{"id":78870,"date":"2024-11-21T05:00:05","date_gmt":"2024-11-21T13:00:05","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78870"},"modified":"2024-11-20T19:58:53","modified_gmt":"2024-11-21T03:58:53","slug":"housing-market-update-homebuying-demand-jumps","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-homebuying-demand-jumps\/","title":{"rendered":"Early-Stage Homebuying Demand Jumps to Its Highest Level in 15 Months Despite High Mortgage Rates"},"content":{"rendered":"

The number of homebuyers and sellers contacting Redfin agents has jumped over the last week, with Redfin\u2019s Homebuyer Demand Index posting its biggest year-over-year increase since early 2022.\u00a0<\/span><\/i><\/p>\n

Homebuyers are jumping into the market now that the election has passed and the Fed has cut interest rates for the second time in a row.\u00a0<\/span><\/p>\n

The number of people contacting Redfin agents for help buying and\/or selling their home is up by double digits from a year ago. Redfin\u2019s Homebuyer Demand Index\u2013a seasonally adjusted measure of those contacts\u2013rose 17% year over year to its highest level since August 2023, continuing an increase that started immediately after the election. That 17% increase is the biggest since January 2022.\u00a0 It\u2019s worth noting that we\u2019re comparing to a period in 2023 when high mortgage rates were pushing down demand. Today\u2019s weekly average mortgage rate is 6.78%, compared to <\/span>7.44%<\/span><\/a> a year ago. Mortgage-purchase applications are<\/span> up 2%<\/span><\/a> week over week, and pending home sales rose 4.5% year over year during the four weeks ending November 17, in line with the increases we\u2019ve seen over the last month and a half.\u00a0<\/span><\/p>\n

\u201cThe burst of buyers and sellers jumping into the market is the result of pent-up demand from people who were waiting for the election to pass, and for the Fed to cut interest rates a second time,\u201d said Redfin Economic Research Lead Chen Zhao<\/a>. \u201cEven though mortgage rates have been rising since both of those things happened, house hunters who had pressed pause are jumping back in. Now we\u2019re keeping a close eye on whether this is a short post-election boom, or if it translates into a steady improvement in pending sales.\u00a0<\/span><\/p>\n

New listings rose marginally (0.4%) year over year, and the <\/span>total <\/span><\/i>number of homes for sale is up 11.8%.<\/span><\/p>\n

\u201cThe market is moving surprisingly quickly right now, given that rates are fairly high and we\u2019re well into fall, when buyers and sellers are typically winding down for the holidays,\u201d said Meme Loggins<\/a>, a Redfin Premier agent in Portland, OR<\/a>. \u201cSome homebuyers are still having trouble getting over the psychological barrier of high mortgage rates, but plenty others are accepting that rates aren\u2019t coming down anytime soon and taking out conventional or FHA loans. I\u2019m advising buyers who can afford today\u2019s high costs to move forward because prices are lower in this area than they were a year ago, and they\u2019re likely to shoot back up soon as competition heats up. And sellers should consider listing now, because there are serious buyers out there\u2013especially for desirable homes.\u201d<\/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>\n7.05% (Nov. 20)<\/span><\/td>\nNear highest level since July, but down from 7.13% 2 weeks earlier<\/span><\/td>\nDown from 7.37%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.78% (week ending Nov. 14)<\/span><\/td>\nNear highest level since July\u00a0<\/span><\/td>\nDown from 7.44%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 2%\u00a0 from a week earlier (as of week ending Nov. 15)<\/span><\/td>\nDown 1%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nHighest level since August 2023<\/span><\/p>\n

(as of week ending Nov. 17)<\/span><\/td>\n

Up 17%<\/span><\/p>\n

Biggest increase in nearly 3 years<\/span><\/td>\n

Redfin 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>\nDown 3% from the start of the year (as of Nov. 16)<\/span><\/td>\nAt this time last year, it was down 19% 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 15% from a month earlier (as of Nov. 18)<\/span><\/td>\nUnchanged<\/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
U.S. highlights: Four weeks ending Nov. 17, 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 Nov. 17, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$387,475<\/span><\/td>\n6.4%<\/span><\/td>\nBiggest increase since Oct. 2022<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$389,173<\/span><\/td>\n4.6%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,593 at a 6.78% mortgage rate<\/span><\/td>\n0.5%<\/span><\/td>\n<\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n72,034<\/span><\/td>\n4.5%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n76,114<\/span><\/td>\n0.4%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n1,015,975<\/span><\/td>\n11.8%<\/span><\/td>\nSmallest increase since March<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4<\/span><\/td>\n+0.3 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>\n30.1%<\/span><\/td>\nDown from 35%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n42<\/span><\/td>\n+7 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n25.1%<\/span><\/td>\nDown from 28%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.6%<\/span><\/td>\n-0.2 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 Nov. 17, 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>\nCleveland (13.7%)<\/span><\/p>\n

Newark, NJ (12.5%)<\/span><\/p>\n

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

Detroit (11.8%)<\/span><\/p>\n

Miami (11.5%)<\/span><\/th>\n

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

San Antonio (-0.3%)<\/span><\/th>\n

Declined in 2 metros<\/span><\/th>\n<\/tr>\n<\/thead>\n
Pending sales<\/b><\/td>\nSan Jose, CA (17.8%)<\/span><\/p>\n

Dallas (17.4%)<\/span><\/p>\n

New York (15.5%)<\/span><\/p>\n

Portland, OR (14.9%)<\/span><\/p>\n

Fort Worth, TX (14.1%)<\/span><\/td>\n

Miami (-14.3%)<\/span><\/p>\n

Fort Lauderdale, FL (-12.8%)<\/span><\/p>\n

West Palm Beach, FL (-11.7%)<\/span><\/p>\n

Atlanta (-5.7%)<\/span><\/p>\n

Houston (-5.3%)<\/span><\/td>\n

Increased in 38 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nWashington, D.C. (15.3%)<\/span><\/p>\n

San Francisco (15.1%)<\/span><\/p>\n

Seattle (14.3%)<\/span><\/p>\n

New York (12.8%)<\/span><\/p>\n

Baltimore (8.3%)<\/span><\/td>\n

Austin, TX (-21.4%)<\/span><\/p>\n

Atlanta (-16.3%)<\/span><\/p>\n

San Antonio (-15%)<\/span><\/p>\n

Las Vegas (-13.1%)<\/span><\/p>\n

Detroit (-9%)<\/span><\/td>\n

Declined in 20 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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The number of homebuyers and sellers contacting Redfin agents has jumped over the last week, with Redfin\u2019s Homebuyer Demand Index posting its biggest year-over-year increase since early 2022.\u00a0 Homebuyers are jumping into the market now that the election has passed and the Fed has cut interest rates for the second time in a row.\u00a0 The […]<\/p>\n","protected":false},"author":13153,"featured_media":78883,"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 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\/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/housing-market-update-homebuying-demand-jumps\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Early-Stage Homebuying Demand Jumps to Its Highest Level in 15 Months Despite High Mortgage Rates\" \/>\n<meta property=\"og:description\" content=\"The number of homebuyers and sellers contacting Redfin agents has jumped over the last week, with Redfin\u2019s Homebuyer Demand Index posting its biggest year-over-year increase since 2021.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/housing-market-update-homebuying-demand-jumps\/\" \/>\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=\"2024-11-21T13:00:05+00:00\" \/>\n<meta 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