{"id":79360,"date":"2025-02-27T05:30:16","date_gmt":"2025-02-27T13:30:16","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79360"},"modified":"2025-02-26T17:03:20","modified_gmt":"2025-02-27T01:03:20","slug":"housing-market-update-early-stage-demand-improves-rates-fall","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-early-stage-demand-improves-rates-fall\/","title":{"rendered":"Home-Price Growth Slows As Mortgage Rates Dip to Lowest Level in Over 2 Months"},"content":{"rendered":"

Some Redfin agents are advising prospective buyers to get serious now as mortgage rates decline and the housing market tilts in buyers\u2019 favor.\u00a0<\/span><\/i><\/p>\n

The median U.S. home-sale price rose just 3.5% year over year during the four weeks ending February 23, the smallest increase since September. And mortgage rates have declined to their lowest level in more than two months, dipping from 7.13% to 6.78% in the last two weeks alone and upping buyers\u2019 purchasing power by <\/span>thousands of dollars<\/span><\/a>. <\/span>Mortgage rates are coming down due to <\/span>signals<\/span><\/a> that the U.S. economy is slowing, and heightened recession fears.\u00a0<\/span><\/p>\n

In addition to a bit of cost relief, another factor is working in buyers\u2019 favor. House hunters have a bit <\/span>more power<\/span><\/a> to negotiate on sale price and terms as supply piles up in some parts of the country. There are 4.6 months of supply on the market, up from 4 months at this time last year, and the typical home is selling for roughly 2% less than its asking price.\u00a0<\/span><\/p>\n

There are signs that slowing price growth, declining rates and more favorable conditions are bringing some house hunters back to the market. <\/span>Redfin\u2019s Homebuyer Demand Index\u2013<\/span>a seasonally adjusted measure of tours and other buying services from Redfin agents\u2013has jumped to its highest level since the start of the year, and Google searches of \u201c<\/span>homes for sale<\/span><\/a>\u201d nationwide have hit their highest level since September.\u00a0<\/span><\/p>\n

But home sales have yet to improve.\u00a0 Pending home sales are down 6.2% from a year earlier, in line with decreases we\u2019ve seen since the start of the year. Even though mortgage rates have declined a bit, the typical monthly housing payment is just $32 shy of its all-time high. Sales could pick up in the coming weeks if the increase in home tours turns into more offers and\/or mortgage rates continue coming down slightly.<\/span><\/p>\n

Redfin agents in some parts of the U.S. are advising prospective buyers to jump in while they can because with today\u2019s economic and political uncertainty, mortgage rates could rise above 7% again soon. And the pileup of supply could soon be depleted: New listings of homes for sale are up just 2.4% year over year this week, the smallest gain in a month.\u00a0\u00a0<\/span><\/p>\n

\u201cMy advice to buyers: If you\u2019re thinking of purchasing a home in the next six months, don\u2019t wait until the flowers start blooming,\u201d said <\/span>Alison Williams<\/span><\/a>, a Redfin Premier agent in Sacramento, CA. \u201cThe market will heat up as we get closer to spring. Now is the time to potentially negotiate down the price of a home, save money on closing costs or get the sellers to cover issues uncovered in the inspection. There are bidding wars for relatively affordable homes, under $400,000 or so, and for upscale, fully renovated homes in popular neighborhoods. But for everything in between, buyers are looking online and touring, but not jumping on them. The buyers who are jumping are getting deals.\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>\n6.78% (Feb. 26)<\/span><\/td>\nLowest level since Dec. 10<\/span><\/td>\nDown from 7.13%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.85% (week ending Feb. 20)<\/span><\/td>\nLowest level in 2 months<\/span><\/td>\nDown from 6.9%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nUnchanged\u00a0 from a week earlier (as of week ending Feb. 21)<\/span><\/td>\nUp 3%<\/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<\/span><\/p>\n

(as of week ending Feb. 23)<\/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 19% from the start of the year (as of Feb. 24)<\/span><\/td>\nAt this time last year, it was up 23% 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>\nUp over 20% from a month earlier (as of Feb. 24)<\/span><\/td>\nUp 10%<\/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. 23, 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. 23, 2025<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$377,250<\/span><\/td>\n3.5%<\/span><\/td>\nSmallest increase since September<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$412,253<\/span><\/td>\n5.8%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,762 at a 6.85% mortgage rate<\/span><\/td>\n5.1%<\/span><\/td>\n$32 shy of all-time high<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n73,415<\/span><\/td>\n-6.2%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n81,553<\/span><\/td>\n2.4%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n907,659<\/span><\/td>\n9.7%<\/span><\/td>\nSmallest increase in nearly a year<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4.6<\/span><\/td>\n+0.7 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>\n32.8%<\/span><\/td>\nDown from 36%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n56<\/span><\/td>\n+6 days; near longest span since March 2020<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n21.7%<\/span><\/td>\nDown from 24%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.1%<\/span><\/td>\nDown from 98.3%<\/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. 23, 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>\nNotes<\/b><\/th>\n<\/tr>\n
Median sale price<\/b><\/th>\nCleveland (13.1%)<\/span><\/p>\n

San Jose, CA (12.6%)<\/span><\/p>\n

Nassau County, NY (12%)<\/span><\/p>\n

Detroit (10.8%)<\/span><\/p>\n

Milwaukee (10.5%)<\/span><\/th>\n

Austin, TX (-5%)<\/span><\/p>\n

Jacksonville, FL (-2.8%)<\/span><\/p>\n

Tampa, FL (-2.1%)<\/span><\/p>\n

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

Declined in 4 metros<\/span><\/th>\n<\/tr>\n<\/thead>\n
Pending sales<\/b><\/td>\nSan Francisco (26.9%)<\/span><\/p>\n

Los Angeles (12.2%)<\/span><\/p>\n

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

Riverside, CA (3.5%)<\/span><\/p>\n

Columbus, OH (1.6%)<\/span><\/p>\n

Phoenix (0.3%)<\/span><\/td>\n

Houston (-17%)<\/span><\/p>\n

Miami (-16.6%)<\/span><\/p>\n

Minneapolis (-16.1%)<\/span><\/p>\n

Jacksonville, FL (-16.1%)<\/span><\/p>\n

Washington, D.C. (-15.5%)<\/span><\/td>\n

Increased in 6 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nPhoenix (23%)<\/span><\/p>\n

Los Angeles (22.2%)<\/span><\/p>\n

Sacramento, CA (19.4%)<\/span><\/p>\n

Denver (16.6%)<\/span><\/p>\n

Anaheim, CA (16.2%)<\/span><\/td>\n

Detroit (-21.4%)<\/span><\/p>\n

Warren, MI (-13.1%)<\/span><\/p>\n

Montgomery County, PA (-10.5%)<\/span><\/p>\n

Newark, NJ (-8.3%)<\/span><\/p>\n

Fort Worth, TX (-8.2%)<\/span><\/td>\n

Increased in 19 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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Some Redfin agents are advising prospective buyers to get serious now as mortgage rates decline and the housing market tilts in buyers\u2019 favor.\u00a0 The median U.S. home-sale price rose just 3.5% year over year during the four weeks ending February 23, the smallest increase since September. And mortgage rates have declined to their lowest level […]<\/p>\n","protected":false},"author":13153,"featured_media":79373,"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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