rules.\" \/>\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-becoming-more-affordable\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Falling Mortgage Rates Mean Housing Payments Are Now More Affordable Than a Year Ago Despite Higher Prices\" \/>\n<meta property=\"og:description\" content=\"Falling mortgage rates have pushed the median U.S. housing payment down near its lowest level since January, but pending home sales have yet to improve. Many would-be buyers are hoping rates fall further, and others are waiting for clarity around the new NAR rules.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/housing-market-update-housing-payments-becoming-more-affordable\/\" \/>\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=\"2024-09-12T12:00:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/212-San-Gabriel-Hideaway-Cv_Liberty-Hill_Tx_06-2.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-housing-payments-becoming-more-affordable\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-housing-payments-becoming-more-affordable\\\/\"},\"author\":{\"name\":\"Dana Anderson\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/309385292bf91585d2e0a130b0a2566b\"},\"headline\":\"Falling Mortgage Rates Mean Housing Payments Are Now More Affordable Than a Year Ago Despite Higher Prices\",\"datePublished\":\"2024-09-12T12:00:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-housing-payments-becoming-more-affordable\\\/\"},\"wordCount\":1050,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-housing-payments-becoming-more-affordable\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/212-San-Gabriel-Hideaway-Cv_Liberty-Hill_Tx_06-2.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-housing-payments-becoming-more-affordable\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-housing-payments-becoming-more-affordable\\\/\",\"name\":\"Housing Payments Are More Affordable Than a Year Ago Despite Higher Prices As Mortgage Rates Fall to 16-Month Low\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-housing-payments-becoming-more-affordable\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-housing-payments-becoming-more-affordable\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/212-San-Gabriel-Hideaway-Cv_Liberty-Hill_Tx_06-2.jpg\",\"datePublished\":\"2024-09-12T12:00:01+00:00\",\"description\":\"Falling mortgage rates have pushed the median U.S. housing payment down near its lowest level since January, but pending home sales have yet to improve. 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