Nationwide, price drops are at their highest
level since November 2022, suggesting more metros may soon see sale
prices decline
(NASDAQ: RDFN) — Home-sale prices are declining year over year
in four major U.S. metros, three of them in Texas: Austin (-2.9%),
San Antonio (-1.2%), Fort Worth (-1.2%) and Portland, OR (-0.9%).
The last time prices fell in four or more metros was in January,
according to a new report from Redfin (redfin.com), the
technology-powered real estate brokerage.
Nationwide, prices rose 4.4% from a year earlier to an all-time
high during the four weeks ending June 2. But there are early
indicators that national price growth could soften soon: 6.4% of
U.S. home sellers cut their asking price, on average, the highest
share since November 2022. And the typical active listing has been
on the market for 46 days, up 2.3% year over year–the biggest
increase in nine months, suggesting home listings are growing stale
faster than they were a year ago.
Some listings are growing stale because high mortgage rates and
housing costs are causing would-be buyers to back off. The weekly
average mortgage rate rose back above 7% last week, pushing the
median U.S. monthly housing payment to a near-record-high of
$2,838. (It’s worth noting that daily average rates are declining
this week after U.S. job openings fell to their lowest level in
more than three years.) Pending home sales fell 3.8% year over
year, the biggest decline in three months, and mortgage-purchase
applications declined 4% week over week. Inventory is losing
momentum, too, which is another reason sales are falling. New
listings posted one of their smallest year-over-year increases
(6.9%) since February, with high mortgage rates discouraging
homeowners from selling because it would mean giving up their low
rate and trying to offload their home in a relatively slow
market.
“There’s no getting around the fact that it’s expensive to buy a
home right now, but some people are having luck negotiating with
sellers,” said Bonnie Phillips, a Redfin Premier agent in
Cleveland. “I've seen buyers get a home under asking price when it
has been on the market for a few weeks. That's especially true when
their agent presents market data that supports a lower market
value, like comps of similar homes nearby that have sold for less,
or fewer than usual online views or tours. Other buyers are finding
creative ways to afford a home, like buying a duplex, living in one
unit and renting out the other.”
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
7.03% (June 5)
Up slightly from 6.99% 2 weeks earlier,
but down from a 5-month high of 7.52% 5 weeks earlier
Up from 6.95%
Mortgage News Daily
Weekly average 30-year fixed mortgage
rate
7.03% (week ending May 30)
Up from 6.94% a week earlier, but down
from 5-month high of 7.22% a month earlier
Up from 6.79%
Freddie Mac
Mortgage-purchase applications
(seasonally adjusted)
Declined 4% from a week earlier (as of
week ending May 31)
Down 13%
Mortgage Bankers Association
Redfin Homebuyer Demand Index
(seasonally adjusted)
Essentially unchanged from a month earlier
(as of week ending June 2)
Down 13%
Redfin Homebuyer Demand Index, a measure
of requests for tours and other homebuying services from Redfin
agents
Touring activity
Up 23% from the start of the year (as of
June 2)
At this time last year, it was up 10% from
the start of 2023
ShowingTime, a home touring technology
company
Google searches for “home for
sale”
Unchanged from a month earlier (as of June
3)
Down 18%
Google Trends
Key housing-market data
U.S. highlights: Four weeks ending June
2, 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 June 2, 2024
Year-over-year change
Notes
Median sale price
$392,200
4.4%
All-time high
Median asking price
$417,274
5.9%
Median monthly mortgage payment
$2,836 at a 7.03% mortgage
rate
8.7%
$26 below all-time high set
during the 4 weeks ending April 28
Pending sales
86,464
-3.8%
Biggest decline in over 3
months
New listings
98,467
6.9%
Smallest increase in over 4
months (with the exception of the 4 weeks ending May 5)
Active listings
923,747
15.8%
Months of supply
3.2
+0.6 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
43.4%
Down from 48%
Median days on market
32
+3 days
Share of homes sold above list
price
32%
Down from 34%
Share of homes with a price
drop
6.4%
+2 pts.
Highest level since Nov. 2022
Average sale-to-list price
ratio
99.6%
-0.2 pts.
Metro-level highlights: Four weeks
ending June 2, 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 (17.3%)
Nassau County, NY (15.8%)
Newark, NJ (13.9%)
Cleveland, OH (13.9%)
Oakland, CA (13.8%)
Austin, TX (-2.9%)
San Antonio (-1.2%)
Fort Worth, TX (-1.2%)
Portland, OR (-0.9%)
Decreased in 4 metros
Pending sales
San Jose, CA (10.5%)
Anaheim, CA (7.1%)
Columbus, OH (7%)
San Diego (6.7%)
San Francisco (4.1%)
Houston (-15.5%)
West Palm Beach, FL (-14.6%)
Atlanta (-13.9%)
Fort Lauderdale, FL (-12%)
Virginia Beach, VA (-11.3%)
Increased in 14 metros
New listings
San Jose, CA (39.8%)
Phoenix (22.4%)
San Diego (21.2%)
Denver (18.4%)
Las Vegas (18%)
Atlanta (-9.3%)
Chicago (-5.5%)
Minneapolis (-3.6%)
Newark, NJ (-3.2%)
Portland, OR (-2.7%)
Decreased in 10 metros
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-home-prices-decline-austin
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240606950933/en/
Redfin Journalist Services: Angela Cherry press@redfin.com
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