{"id":79242,"date":"2025-02-06T05:00:55","date_gmt":"2025-02-06T13:00:55","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79242"},"modified":"2025-02-05T14:29:43","modified_gmt":"2025-02-05T22:29:43","slug":"housing-market-update-new-listings-increase-demand-declines","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-new-listings-increase-demand-declines\/","title":{"rendered":"New Listings Post Biggest Increase of the Year While Homebuying Demand Declines, Leading to Big Pool of Supply"},"content":{"rendered":"

The uptick in new listings, along with slow <\/span><\/i>sales, is contributing to a growing pool of supply for homebuyers to choose from. It has also led to the typical home selling for 2% under asking price, the biggest discount in two years\u2013but housing costs are still ultra-high.\u00a0<\/span><\/i><\/p>\n

New listings of U.S. homes for sale rose 7.9% from a year earlier during the four weeks ending February 2, the biggest increase since the end of last year.\u00a0<\/span><\/p>\n

On the buying side, pending sales have improved marginally from last month, but they\u2019re still down 8.1% year over year.<\/b> It\u2019s a similar story at earlier stages of the homebuying process: Redfin\u2019s Homebuyer Demand Index\u2013<\/span>a seasonally adjusted measure of tours and other buying services from Redfin agents\u2013ticked up slightly from the week before, but remains near its lowest level since last spring.\u00a0<\/span><\/p>\n

The uptick in new listings and lack of sales\u00a0 is contributing to a growing pool of supply for homebuyers to choose from<\/b>. There are 5 months of supply on the market, up from 4.4 months a year earlier and the most in six years, except the prior four-week period. Months of supply is the length of time it would take for the existing supply of homes to be bought up at the market\u2019s current pace; it\u2019s typically used to measure the balance between supply and demand, with a longer span indicating favorable conditions for buyers. The big pool of inventory has led to homes selling for under their asking price: The typical home is selling for 2% less than list price, the biggest discount in nearly two years.\u00a0<\/span><\/p>\n

There are several reasons would-be buyers are holding off.<\/b> First, even though homes are typically selling for under asking price, costs are still near record highs. Stubbornly high home prices and mortgage rates have pushed the median monthly housing payment up to $2,784, up 8.3% year over year to just $21 shy of the all-time high. But it\u2019s worth noting that daily average mortgage rates dropped <\/span>below 7%<\/span><\/a> this week for the first time since mid-December. Second, some buyers are waiting because they don\u2019t want to make a major purchase amid <\/span>uncertain<\/span><\/a> federal economic policy. And finally, <\/span>snow and extreme cold<\/span><\/a> across the Midwest, Northeast and South kept many house hunters at home in January.\u00a0<\/span><\/p>\n

\u201cListings are picking up as we inch toward spring,\u201d said <\/span>Joe Paolazzi<\/span><\/a>, a Redfin Premier agent in Pittsburgh. \u201cHomeowners have been holding off, waiting for mortgage rates to go down or market conditions to improve, and now it seems clear rates have declined about as much as they\u2019re going to decline for now. Sellers are also noticing that even though there are fewer buyers in the market than usual, the buyers who are on the hunt are serious and willing to pay a fair price. There are bidding wars for homes in desirable neighborhoods, and for investment properties that would be easy to rent out.\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>\n6.99% (Feb. 5)<\/span><\/td>\nFirst dip below 7% since mid-December; down from 7.26% 3 weeks earlier<\/span><\/td>\nEssentially unchanged<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.95% (week ending Jan. 30)<\/span><\/td>\nDown from 7.04% 2 weeks earlier, but still near highest level since May<\/span><\/td>\nUp from 6.63%<\/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 Jan. 31)<\/span><\/td>\nEssentially unchanged (+0.2%)<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nNear lowest level since July\u00a0<\/span><\/p>\n

(as of week ending Feb. 2)<\/span><\/td>\n

Down 4%<\/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>\nUp 13% from the start of the year (as of Feb. 3)<\/span><\/td>\nAt this time last year, it was up 13% from the start of 2024<\/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>\nEssentially unchanged from a month earlier (as of Feb. 2)<\/span><\/td>\nEssentially unchanged<\/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 Feb. 2, 2025<\/b><\/p>\n

