New listings posted their second-biggest annual
increase since early summer this week, and pending home sales
continue to rise
(NASDAQ: RDFN) — New listings of homes for sale are up 7.6%, the
biggest year-over-year increase since June (except the four weeks
ending November 24, when the increase was inflated due to
Thanksgiving), according to a new report from Redfin (redfin.com),
the technology-powered real estate brokerage. This is based on data
from the four weeks ending December 15.
There are several reasons more sellers are putting their
homes on the market. One, home prices are high; the median U.S.
home sale price is up 6% year over year, the second-biggest
increase since October 2022. Two, consumer confidence rose to a
16-month high after November’s election, motivating more sellers to
make the major financial decision to list their homes. And finally,
some sellers are hoping to take advantage of the increased
homebuying demand Redfin has seen over the last month.
The latest demand signals show it is continuing to
strengthen. Redfin’s Homebuyer Demand Index—a seasonally
adjusted measure of tours and other buying services from Redfin
agents—is up 9% year over year, and is sitting near its highest
level since August 2023. Mortgage-purchase applications are up 18%
month over month, and pending home sales are up 4.1%, similar to
the increases Redfin has seen over the last few months. Like
sellers, many homebuyers are feeling more confident about making a
big financial move after the summer and early fall slump. Declining
mortgage rates are another reason more buyers are coming off the
fence: The weekly average rate has declined for three weeks in a
row to a two-month low of 6.6%. It’s worth noting that mortgage
rates may have bottomed out for the time being; daily average rates
rose above 7% on December 18 after the Fed signaled it will cut
interest rates twice in 2025, instead of four times.
“We’re having a busier winter than usual; I have a handful of
listings ready to hit the market right after the new year. This
time last year, it was crickets,” said David Palmer, a Redfin
Premier agent in the Seattle area. “Buyers are coming out of the
woodwork because they’ve accepted that rates in the 6% to 7% range
are the new normal, and they know that if they wait to buy,
mortgage rates will probably stay the same but prices will be
higher.”
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
7.13% (Dec. 18)
Up from 6.68% a week earlier
Up from 6.82%
Mortgage News Daily
Weekly average 30-year fixed
mortgage rate
6.6% (week ending Dec. 12)
Down from 6.84% two weeks
earlier
Down from 6.95%
Freddie Mac
Mortgage-purchase applications
(seasonally adjusted)
Up 1% from a week earlier (as of
week ending Dec. 13)
Up 6%
Mortgage Bankers Association
Redfin Homebuyer Demand Index
(seasonally adjusted)
Up 5% from a month earlier; near
highest level since August 2023
(as of week ending Dec. 15)
Up 9%
Redfin Homebuyer Demand Index a
measure of tours and other homebuying services from Redfin
agents
Touring activity
Down 23% from the start of the
year (as of Dec. 16)
At this time last year, it was
down 32% from the start of 2023
ShowingTime, a home touring
technology company
Google searches for “home for
sale”
Essentially unchanged from a
month earlier (as of Dec. 16)
Down 15%
Google Trends
Key housing-market data
U.S. highlights: Four weeks ending Dec. 15, 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 Dec. 15,
2024
Year-over-year change
Notes
Median sale price
$383,302
6%
Biggest increase since October
2022, except the 4-week period ending Nov. 2024, when the increase
was inflated due to Thanksgiving
Median asking price
$377,475
5.5%
Median monthly mortgage
payment
$2,479 at a 6.6% mortgage
rate
4.9%
Lowest level since September
Pending sales
61,417
4.1%
New listings
58,723
7.6%
Active listings
966,321
11.6%
Months of supply
4
+0.1 pt.
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
25.8%
Down from 28%
Median days on market
44
+6 days
Share of homes sold above list
price
23.9%
Down from 25%
Average sale-to- list price
ratio
98.4%
-0.1 pt.
Metro-level highlights: Four weeks
ending Dec. 15, 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
Warren, MI (12.1%)
Milwaukee (12%)
Cleveland (11.9%)
Miami (11.4%)
Chicago (10.6%)
Tampa, FL (-1.2%)
Declined in 1 metro
Pending sales
Jacksonville, FL (16.4%)
San Jose, CA (14.6%)
Cincinnati (13.3%)
Columbus, OH (13.3%)
Denver (11.5%)
Warren, MI (-9.4%)
San Diego (-7.2%)
Orlando, FL (-5.9%)
Houston (-5.6%)
Philadelphia (-4.9%)
Declined in 12 metros
New listings
San Francisco (16.5%)
Virginia Beach, VA (16.4%)
Oakland, CA (15.8%)
Columbus, OH (15.7%)
Tampa, FL (15.4%)
San Antonio (-10%)
Newark, NJ (-8.9%)
Detroit (-7.6%)
Orlando, FL (-6.2%)
San Diego (-6%)
Declined in 12 metros
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-more-new-listings-demand
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/20241219914572/en/
Contact Redfin Redfin Journalist Services: Tana Kelley
press@redfin.com
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