{"id":78555,"date":"2024-09-18T05:00:34","date_gmt":"2024-09-18T12:00:34","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78555"},"modified":"2024-09-19T11:54:28","modified_gmt":"2024-09-19T18:54:28","slug":"home-sales-lowest-since-pandemic-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/home-sales-lowest-since-pandemic-2024\/","title":{"rendered":"Existing Home Sales, Pending Sales Fall to Lowest Level Since Pandemic Start as House Hunters Wait for Mortgage Rates to Drop Further"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Sales of existing homes dropped 1% month over month in August to a seasonally adjusted annual rate of 4 million, while pending sales fell 2%.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Declining mortgage rates are giving buyers more purchasing power, but some house hunters are waiting on the sidelines in hopes that rates will fall further. Others are hesitant to buy because of high home prices, the upcoming presidential election and new NAR rules.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>The Fed is expected to start cutting interest rates this week, but some of the decline is likely already baked into current mortgage rates.\u00a0<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Sales of existing homes fell 1% month over month and 3.1% year over year in August\u2014to a seasonally adjusted annual rate of 4,042,369. That\u2019s the lowest level in records dating back to 2012, with the exception of May 2020, when the pandemic brought the housing market to a standstill.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-78584\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/EHS-2-1024x729.png\" alt=\"\" width=\"800\" height=\"569\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/EHS-2-1024x729.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/EHS-2-300x213.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/EHS-2-768x546.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/EHS-2-1536x1093.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/EHS-2.png 1687w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Pending sales\u2014a more current gauge of housing market activity that includes both existing and newly constructed homes\u2014fell to the lowest level on record aside from April 2020. They were down 1.9% month over month in August on a seasonally adjusted basis, and dropped 2.4% year over year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mortgage rates have been declining since spring, and in August dropped to the lowest level in over a year. Housing payments are now <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-housing-payments-becoming-more-affordable\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">more affordable<\/span><\/a><span style=\"font-weight: 400;\"> than they were a year ago. But buyers have been reluctant to respond. That\u2019s likely in part because home prices remain elevated. The median sale price rose 3% year over year in August to $433,101. While that\u2019s the smallest increase in almost a year, prices were still only 2.1% below their June all-time high of $442,344. Higher home prices mean buyers have to come up with larger down payments.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Redfin agents report that some house hunters are waiting to buy in hopes that rates will fall further, while others are on the sidelines because they\u2019re confused about the new <\/span><a href=\"https:\/\/www.redfin.com\/news\/redfin-agents-report-nar-rules-negotiation\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">NAR rules<\/span><\/a><span style=\"font-weight: 400;\"> or are waiting to see how the presidential election shakes out.<\/span><\/p>\n<p><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/michael-cendejas\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Michael Cendejas<\/span><\/a><span style=\"font-weight: 400;\">, a <\/span><a href=\"https:\/\/www.redfin.com\/premier\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Premier<\/span><\/a><span style=\"font-weight: 400;\"> real estate agent in <\/span><a href=\"https:\/\/www.redfin.com\/city\/16409\/CA\/Sacramento\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/a><span style=\"font-weight: 400;\">, said some potential homebuyers also just haven\u2019t realized mortgage rates are dropping. Many had <\/span><a href=\"https:\/\/www.nytimes.com\/2024\/08\/23\/business\/economy\/fed-rates-powell-jackson-hole.html#:~:text=Fed%20Chair%20Powell%20Signals%20'Time,in%20its%20fight%20against%20inflation.\"><span style=\"font-weight: 400;\">heard<\/span><\/a><span style=\"font-weight: 400;\"> that rates would fall in September, so they weren\u2019t watching out for rate declines before this month, he said.