High home prices and rates sent home sellers
and buyers to the sidelines in April and the start of May—but last
week’s encouraging economic news drove mortgage rates down a
bit
(NASDAQ: RDFN) —The median U.S. monthly housing payment hit an
all-time high of $2,894 during the four weeks ending May 5, up 14%
from a year earlier, and home prices rose 4.5% to their own record
high. That’s according to a new report from Redfin (redfin.com),
the technology-powered real estate brokerage.
The supply of homes for sale lost momentum, with prospective
sellers jittery about high rates. New listings rose 9% year
over year, the smallest increase in three months (with the
exception of the four weeks ending March 31, when there was an
artificially small decline due to Easter). There were fewer new
listings during the four-week period ending May 5 than any
comparable period on record except 2020 and 2023. Many would-be
sellers backed off when rates rose throughout April, opting to stay
put to hold onto their low mortgage rate.
Home sales fell due to high rates and low supply. Pending
home sales dropped 3% from a year earlier, the biggest decline in
two months. There are also signs that competition for homes is
slowing during a time of year when it typically speeds up: 30% of
homes sold above asking price, flat from a week earlier and down
from 32% a year earlier and more than 50% two years earlier. And
6.2% of home sellers dropped their asking price, the highest share
since November and up from 4.3% a year ago. But there is one signal
that demand is starting to pick up: Mortgage-purchase applications
increased 2% week over week.
Recent economic news brought rates down from their peak.
Encouraging economic news pushed daily average mortgage rates down
from a five-month high of 7.5% on April 30 to about 7.2% at the end
of last week and into this week, bringing buyers a modicum of
relief. The Fed held interest rates steady and kept open the
possibility of a rate cut later this year at their May 1 meeting,
and last Friday’s soft jobs report was another step in the right
direction.
“The market is a mixed bag, with high mortgage rates causing
some listings to sit longer than I would expect in the springtime
and high prices holding steady,” said David Palmer, a Redfin
Premier agent in Seattle. “Sellers can rest assured that there are
plenty of motivated buyers who are jumping into the market now;
they finally understand that rates aren’t going to plummet anytime
soon. Those buyers are the people who are moving because they need
to: They’re relocating for a new job, going through a divorce, or
growing their family. So even though some of my listings are taking
longer to sell than they would in a typical spring market, they are
selling eventually.”
For Redfin economists’ takes on the housing market, including
more on how current financial events are impacting mortgage rates,
please visit Redfin’s “From Our Economists” page.
Leading indicators
Indicators of homebuying demand and
activity
Value (if applicable)
Recent change
Year-over-year change
Source
Daily average 30-year fixed mortgage
rate
7.2% (May 8)
Down from a 5-month high of 7.52% two
weeks earlier
Up from 6.5%
Mortgage News Daily
Weekly average 30-year fixed mortgage
rate
7.22% (week ending May 2)
Highest level since Nov. 2023
Up from 6.39%
Freddie Mac
Mortgage-purchase applications
(seasonally adjusted)
Increased 2% from a week earlier (as of
week ending May 3)
Down 17%
Mortgage Bankers Association
Redfin Homebuyer Demand Index
(seasonally adjusted)
Down 6% from a month earlier (as of week
ending May 5)
Down 12%
Redfin Homebuyer Demand Index, a measure
of requests for tours and other homebuying services from Redfin
agents
Touring activity
Up 32% from the start of the year (as of
May 7)
At this time last year, it was up 27% from
the start of 2023
ShowingTime, a home touring technology
company
Google searches for “home for
sale”
Essentially unchanged from a month earlier
(as of May 5)
Down 18%
Google Trends
Key housing-market data
U.S. highlights: Four weeks ending May
5, 2024
Redfin’s 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.
Four weeks ending May 5, 2024
Year-over-year change
Notes
Median sale price
$384,721
4.5%
All-time high
Median asking price
$419,519
6.5%
All-time high
Median monthly mortgage payment
$2,894 at a 7.22% mortgage
rate
14.1%
All-time high
Pending sales
90,542
-3%
Tied with the 2 previous 4-week periods
for the biggest decline in 2 months
New listings
102,449
9.3%
Smallest increase since 4 weeks ending
Feb. 11, with the exception of a 6.6% increase during the 4 weeks
ending March 31 (that uptick was artificially small because of the
Easter holiday)
Active listings
877,829
13.3%
Months of supply
3.2 months
+0.5 pts.
4 to 5 months of supply is considered
balanced, with a lower number indicating seller’s market
conditions
Share of homes off market in two
weeks
44.9%
Down from 47%
Median days on market
34
+1 day
Share of homes sold above list
price
30.4%
Down from 32%
Share of homes with a price
drop
6.2%
+1.9 pts.
Average sale-to-list price
ratio
99.4%
+0.1 pt.
Metro-level highlights: Four weeks
ending May 5, 2024
Redfin’s metro-level data includes the 50
most populous U.S. metros. Select metros may be excluded from time
to time to ensure data accuracy.
Metros with biggest year-over-year
increases
Metros with biggest year-over-year
decreases
Notes
Median sale price
Anaheim, CA (21%)
West Palm Beach, FL (15.9%)
Detroit (15.7%)
San Jose, CA (13.2%)
New Brunswick, NJ (12.8%)
San Antonio, TX (-1.9%)
Declined in just 1 metro
Pending sales
San Jose, CA (21.9%)
Anaheim, CA (9.1%)
Oakland, CA (6.1%)
San Francisco (6.1%)
Seattle (5.9%)
Phoenix (-13%)
Atlanta (-11.7%)
Houston (-11.1%)
Jacksonville, FL (-10.3%)
Orlando, FL (-10.2%)
Increased in 15 metros
New listings
San Jose, CA (35.6%)
Phoenix (25.9%)
Seattle (22.4%)
San Diego, CA (21.5%)
Oakland, CA (21.1%)
Chicago (-9%)
Newark, NJ (-4.3%)
Warren, MI (-3.9%)
Atlanta (-3%)
Detroit (-2.5%)
Providence, RI (-1.5%)
Declined in 6 metros
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-record-high-monthly-payments-mortgage-rates-decline
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate
company. We help people find a place to live with brokerage,
rentals, lending, title insurance, and renovations services. We run
the country's #1 real estate brokerage site. Our customers can save
thousands in fees while working with a top agent. Our home-buying
customers see homes first with on-demand tours, and our lending and
title services help them close quickly. Customers selling a home
can have our renovations crew fix it up to sell for top dollar. Our
rentals business empowers millions nationwide to find apartments
and houses for rent. Since launching in 2006, we've saved customers
more than $1.6 billion in commissions. We serve more than 100
markets across the U.S. and Canada and employ over 4,000
people.
Redfin’s subsidiaries and affiliated brands include: Bay Equity
Home Loans®, Rent.™, Apartment Guide®, Title Forward® and
WalkScore®.
For more information or to contact a local Redfin real estate
agent, visit www.redfin.com. To learn about housing market trends
and download data, visit the Redfin Data Center. To be added to
Redfin's press release distribution list, email press@redfin.com.
To view Redfin's press center, click here.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240509967027/en/
Redfin Journalist Services: Kenneth Applewhaite, 206-414-8880
press@redfin.com
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