Daily average mortgage rates jumped to their
highest level since last November after last week’s disappointing
inflation report
(NASDAQ: RDFN) —The median U.S. home-sale price increased 5%
from a year earlier during the four weeks ending April 14, bringing
it to $380,250—just $3,095 shy of June 2022’s all-time high. That’s
according to a new report from Redfin (redfin.com), the
technology-powered real estate brokerage.
The average daily mortgage rate this week surpassed 7.4%, the
highest level since last November, after a hotter-than-expected
inflation report and the Fed’s confirmation that interest-rate cuts
will be delayed. The combination of high mortgage rates and prices
have brought homebuyers’ median monthly housing payment to a record
$2,775, up 11% year over year.
There are signals that buyers are out there touring homes
despite rising rates. Mortgage-purchase applications are up 5% week
over week, and Redfin’s Homebuyer Demand Index—a measure of
requests for tours and other buying services from Redfin agents—is
near its highest level in seven months. Chen Zhao, Redfin's
economic research lead, said some house hunters are hoping to buy
now because they're concerned rates could rise more, and others
have grown accustomed to elevated rates and pushed down their
home-price budget accordingly.
“Home sales are slower than usual, but there are still people
buying and selling because if not now, when?” said Connie Durnal, a
Redfin Premier agent in Dallas. “I’ve had a few prospective buyers
touring homes for the last several years, since mortgage rates
started going up, and they wish they would have bought last year
because prices and rates are even higher now. My advice to them: If
you can afford to and you find a house you love, buy now. There’s
no guarantee that rates will come down soon.”
For more of Redfin economists’ takes on the housing market,
including 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
7.41% (April 17)
Up from 7% one month earlier; highest
level since November 2023
Up from 6.61%
Mortgage News Daily
Weekly average 30-year fixed mortgage
rate
6.88% (week ending April 11)
Up just slightly from 6.82% a week
earlier
Up from 6.27%
Freddie Mac
Mortgage-purchase applications
(seasonally adjusted)
Increased 5% from a week earlier (as of
week ending April 12)
Down 10%
Mortgage Bankers Association
Redfin Homebuyer Demand Index
(seasonally adjusted)
Up 8% from a month earlier (as of week
ending April 14)
Down 11%
Redfin Homebuyer Demand Index, a measure
of requests for tours and other homebuying services from Redfin
agents
Touring activity
Up 33% from the start of the year (as of
April 14)
At this time last year, it was up 23% from
the start of 2023
ShowingTime, a home touring technology
company
Google searches for “home for
sale”
Unchanged from a month earlier (as of
April 14)
Down 17%
Google Trends
Key housing-market data
U.S. highlights: Four weeks ending
April 14, 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 April 14,
2024
Year-over-year change
Notes
Median sale price
$380,250
4.7%
Median asking price
$413,225
6.4%
Biggest increase since Oct. 2022; all-time
high
Median monthly mortgage payment
$2,775 at a 6.88% mortgage
rate
10.6%
All-time high
Pending sales
86,086
-2.3%
New listings
93,332
10.8%
Active listings
832,748
9.6%
Months of supply
3.3 months
+0.4 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
42.6%
Down from 44%
Median days on market
35
-1 day
Share of homes sold above list
price
29.2%
Essentially unchanged
Share of homes with a price
drop
5.9%
+1.6 pts.
Average sale-to-list price
ratio
99.2%
+0.2 pts.
Metro-level highlights: Four weeks
ending April 14, 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 (24.8%)
Providence, RI (14.6%)
Nassau County, NY (14.3%)
West Palm Beach, FL (13.5%)
New Brunswick, NJ (13.1%)
San Antonio, TX (-1%)
Declined in just 1 metro
Pending sales
San Jose, CA (25.6%)
San Francisco (11.2%)
Oakland, CA (7.1%)
Columbus, OH (6.7%)
Seattle (6.4%)
Nassau County, NY (-14.9%)
Atlanta (-13.6%)
Houston (-11.6%)
Riverside, CA (-10.8%)
Fort Lauderdale, FL (-10%)
Increased in 14 metros
New listings
San Jose, CA (46.6%)
Sacramento, CA (27.6%)
Phoenix (27.4%)
Jacksonville, FL (27.2%)
Dallas (22.9%)
Newark, NJ (-12.4%)
Providence, RI (-6.3%)
Milwaukee (-4.6%)
Chicago (-4.5%)
Detroit (-3.1%)
Declined in 9 metros
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-home-prices-mortgage-rates-increase
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/20240418348073/en/
Redfin Journalist Services: Kenneth Applewhaite, 206-414-8880
press@redfin.com
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