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cendejas is seeing renewed buyer interest now that it\u2019s September, but said a lot of house hunters still want to see rates in the 5% range before they jump into the market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThere\u2019s no sense of urgency. Buyers are selective right now, especially if they have a house already. They\u2019re looking for the perfect home at the right price,\u201d he said. \u201cThere aren\u2019t a lot of desirable homes out there right now, and the ones that are in good shape go quickly if they\u2019re priced well. My advice to sellers is to price your home fairly; if you don\u2019t, it could end up <\/span><a href=\"https:\/\/www.redfin.com\/news\/stale-inventory-june-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">sitting<\/span><\/a><span style=\"font-weight: 400;\"> on the market.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The average interest rate on a 30-year mortgage fell to <\/span><a href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=1bnGA\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">6.5%<\/span><\/a><span style=\"font-weight: 400;\"> in August from 7.07% a year earlier\u2014the first annual decline in three years. Rates dropped 0.35 percentage points from a month earlier, which was the largest monthly decline since the end of 2023. They\u2019ve fallen further since, dropping to 6.2% during the <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">week<\/span><\/a><span style=\"font-weight: 400;\"> ending Sept. 12, but are still more than double the all-time low hit during the pandemic.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Federal Reserve is <\/span><a href=\"https:\/\/www.redfin.com\/news\/august-cpi-report-analysis\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">expected<\/span><\/a><span style=\"font-weight: 400;\"> to cut interest rates for the first time in four years today\u2014either by 25 or 50 basis points\u2014and continue through 2025. Mortgage rates may fall in response, but it\u2019s unclear by how much because markets have already priced in a fairly fast pace of rate cuts.<\/span><\/p>\n<h3><strong>August 2024 Housing Market Highlights: United States<\/strong><\/h3>\n<table>\n<thead>\n<tr>\n<th><\/th>\n<th><b>August 2024<\/b><\/th>\n<th><b>Month-over-month change<\/b><\/th>\n<th><b>Year-over-year change<\/b><\/th>\n<\/tr>\n<tr>\n<th><b>Median sale price<\/b><\/th>\n<th><span style=\"font-weight: 400;\">$433,101<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-1.3%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">3.0%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Existing home sales, seasonally adjusted annual rate<\/b><\/th>\n<th><span style=\"font-weight: 400;\">4,042,369<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-1.0%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-3.1%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Pending sales, seasonally adjusted<\/b><\/th>\n<th><span style=\"font-weight: 400;\">453,406<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-1.9%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-2.4%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Homes sold, seasonally adjusted<\/b><\/th>\n<th><span style=\"font-weight: 400;\">411,822<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.8%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-2.5%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>New listings, seasonally adjusted<\/b><\/th>\n<th><span style=\"font-weight: 400;\">526,740<\/span><\/th>\n<th><span style=\"font-weight: 400;\">1.6%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">2.1%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Total homes for sale, seasonally adjusted (active listings)<\/b><\/th>\n<th><span style=\"font-weight: 400;\">1,636,415<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.3%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">13.3%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Months of supply<\/b><\/th>\n<th><span style=\"font-weight: 400;\">2.6<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.5<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Median days on market<\/b><\/th>\n<th><span style=\"font-weight: 400;\">37<\/span><\/th>\n<th><span style=\"font-weight: 400;\">3<\/span><\/th>\n<th><span style=\"font-weight: 400;\">6<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Share of homes sold above final list price<\/b><\/th>\n<th><span style=\"font-weight: 400;\">30.2%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-3.1 ppts<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-6.0 ppts<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Average sale-to-final-list-price ratio<\/b><\/th>\n<th><span style=\"font-weight: 400;\">99.3%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.4 ppts<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.6 ppts<\/span><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><b>Pending sales that fell out of contract, as % of overall pending sales<\/b><\/td>\n<td><span style=\"font-weight: 400;\">15.