{"id":79086,"date":"2025-01-09T05:00:59","date_gmt":"2025-01-09T13:00:59","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79086"},"modified":"2025-01-08T16:55:18","modified_gmt":"2025-01-09T00:55:18","slug":"housing-market-update-home-tours-increase-sales-fall","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-home-tours-increase-sales-fall\/","title":{"rendered":"Home Tours Rise Modestly to Start 2025, But That Hasn\u2019t Translated to More Sales"},"content":{"rendered":"

More house hunters are hitting the pavement as the new year starts, but pending home sales are down as daily average mortgage rates hit a seven-month high.\u00a0<\/span><\/i><\/p>\n

More house hunters are starting their home search as the new year kicks off. Redfin\u2019s Homebuyer Demand Index\u2013a seasonally adjusted <\/span>measure of tours and other buying services from Redfin agents\u2013posted a small 2% increase from a month earlier during the week ending January 5, and it\u2019s also up 2% year over year.\u00a0<\/span><\/p>\n

There are several reasons a few more buyers are out there: Some have accepted high mortgage rates; daily average <\/span>mortgage rates<\/span><\/a> hit a seven-month high this week and they\u2019re <\/span>unlikely to decline<\/span><\/a> significantly soon. Some are jumping into the market now that the holidays have passed and a new year has begun, and some are taking advantage of the fact that there are <\/span>more homes<\/span><\/a> on the market than there have been over the last few years.\u00a0<\/span><\/p>\n

\u201cThree of the four offers my clients have made in the last week have competed against other offers with competitive terms, like waiving all contingencies and releasing earnest money early. Some homes are getting multiple offers within 24 hours of hitting the market,\u201d said Emily Lam<\/a>, a Redfin Premier agent in the Seattle area. \u201cSome buyers are getting serious about their search because they\u2019ve come to terms with 7% rates and they\u2019re worried that if they wait longer, home prices will just keep rising. Others are starting their search in hopes that rates will decline soon. Either way, I\u2019m advising buyers to get serious now because desirable listings will get more competitive as the year goes on.\u201d<\/span><\/p>\n

Nationwide, the small increase in tours hasn\u2019t yet translated to an uptick in sales. Pending home sales fell 3.1% from a year earlier during the four weeks ending January 5, though that decline may be artificially large because we\u2019re comparing to a period last year when mortgage rates posted a big drop, bringing a surge in demand.\u00a0<\/span><\/p>\n

On the selling side, new listings are down 2.5%, the biggest decline in over a year. But for the reason noted above, that drop may appear larger than it actually is. We\u2019ll keep a close eye on pending sales and new listings over the next few weeks to determine whether more home tours eventually turn into more home sales, and whether more sellers start listing their homes as we get settled into 2025.\u00a0<\/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
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>\n7.17% (Jan. 8)<\/span><\/td>\nHighest level since May<\/span><\/td>\nUp from 6.75%<\/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 7%\u00a0 from 1 week earlier (as of week ending Jan. 3 )<\/span><\/td>\nDown 15%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 2%\u00a0 from a month earlier<\/span><\/p>\n

(as of week ending Jan. 5)<\/span><\/td>\n

Up 2%<\/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>\nUp 29% from a month earlier (as of Jan. 6)<\/span><\/td>\nDown 8%<\/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 Jan. 5, 2025<\/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 Jan. 5, 2025<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$379,988<\/span><\/td>\n5.5%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$374,975<\/span><\/td>\n4.5%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,525 at a 6.91% mortgage rate<\/span><\/td>\n6.7%<\/span><\/td>\n<\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n50,445<\/span><\/td>\n-3.1%<\/span><\/td>\nBiggest decline since September<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n44,519<\/span><\/td>\n-2.5%<\/span><\/td>\nBiggest decline in over a year<\/span><\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n892,364<\/span><\/td>\n10.6%<\/span><\/td>\n<\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4.3<\/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>\n22.5%<\/span><\/td>\nDown from 23%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n49<\/span><\/td>\n+6 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n22.1%<\/span><\/td>\nDown from 24%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.2%<\/span><\/td>\nEssentially unchanged<\/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 Jan. 5, 2025<\/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 (19.5%)<\/span><\/p>\n

Cleveland (17.1%)<\/span><\/p>\n

Warren, MI (13.6%)<\/span><\/p>\n

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

Nassau County, NY (11%)<\/span><\/th>\n

Austin, TX (-1%)<\/span><\/th>\n\n

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

Pending sales<\/b><\/td>\nAnaheim, CA (10%)<\/span><\/p>\n

Cincinnati (7.7%)<\/span><\/p>\n

San Jose, CA (7%)<\/span><\/p>\n

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

Montgomery County, PA (2.7%)<\/span><\/td>\n

Orlando, FL (-13.5%)<\/span><\/p>\n

Houston (-12.3%)<\/span><\/p>\n

Fort Lauderdale, FL (-11.4%)<\/span><\/p>\n

Miami (-11%)<\/span><\/p>\n

Nashville, TN (-10.5%)<\/span><\/td>\n

Increased in 9 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nWashington, D.C. (9.4%)<\/span><\/p>\n

Phoenix (9.2%)<\/span><\/p>\n

Virginia Beach, VA (7.2%)<\/span><\/p>\n

Miami (6.6%)<\/span><\/p>\n

Las Vegas (6%)<\/span><\/td>\n

Newark, NJ (-23.6%)<\/span><\/p>\n

Detroit (-20.8%)<\/span><\/p>\n

Warren, MI (-19.7%)<\/span><\/p>\n

Austin, TX (-18.1%)<\/span><\/p>\n

San Antonio (-17.9%)<\/span><\/td>\n

Increased in 13 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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More house hunters are hitting the pavement as the new year starts, but pending home sales are down as daily average mortgage rates hit a seven-month high.\u00a0 More house hunters are starting their home search as the new year kicks off. Redfin\u2019s Homebuyer Demand Index\u2013a seasonally adjusted measure of tours and other buying services from […]<\/p>\n","protected":false},"author":13153,"featured_media":79099,"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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