{"id":83525,"date":"2026-01-15T05:00:00","date_gmt":"2026-01-15T13:00:00","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=83525"},"modified":"2026-03-25T14:50:49","modified_gmt":"2026-03-25T21:50:49","slug":"housing-market-update-monthly-payments-big-decline","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-monthly-payments-big-decline\/","title":{"rendered":"Monthly Housing Costs Start the Year Down 5%, the Biggest Decline in Over a Year"},"content":{"rendered":"

House hunters are getting some relief as mortgage rates dip.<\/span><\/i><\/p>\n

The median U.S. monthly housing payment dipped to <\/span>$2,413 during the four weeks ending January 11, near the lowest level in two years and down 5.5% from a year earlier. That\u2019s the biggest decline since October 2024.\u00a0<\/span><\/p>\n

Housing payments are coming down because mortgage rates are falling. The daily average mortgage rate dropped to <\/span>5.99%<\/span><\/a> last week, its lowest level in nearly three years, after President Trump ordered federal agencies to <\/span>buy $200 billion in mortgage bonds<\/span><\/a> (the daily average rate has since ticked up to 6.07%). To look at the impact of declining mortgage rates another way, homebuyers\u2019 <\/span>purchasing power has increased<\/span><\/a> by roughly $14,000 in the last month and $30,000 in the last six months.\u00a0<\/span><\/p>\n

Monthly housing payments would be falling more if not for still-rising sale prices. The median home-sale price is up 1% year over year, though it\u2019s worth noting that\u2019s small compared to the 4% to 5% increases at the start of 2025.\u00a0<\/span><\/p>\n

Despite lower housing costs, fewer people are buying and selling homes. Pending home sales fell 5% year over year, and new listings declined 4.7%. We may see an improvement in pending sales soon; last Friday\u2019s significant rate decline, from roughly 6.21% to 5.99%,\u00a0 could result in more homes going under contract in the coming weeks. Mortgage-purchase applications are up 16%<\/a> week over week, though mortgage applications don\u2019t always line up with home sales. <\/span><\/p>\n

\u201cPortland buyers typically hibernate in January, with the gloomy weather keeping them inside. But I think this year will be livelier,\u201d said <\/span>Meme Loggins<\/span><\/a>, a Redfin Premier agent in Portland, OR. \u201cRight now, homes are sitting on the market for several months, and a lot of sellers are cutting their asking price. Buyers know that\u2019s unlikely to last long, especially with rates coming down. Prospective buyers know competition will probably tick up by springtime, so they\u2019re getting serious about house hunting and <\/span>getting a deal<\/span><\/a> while they can.\u201d\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.\u00a0<\/span><\/i><\/p>\n

Leading indicators<\/h3>\n

 <\/p>\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>\n6.07% (Jan. 14)<\/span><\/td>\nNear lowest level in 3 years<\/span><\/td>\nDown from 7.26%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.16% (week ending Jan. 8)<\/span><\/td>\nNear lowest level in over a year<\/span><\/td>\nDown from 6.93%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 16% from a week earlier (as of week ending Jan. 9)<\/span><\/td>\nUp 13%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown about 5% from a month earlier (as of week ending Jan. 11)<\/span><\/td>\nDown 9%<\/span><\/td>\nA measure of tours and other homebuying services from Redfin agents<\/span><\/td>\n<\/tr>\n
Google searches of \u201chomes for sale\u201d<\/b><\/td>\n<\/td>\nUp more than 20% from a month earlier (as of Jan. 11)<\/span><\/td>\nUp 19%<\/span><\/td>\nGoogle Trends<\/span><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Key housing-market data<\/h3>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
U.S. highlights: Four weeks ending Jan. 11, 2026<\/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 Jan. 11, 2026<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$380,606<\/span><\/td>\n1%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$380,825<\/span><\/td>\n1.5%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,413 at a 6.16% mortgage rate<\/span><\/td>\n-5.5%<\/span><\/td>\nNear lowest level in 2 years; biggest decline since October 2024<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n48,933<\/span><\/td>\n-5%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n47,357<\/span><\/td>\n-4.7%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n996,087<\/span><\/td>\n1.9%<\/span><\/td>\nSmallest increase in over 2 years<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n5.1<\/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>\n19.7%<\/span><\/td>\nDown from 21%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n59<\/span><\/td>\n+6 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n20%<\/span><\/td>\nDown from 22%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n\n

97.9%<\/span><\/p>\n<\/td>\n

Down 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 Jan. 11, 2026<\/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>\nCincinnati (8.4%)<\/span><\/p>\n

Detroit (6.5%)<\/span><\/p>\n

Philadelphia (5.8%)<\/span><\/p>\n

Chicago (5.6%)<\/span><\/p>\n

Warren, MI (5.6%)<\/span><\/th>\n

Dallas (-4.4%)<\/span><\/p>\n

San Jose, CA (-3.7%)<\/span><\/p>\n

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

Oakland, CA (-2.4%)<\/span><\/p>\n

Portland, OR (-1.8%)<\/span><\/th>\n

\n

Declined in 15 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nWest Palm Beach, FL (8.1%)\u00a0<\/span><\/p>\n

Fort Lauderdale, FL (5.2%)<\/span><\/p>\n

Columbus, OH (5.1%)<\/span><\/p>\n

Nashville, TN (4.9%)<\/span><\/p>\n

Phoenix (4.6%)<\/span><\/td>\n

San Jose, CA (-38.1%)<\/span><\/p>\n

San Francisco (-24.6%)<\/span><\/p>\n

Warren, MI (-24%)<\/span><\/p>\n

Oakland, CA (-22.1%)<\/span><\/p>\n

Minneapolis (-21.1%)<\/span><\/td>\n

Increased in 9 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nBaltimore (12.6%)<\/span><\/p>\n

Washington, D.C. (7.8%)<\/span><\/p>\n

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

Milwaukee (5.8%)<\/span><\/p>\n

Fort Worth, TX (5.1%)<\/span><\/p>\n

Phoenix (3.6%)<\/span><\/p>\n

Cleveland (1.6%)<\/span><\/td>\n

San Francisco (-26.7%)<\/span><\/p>\n

Jacksonville, FL (-25.2%)<\/span><\/p>\n

Oakland, CA (-21.8%)<\/span><\/p>\n

Tampa, FL (-19.7%)<\/span><\/p>\n

Orlando, FL (-17.7%)<\/span><\/td>\n

Increased in 7 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":"

House hunters are getting some relief as mortgage rates dip. The median U.S. monthly housing payment dipped to $2,413 during the four weeks ending January 11, near the lowest level in two years and down 5.5% from a year earlier. That\u2019s the biggest decline since October 2024.\u00a0 Housing payments are coming down because mortgage rates […]<\/p>\n","protected":false},"author":13153,"featured_media":83538,"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":"","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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