{"id":78984,"date":"2024-12-12T05:00:23","date_gmt":"2024-12-12T13:00:23","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78984"},"modified":"2024-12-11T17:31:38","modified_gmt":"2024-12-12T01:31:38","slug":"housing-market-update-homebuying-demand-mortgage-rates-fall","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-homebuying-demand-mortgage-rates-fall\/","title":{"rendered":"Homebuying Demand Sitting Near Highest Level Since Early Spring As Mortgage Rates Fall"},"content":{"rendered":"

Home tours, mortgage applications and pending sales are rising as mortgage rates decline from the four-month high they hit in late November. More sellers are coming off the fence, too.\u00a0<\/span><\/i><\/p>\n

Mortgage rates are declining after last week\u2019s <\/span>cooler-than-expected<\/span><\/a> jobs report made it clear the Fed will cut interest rates again this month. The average weekly rate is <\/span>6.69%<\/span><\/a>, down from a four-month high of 6.84% two weeks earlier. That has pushed the typical U.S. homebuyer\u2019s monthly housing payment down to $2,527, its lowest level in more than two months.\u00a0<\/span><\/p>\n

Redfin\u2019s Homebuyer Demand Index\u2013a seasonally adjusted measure of tours and other buying services from Redfin agents\u2013is up 8% year over year to just shy of its highest level since April, and mortgage-purchase applications are up <\/span>nearly 20%<\/span><\/a> from a month ago. Pending home sales rose 4.1% year over year during the four weeks ending December 8, similar to the increases we\u2019ve seen over the last two months.\u00a0<\/span><\/p>\n

Declining mortgage rates are one reason homebuyers are hitting the pavement. But there are two more impactful reasons demand is improving: The financial uncertainty surrounding the presidential election has passed, and buyers have accepted the fact that mortgage rates are likely to remain above 6% for the foreseeable future.\u00a0<\/span><\/p>\n

\u201cThis week\u2019s data shows the increase in signals like home tours and mortgage applications from the last month is continuing. The recent decline in mortgage rates isn\u2019t pushing demand to new heights,\u201d said Chen Zhao, Redfin\u2019s economic research lead. \u201cRather, demand is settling into its new, post-election normal. In the months leading up to the election, house hunters were hibernating; demand was slower than we would have expected, even with high mortgage rates. Now, early-stage demand has jumped up to where we\u2019d expect it to be.\u201d<\/span><\/p>\n

On the selling side, new listings are up 7.9% year over year, the biggest increase since June (except the 4 weeks ending November 24, when the increase was inflated due to Thanksgiving). Sellers are becoming more active for similar reasons as buyers. Additionally, some sellers are listing in hopes of taking advantage of the increased demand we\u2019ve seen over the last several weeks.<\/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
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>\n6.75% (Dec. 11)<\/span><\/td>\nDown from 7.08% three weeks earlier\u00a0<\/span><\/td>\nDown from 7.05%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.69% (week ending Dec. 5)<\/span><\/td>\nDown from 6.84% three weeks earlier<\/span><\/td>\nDown from 7.22%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 4%\u00a0 from a week earlier (as of week ending Dec. 6)<\/span><\/td>\nUp 4%<\/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; highest level since April, except the 4 weeks ending Nov. 17<\/span><\/p>\n

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

Up 8%<\/span><\/td>\nRedfin Homebuyer Demand Index a measure of tours and other homebuying services from Redfin agents<\/span><\/td>\n<\/tr>\n
Google searches for \u201chome for sale\u201d<\/b><\/td>\n<\/td>\nEssentially unchanged from a month earlier (as of Dec. 9)<\/span><\/td>\nDown 7%<\/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
U.S. highlights: Four weeks ending Dec. 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 Dec. 8, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$383,875<\/span><\/td>\n6%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$381,995<\/span><\/td>\n6%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,527 at a 6.69% mortgage rate<\/span><\/td>\n3.8%<\/span><\/td>\nLowest level since September<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n63,524<\/span><\/td>\n4.1%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n63,168<\/span><\/td>\n7.9%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n980,776<\/span><\/td>\n11.3%<\/span><\/td>\nSmallest increase since March<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4.1<\/span><\/td>\n+0.2 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>\n27.2%<\/span><\/td>\nDown from 29%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n43<\/span><\/td>\n+7 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n24.3%<\/span><\/td>\nDown from 26%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.5%<\/span><\/td>\n-0.1 pt.\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 Dec. 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>\n\n

Notes<\/b><\/p>\n<\/th>\n<\/tr>\n

Median sale price<\/b><\/th>\nMiami (13.3%)<\/span><\/p>\n

Warren, MI (11.5%)<\/span><\/p>\n

Milwaukee (10.4%)<\/span><\/p>\n

Cleveland (10.2%)<\/span><\/p>\n

West Palm Beach, FL (10%)<\/span><\/th>\n

Tampa, FL (-0.9%)<\/span><\/th>\n\n

Declined in 1 metro<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nSan Jose, CA (17.2%)<\/span><\/p>\n

Los Angeles (14.9%)<\/span><\/p>\n

Cincinnati (12.8%)<\/span><\/p>\n

Jacksonville, FL (11.8%)<\/span><\/p>\n

Anaheim, CA (11%)<\/span><\/td>\n

Houston (-6.2%)<\/span><\/p>\n

Miami (-6%)<\/span><\/p>\n

Detroit (-3.7%)<\/span><\/p>\n

Orlando, FL (-2.7%)<\/span><\/p>\n

West Palm Beach, FL (-2.7%)<\/span><\/td>\n

Declined in 8 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Francisco (24%)<\/span><\/p>\n

Columbus, OH (17.6%)<\/span><\/p>\n

Seattle (16.9%)<\/span><\/p>\n

San Jose, CA (15.9%)<\/span><\/p>\n

Washington, D.C. (15.7%)<\/span><\/td>\n

San Antonio (-10%)<\/span><\/p>\n

Orlando, FL (-5.5%)<\/span><\/p>\n

Newark, NJ (-4.6%)<\/span><\/p>\n

Atlanta (-3.2%)<\/span><\/p>\n

Portland, OR (-3.1%)<\/span><\/td>\n

Declined in 9 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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Home tours, mortgage applications and pending sales are rising as mortgage rates decline from the four-month high they hit in late November. More sellers are coming off the fence, too.\u00a0 Mortgage rates are declining after last week\u2019s cooler-than-expected jobs report made it clear the Fed will cut interest rates again this month. The average weekly […]<\/p>\n","protected":false},"author":13153,"featured_media":78997,"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-78984","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":"\nHomebuying Demand Sitting Near Highest Level Since Early Spring As Mortgage Rates Fall<\/title>\n<meta name=\"description\" content=\"Home tours, mortgage applications and pending sales are rising as mortgage rates decline from the four-month high they hit in late November. 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