In Los Angeles, demand for rentals is spiking
as residents displaced by wildfires search for housing
(NASDAQ: RDFN) — The median U.S. monthly housing payment is
$2,686, the highest level in nearly seven months, as of the four
weeks ending January 19. That’s according to a new report from
Redfin (redfin.com), the technology-powered real estate brokerage.
Housing costs are high because of rising mortgage rates and home
prices: The weekly average mortgage rate is 7.04%, the highest
level since May, and the median U.S. home-sale price is up 5% year
over year.
High housing costs are one factor keeping many would-be
homebuyers on the sidelines. Pending home sales are down 10.1%
annually, the biggest decline in more than a year, and Redfin’s
Homebuyer Demand Index—a measure of tours and other buying services
from Redfin agents—is near its lowest level since June. Homes are
also selling relatively slowly. The average home is selling in 52
days, the longest span in two years.
Other factors pushing down pending sales are extreme cold and
snow in some parts of the country, wildfires in Southern California
and limited new listings. Some prospective buyers also likely held
off in the run-up to President Trump’s inauguration to wait and see
if the new administration would take immediate action on
housing.
There are signals homebuyers could get cost relief soon. Daily
average mortgage rates started coming down last week after a
softer-than-expected CPI report, and Redfin economists expect rates
to decline more if President Trump continues to signal he will be
less aggressive on tariffs than expected. And sale-price increases
may be losing momentum; the 5% year-over-year increase is the
smallest since October.
The ongoing Los Angeles wildfires are pushing up rental
searches and pushing down home sales
Roughly one of every six (17%) homes within the perimeters of
the Palisades and Eaton fires in the Los Angeles area have been
destroyed or damaged, according to a Redfin analysis of housing and
Cal Fire data. Local Redfin agents report that the destruction has
created a ripple effect of people searching for temporary or
permanent housing.
Online views of rental listings in Los Angeles County nearly
doubled from a year earlier to their highest levels in at least two
years during the second week in January, also according to a Redfin
analysis. But would-be buyers are backing off; pending home sales
were down roughly 10% year over year during the four weeks ending
January 19.
“I’m focused on helping families displaced by the fires find
short-term housing, which is challenging because rentals are moving
at an incredibly fast pace,” said Erik Miles, a Redfin Premier
agent in the Los Angeles Area. “I took one family from the
Palisades to see a rental listing in West Hollywood last week, but
it had already received 10 offers. The person who won it signed a
three-year lease. Thankfully that same agent had another rental in
the area, so I took the family to see it immediately. It had
received 35 offers sight-unseen, but my client is in position to
get it because they had seen it in person.”
For Redfin economists’ takes on the housing market, 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
7.08% (Jan. 22)
Down from 7.26% a week
earlier
Up from 6.89%
Mortgage News Daily
Weekly average 30-year fixed
mortgage rate
7.04% (week ending Jan. 16)
Highest level since May
Up from 6.6%
Freddie Mac
Mortgage-purchase applications
(seasonally adjusted)
Up 1% from a week earlier (as of
week ending Jan. 17)
Up 2%
Mortgage Bankers Association
Redfin Homebuyer Demand Index
(seasonally adjusted)
Up slightly from a week earlier,
but still near lowest level since June
(as of week ending Jan. 19)
Up 7%
Redfin Homebuyer Demand Index, a
measure of tours and other homebuying services from Redfin
agents
Touring activity
Up 5.3% from the start of the
year (as of Jan. 15)
At this time last year, it was
essentially flat from the start of 2024
ShowingTime, a home touring
technology company
Google searches for “home for
sale”
Up 24% from a month earlier (as
of Jan. 21)
Unchanged
Google Trends
Key housing-market
data
U.S. highlights: Four weeks
ending Jan. 19, 2025
Redfin’s 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.
Four weeks ending Jan. 19,
2025
Year-over-year change
Notes
Median sale price
$378,144
5%
Smallest increase since
October
Median asking price
$394,925
4.6%
Median monthly mortgage
payment
$2,686 at a 7.04% mortgage
rate
7.6%
Highest level since June
Pending sales
51,122
-10.1%
Biggest decline since October
2023
New listings
54,982
-2.9%
Active listings
859,262
8.8%
Smallest increase in nearly a
year
Months of supply
5
+0.2 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
23.1%
Down from 26%
Median days on market
52
+6 days to highest level in 2
years
Share of homes sold above list
price
21.3%
Down from 23%
Average sale-to-list price
ratio
98.1%
Essentially unchanged
Metro-level highlights: Four weeks
ending Jan. 19, 2025
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
Milwaukee (16.9%)
Pittsburgh (13.5%)
Newark, NJ (12.5%)
Fort Lauderdale, FL (12.1%)
Anaheim, CA (11.5%)
San Francisco (-5.9%)
Austin, TX (-3.1%)
Tampa, FL (-2.8%)
Denver (-0.6%)
San Antonio (-0.1%)
Declined in 5 metros
Pending sales
Portland, OR (7.5%)
Detroit (-28.1%)
Atlanta (-20.6%)
Miami (-20%)
Warren, MI (-19.8%)
Houston (-16.8%)
Increased in 1 metro
New listings
Phoenix (15.2%)
San Jose, CA (14.9%)
Seattle (10.2%)
Sacramento, CA (9.3%)
Portland, OR (8.3%)
Newark, NJ (-36.7%)
Detroit (-22.2%)
San Antonio (-19.4%)
Warren, MI (-19.1%)
Atlanta (-18.4%)
Increased in 18 metros
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-high-housing-costs-push-down-sales
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, and title insurance 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. 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 approximately 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/20250123278500/en/
Contact Redfin Redfin Journalist Services: Tana Kelley
press@redfin.com
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