Redfin\u2019s national metrics include data from 400+ U.S. metro areas, and are 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 Feb. 2, 2025<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$376,750<\/span><\/td>\n4.6%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$412,157<\/span><\/td>\n5.7%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,784 at a 6.95% mortgage rate<\/span><\/td>\n8.3%<\/span><\/td>\n$21 shy of April\u2019s all-time high\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n65,603<\/span><\/td>\n-8.1%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n76,194<\/span><\/td>\n7.9%<\/span><\/td>\nBiggest increase in 5 weeks<\/span><\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n897,798<\/span><\/td>\n12.5%<\/span><\/td>\nSmallest increase in nearly a year<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n5<\/span><\/td>\n+0.6 pts. to longest span since Feb. 2019, except the prior 4-week period<\/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>\n29%<\/span><\/td>\nDown from 32%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n55<\/span><\/td>\n+6 days to longest span\u00a0 in nearly 5 years<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n20.7%<\/span><\/td>\nDown from 22%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98%<\/span><\/td>\nDown from 98.1%<\/span><\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n
\n

Metro-level highlights: Four weeks ending Feb. 2, 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>\nPittsburgh (15.7%)<\/span><\/p>\n

New Brunswick, NJ (12.1%)<\/span><\/p>\n

Newark, NJ (12.1%)<\/span><\/p>\n

Nassau County, NY (11.5%)<\/span><\/p>\n

Fort Lauderdale, FL (11.2%)<\/span><\/th>\n

Austin, TX (-5.5%)<\/span><\/p>\n

Tampa, FL (-3.5%)<\/span><\/p>\n

San Francisco (-1.9%)<\/span><\/p>\n

Jacksonville, FL (-0.8%)<\/span><\/p>\n

Atlanta (-0.6%)<\/span><\/th>\n

\n

Declined in 5 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nPortland, OR (7.1%)<\/span><\/p>\n

Tampa, FL (2.3%)<\/span><\/p>\n

Milwaukee (1%)<\/span><\/p>\n

Pittsburgh (0.4%)<\/span><\/td>\n

Miami (-21.6%)<\/span><\/p>\n

Atlanta (-21.1%)<\/span><\/p>\n

Houston (-20.2%)<\/span><\/p>\n

San Diego (-20%)<\/span><\/p>\n

San Antonio (-17.3%)<\/span><\/td>\n

Increased in 4 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nOrlando, FL (27.7%)<\/span><\/p>\n

San Jose, CA (26.7%)<\/span><\/p>\n

Oakland, CA (26.1%)<\/span><\/p>\n

Tampa, FL (25.6%)<\/span><\/p>\n

Phoenix (23.8%)<\/span><\/td>\n

Detroit (-13.9%)<\/span><\/p>\n

San Antonio (-13.5%)<\/span><\/p>\n

Chicago (-11.3%)<\/span><\/p>\n

Atlanta (-6.6%)<\/span><\/p>\n

Indianapolis (-6.1%)<\/span><\/td>\n

Declined in 12 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 uptick in new listings, along with slow sales, is contributing to a growing pool of supply for homebuyers to choose from. It has also led to the typical home selling for 2% under asking price, the biggest discount in two years\u2013but housing costs are still ultra-high.\u00a0 New listings of U.S. homes for sale rose […]<\/p>\n","protected":false},"author":13153,"featured_media":79255,"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":[32,625,623],"coauthors":[124],"class_list":["post-79242","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-weekly-market-update","tag-housing-market-tracker","tag-housing-market-update","tag-national"],"acf":[],"yoast_head":"\nNew Listings Post Biggest Increase of the Year While Homebuying Demand Declines, Leading to Big Pool of Supply<\/title>\n<meta name=\"description\" content=\"The uptick in new listings, along with slow sales, is contributing to a growing pool of supply for homebuyers to choose from. 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