More sellers are listing their homes, but 7%
mortgage rates and still-high home prices are pushing down
sales
(NASDAQ: RDFN) —New listings of U.S. homes for sale rose 13%
year over year during the four weeks ending February 25, the
biggest increase in nearly three years, according to a new report
from Redfin (redfin.com), the technology-powered real estate
brokerage. Total inventory is also improving: Active listings are
flat from a year ago, marking the first time in nine months the
total number of homes for sale hasn’t declined.
That’s welcome news for homebuyers, who have been battling the
dual challenges of low inventory and high mortgage rates for over a
year. But while today’s buyers have a few more homes to choose
from, they’re still facing historically high housing costs. The
typical homebuyer’s mortgage payment is $2,671, just $47 shy of
last October’s record high.
High costs pushed pending sales down 8%, the biggest decline in
five months, and mortgage-purchase applications declined for the
fourth straight week. But more house hunters are searching as more
homes hit the market. Redfin’s Homebuyer Demand Index–a measure of
requests for tours and other services from Redfin agents–is up 10%
from a month ago to its highest level since last September. Pending
sales could improve in the next few months if rates don’t increase
further and new listings continue to rise.
“House hunters are out there, and competition picks up every
time mortgage rates decline a bit,” said Brynn Rea, a Redfin
Premier agent in Spokane, WA. “I’m telling buyers who can afford it
to look now while they have more breathing room and less
competition. They have a good chance of negotiating the price down
or getting some concessions from the seller, which could make up
for getting a 7% mortgage rate instead of 6%.”
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
7.15% (Feb. 28)
Up from 6.92% a month earlier
Up from 6.78%
Mortgage News Daily
Weekly average 30-year fixed mortgage
rate
6.9% (week ending Feb. 22)
Up from 6.77% a week earlier
Up from 6.5%
Freddie Mac
Mortgage-purchase applications
(seasonally adjusted)
Down 5% from a week earlier (as of week
ending Feb. 23)
Down 12%
Mortgage Bankers Association
Redfin Homebuyer Demand Index
(seasonally adjusted)
Up 8% from a week earlier; up 10% from a
month earlier (as of week ending Feb. 25)
Down 9%
Redfin Homebuyer Demand Index, a measure
of requests for tours and other homebuying services from Redfin
agents
Google searches for “home for
sale”
Up 7% from a month earlier (as of Feb.
24)
Down 8%
Google Trends
Touring activity
Up 12% from the start of the year (as of
Feb. 25)
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
February 25, 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 February 25,
2024
Year-over-year change
Notes
Median sale price
$365,888
5.4%
Biggest increase since Oct. 2022 (with the
exception of the 4 weeks ending Feb. 11, when there was a 5.5%
increase)
Median asking price
$396,975
5.5%
Median monthly mortgage payment
$2,671 at a 6.9% mortgage
rate
7.7%
Down less than $50 from all-time high set
in October 2023
Pending sales
75,947
-7.7%
Biggest decline since Oct. 2022
New listings
79,354
12.9%
Biggest increase since June 2021
Active listings
763,254
Unchanged
First time active listings haven’t posted
a YoY decline since June 2023
Months of supply
3.9 months
+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
37.9%
Up from 36%
Median days on market
48
-3 days
Share of homes sold above list
price
23.6%
Up from 22%
Share of homes with a price
drop
5.8%
+1.6 pts.
Average sale-to-list price
ratio
98.4%
+0.4 pts.
Metro-level highlights: Four weeks
ending February 25, 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 (15.5%)
San Diego, CA (15.3%)
Montgomery County, PA (14.5%)
Pittsburgh (13.9%)
Anaheim, CA (13.5%)
San Antonio, TX (-5%)
Detroit (-0.4%)
Declined in 2 metros
Pending sales
Austin, TX (5.7%)
Milwaukee (3.7%)
Minneapolis (2.6%)
Cleveland (1.2%)
Pittsburgh (0.6%)
Cincinnati (0.6%)
San Antonio, TX (-29.8%)
New Brunswick, NJ (-19.4%)
Warren, MI (-18.3%)
Atlanta (-16%)
Houston (-15.6%)
Increased in 6 metros
New listings
Dallas (35.5%)
Jacksonville, FL (34.3%)
Austin, TX (31.6%)
Fort Worth, TX (29.8%)
Miami (25.7%)
Atlanta (-5.8%)
Newark, NJ (-5.4%)
Milwaukee (-4.6%)
Providence, RI (-4.3%)
Chicago (-1.5%)
Warren, MI (-0.9%)
Declined in 6 metros
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-new-listings-increase-pending-sales-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/20240229170002/en/
Redfin Journalist Services: Kenneth Applewhaite, 206-414-8880
press@redfin.com
Redfin (NASDAQ:RDFN)
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