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.4 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.8 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td>\n<p style=\"text-align: center;\"><a href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=1bnGA\" target=\"_blank\" rel=\"noopener\"><b>Average 30-year fixed mortgage rate<\/b><\/a><\/p>\n<\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">6.50%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-0.35 ppts<\/span><\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">-0.57 ppts<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i><span style=\"font-weight: 400;\">Note: Data is subject to revision<\/span><\/i><\/p>\n<h3><strong>Hopeful Signs for Buyers: New Listings Tick Up, Fewer Homes Sell for Above the Asking Price<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">There are a few pieces of good news for homebuyers in addition to falling mortgage rates. Housing supply is inching up, which means more options to choose from. New listings rose 1.6% month over month in August to the highest seasonally-adjusted level in nearly two years, and climbed 2.1% from a year earlier.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Plus, homes are less likely to sell for above their list price. Less than one-third of homes (30.2%) that sold in August went for more than their asking price, down from 36.2% a year earlier and the lowest share of any August since 2019.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The typical home that went off the market sold for 99.3% of its list price, down from 99.9% a year earlier and also the lowest August level since 2019.<\/span><\/p>\n<h3><strong>Metro-Level Highlights: August 2024<\/strong><\/h3>\n<p><i><span style=\"font-weight: 400;\">The bullets below are based on a list of the 50 most populous U.S. metropolitan areas. Some metros may be removed from time to time to ensure data accuracy. A full metro-level data table can be found in the \u201cdownload\u201d tab of the dashboard in<\/span><\/i><i><span style=\"font-weight: 400;\"> the monthly section of the Redfin <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Data Center<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">. <\/span><\/i><i><span style=\"font-weight: 400;\">Refer to our <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center-metrics-definitions\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">metrics definition page<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> for explanations of metrics used in this report. Metro-level data is not seasonally adjusted. All changes below represent year-over-year changes.<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Prices: <\/b><span style=\"font-weight: 400;\">Median sale prices rose most from a year earlier in Nassau County, NY (10%), Philadelphia (9.1%) and Milwaukee (8%). They fell in seven metros, with the biggest declines in San Antonio (-4.4%), Austin, TX (-4.4%) and San Francisco (-2.2%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Pending sales: <\/b><span style=\"font-weight: 400;\">Pending sales rose most in San Francisco (12.3%), San Jose, CA (6.7%) and San Diego (4.4%). They fell most in West Palm Beach, FL (-17.6%), Fort Lauderdale, FL (-17.2%) and Miami (-15.1%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Closed home sales:<\/b><span style=\"font-weight: 400;\"> Home sales rose most in San Francisco (5.3%), San Jose (4%) and Newark, NJ (3.3%). They fell most in West Palm Beach (-17.1%), Miami (-13.6%) and Fort Worth, TX (-12.9%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>New listings: <\/b><span style=\"font-weight: 400;\">New listings rose most in Las Vegas (12.8%), San Diego (11.7%) and Sacramento, CA (9.5%). They fell most in Atlanta (-19.4%), Portland, OR (-14.6%) and Newark (-10.6%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Active listings:<\/b><span style=\"font-weight: 400;\"> Active listings rose most in Tampa, FL (50.1%), Fort Lauderdale (46.4%) and San Diego (41.9%). They fell most in New York (-5.4%), Newark (-4.4%) and Chicago (-3.8%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b style=\"font-style: inherit;\">Sold above list price:<\/b><span style=\"font-weight: 400;\"> In Newark, 68.5% of homes sold above their final list price, the highest share among the metros Redfin analyzed. Next came San Jose (60.5%) and Nassau County (56.5%). The shares were lowest in West Palm Beach (7%), Austin (10.8%) and Fort Lauderdale (11.6%).<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Sales of existing homes dropped 1% month over month in August to a seasonally adjusted annual rate of 4 million, while pending sales fell 2%. Declining mortgage rates are giving buyers more purchasing power, but some house hunters are waiting on the sidelines in hopes that rates will fall further. Others are hesitant to buy [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":55712,"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 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,22],"tags":[32,623],"coauthors":[125],"class_list":["post-78555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-market-tracker","tag-housing-market-tracker","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Existing Home Sales Fall to Lowest Level Since Pandemic Start<\/title>\n<meta name=\"description\" content=\"Falling mortgage rates are giving buyers more purchasing power, but some are waiting on the sidelines in hopes that rates will drop further.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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