There are more homes for sale as spring
approaches, and house hunters are hitting the pavement. Home
touring activity is rising, and mortgage-purchase applications are
up 11% this week.
(NASDAQ: RDFN) —New listings rose 13% from a year earlier
nationwide during the four weeks ending March 3, the biggest
increase in nearly three years, according to a new report from
Redfin (redfin.com), the technology-powered real estate
brokerage.
The boost in new listings helped bring the total number of homes
for sale up 1.7%. Following eight months of declines, February is
the first month the number of homes for sale has increased on an
annual basis.
This week’s pricing data also brings a few glimmers of hope for
house hunters. Asking prices of new listings posted their smallest
increase in roughly two months; additionally, 5.5% of home sellers
dropped their asking price, on average, the highest share of any
February since at least 2015. High mortgage rates pushed the median
monthly housing payment to $2,694 this week, just $23 shy of the
all-time high. But final sale prices, which rose 5.3% year over
year, one of the biggest increases in a year and a half, should
start declining soon as price growth for new listings loses some
momentum.
House hunters are looking at homes and applying for mortgages as
we approach spring. Touring activity is up 23% from the start of
the year, compared to a 14% increase during the same period last
year, and mortgage-purchase applications are up 11% week over week.
That early-stage buying activity hasn’t yet translated to a boost
in sales, with pending sales down 6% year over year.
“There have been two major obstacles for homebuyers over the
last year: Low inventory and high housing costs,” said Redfin
Economic Research Lead Chen Zhao. “Now, the first barrier is
starting to come down as more supply comes on the market. Housing
costs are still high, but they’re likely to come down a bit as
mortgage rates gradually decline through the year and price growth
loses some steam. Buyers who can afford today’s mortgage rates may
have better luck finding a home now than they have in the past
several months, and they also may be less likely to face
competition because inventory is improving.”
For more of Redfin economists’ takes on the housing market,
including how current financial events are impacting mortgage
rates, please visit our “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
6.97% (March 6)
Down from 7.15% a week earlier
Essentially flat
Mortgage News Daily
Weekly average 30-year fixed mortgage
rate
6.94% (week ending Feb. 29)
Up from 6.9% a week earlier; 4th straight
week of increases
Up from 6.65%
Freddie Mac
Mortgage-purchase applications
(seasonally adjusted)
Up 11% from a week earlier (as of week
ending March 1)
Down 8%
Mortgage Bankers Association
Redfin Homebuyer Demand Index
(seasonally adjusted)
Up 4% from a month earlier (as of week
ending March 3)
Down 7%
Redfin Homebuyer Demand Index, a measure
of requests for tours and other homebuying services from Redfin
agents
Google searches for “home for
sale”
Up 4% from a month earlier (as of March
2)
Down 11%
Google Trends
Touring activity
Up 23% from the start of the year (as of
March 1)
At this time last year, it was up 14% from
the start of 2023
ShowingTime, a home touring technology
company
Key housing-market data
U.S. highlights: Four weeks ending
March 3, 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 March 3, 2024
Year-over-year change
Notes
Median sale price
$368,588
5.3%
Median asking price
$399,223
5.1%
Smallest increase since 4 weeks ending
Jan. 14
Median monthly mortgage payment
$2,694 at a 6.94% mortgage
rate
6.9%
Down just $23 from all-time high set in
October 2023
Pending sales
77,925
-6.4%
New listings
81,971
12.8%
Biggest increase since June 2021 (there
was also a 12.8% increase during the prior 4-week period)
Active listings
773,048
1.7%
Largest increase since the four weeks
ending June 4, 2023. Based on revised data, active listings began
increasing for the first time since June during the 4 weeks ending
Feb. 11.
Months of supply
3.7 months
+0.3 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
39.1%
Up from 37%
Median days on market
47
-2 days
Share of homes sold above list
price
24.3%
Up from 23%
Share of homes with a price
drop
5.5%
+1.3 pts.
Average sale-to-list price
ratio
98.5%
+0.4 pts.
Metro-level highlights: Four weeks
ending March 3, 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
Newark, NJ (14.7%)
Montgomery County, PA (14.6%)
Anaheim, CA (14%)
Fort Lauderdale, FL (13.9%)
New Brunswick, NJ (13.8%)
San Antonio, TX (-3.2%)
Declined in just 1 metro
Pending sales
Cincinnati (9.2%)
Milwaukee (6%)
Pittsburgh (5%)
Minneapolis (5%)
Austin, TX (4.6%)
San Francisco (2.8%)
Seattle (0.7%)
Cleveland (0.2%)
San Antonio, TX (-23.8%)
Warren, MI (-15.7%)
New Brunswick, NJ (-15.6%)
Atlanta (-15.1%)
Nassau County, NY (-14.1%)
Increased in 8 metros
New listings
Fort Worth, TX (27%)
Fort Lauderdale, FL (25.4%)
Houston (24.4%)
Jacksonville, FL (24.1%)
Miami (24.1%)
Atlanta (-5.9%)
Newark, NJ (-2.1%)
Chicago (-0.4%)
Declined in 3 metros
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-supply-increases-first-time-eight-months
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/20240307438812/en/
Redfin Journalist Services: Kenneth Applewhaite, 206-414-8880
press@redfin.com
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