{"id":79062,"date":"2025-01-03T05:00:33","date_gmt":"2025-01-03T13:00:33","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79062"},"modified":"2025-01-02T13:09:01","modified_gmt":"2025-01-02T21:09:01","slug":"housing-market-update-new-listings-rise-pending-sales-fall","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-new-listings-rise-pending-sales-fall\/","title":{"rendered":"New Listings Rise 8%, Giving the New Year\u2019s Buyers More Homes to Choose From"},"content":{"rendered":"

Supply increased from a year earlier to close out 2024, while pending home sales posted a small decline as mortgage rates remained near 7%. <\/span><\/i><\/p>\n

We\u2019re taking a break from analysis this week, but please see the tables and charts below for the latest housing-market data. We\u2019ll be back with full commentary next week. Happy New Year!<\/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>\n7.07% (Jan. 2)<\/span><\/td>\nDown from 7.14% 2 weeks earlier<\/span><\/td>\nUp from 6.7%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.91% (week ending Jan. 2)<\/span><\/td>\nHighest level since July\u00a0<\/span><\/td>\nUp from 6.61%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 13%\u00a0 from 2 weeks earlier (as of 2 weeks ending Dec. 27)<\/span><\/td>\nDown 17%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nEssentially unchanged\u00a0 from a month earlier<\/span><\/p>\n

(as of week ending Dec. 29)<\/span><\/td>\n

Down 1%<\/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>\nDown 52% from the start of the year (as of Dec. 28)<\/span><\/td>\nAt this time last year, it was down 55% from the start of 2023<\/span><\/td>\nShowingTime<\/span><\/a>, a home touring technology company<\/span><\/td>\n<\/tr>\n
Google searches for \u201chome for sale\u201d<\/b><\/td>\n<\/td>\nUp 30% from a month earlier (as of Dec. 28)<\/span><\/td>\nDown 4%<\/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 Dec. 29, 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. 29, 2024<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$383,750<\/span><\/td>\n6.4%<\/span><\/td>\nBiggest increase since October 2022<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$373,500<\/span><\/td>\n5.6%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,515 at a 6.91% mortgage rate<\/span><\/td>\n8.1%<\/span><\/td>\n<\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n54,357<\/span><\/td>\n-1.1%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n48,705<\/span><\/td>\n7.7%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n905,822<\/span><\/td>\n9.7%<\/span><\/td>\n<\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4.2<\/span><\/td>\n+0.5 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>\n23.7%<\/span><\/td>\nDown from 26%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n47<\/span><\/td>\n+6 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n22.9%<\/span><\/td>\nDown from 24%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.3%<\/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. 29, 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>\nMilwaukee (17.4%)<\/span><\/p>\n

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

Philadelphia (13.5%)<\/span><\/p>\n

Chicago (11.9%)<\/span><\/p>\n

Nassau County, NY (11.8%)<\/span><\/th>\n

n\/a<\/span><\/th>\n\n

Increased in all metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nDetroit (11.9%)<\/span><\/p>\n

Anaheim, CA (10.4%)<\/span><\/p>\n

New Brunswick, NJ (7.5%)<\/span><\/p>\n

San Francisco (7.3%)<\/span><\/p>\n

Los Angeles (4.7%)<\/span><\/td>\n

Orlando, FL (-12.4%)<\/span><\/p>\n

Houston (-9.3%)<\/span><\/p>\n

San Antonio (-9%)<\/span><\/p>\n

Fort Lauderdale, FL (-8.9%)<\/span><\/p>\n

Indianapolis (-5.8%)<\/span><\/td>\n

Increased in 16 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Francisco (48%)<\/span><\/p>\n

Oakland, CA (36.6%)<\/span><\/p>\n

Seattle (21.6%)<\/span><\/p>\n

Virginia Beach, VA (21.6%)<\/span><\/p>\n

San Jose, CA (21.5%)<\/span><\/td>\n

San Antonio (-12.7%)<\/span><\/p>\n

Detroit (-9.5%)<\/span><\/p>\n

Austin, TX (-8.4%)<\/span><\/p>\n

Orlando, FL (-6.2%)<\/span><\/p>\n

Nassau County, NY (-4.6%)<\/span><\/td>\n

Declined in 8 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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 <\/p>\n","protected":false},"excerpt":{"rendered":"

Supply increased from a year earlier to close out 2024, while pending home sales posted a small decline as mortgage rates remained near 7%. We\u2019re taking a break from analysis this week, but please see the tables and charts below for the latest housing-market data. We\u2019ll be back with full commentary next week. Happy New […]<\/p>\n","protected":false},"author":13153,"featured_media":79076,"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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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-79062","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":"\nNew Listings Rise 8%, Giving the New Year\u2019s Buyers More Homes to Choose From<\/title>\n<meta name=\"description\" content=\"Supply increased from a year earlier to close out 2024, while pending home sales posted a small decline as mortgage rates remained near 7%.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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