Falling mortgage rates and double-digit growth in new listings are keeping home hunters on edge, with pending sales reporting the smallest decline in nearly 20 months.
We’re taking a break from analysis this week, but please see the tables and charts below for this week’s housing-market data. We’ll be back with a full comment in next week’s report. Happy Holidays!
leading indicators
|Indicators of home buying demand and activity|
|Price (if applicable)||recent changes||year-on-year change||Source|
|Daily Average 30-Year Fixed Mortgage Rate||6.61% (December 27)||Lowest level since May||Slightly above 6.50%||mortgage news daily|
|Weekly Average 30-Year Fixed Mortgage Rate||6.67% (week ending December 21)||Lowest level since June||above 6.27%||freddie mac|
|Mortgage-Purchase Applications (Seasonally Adjusted)||Down 1% from a week ago; Up 7% from a month ago (as of the week ending Dec. 15, the most recent week for which data is available)||down 18%||Mortgage Bankers Association|
|Redfin Homebuyer Demand Index (seasonally adjusted)||Up 6% from a month ago (as of week ending December 24)||down 6%||Redfin Homebuyer Demand Index, a measure of requests for tours and other home buying services from Redfin agents|
|Google searches “homes for sale”||8% more than a month ago (as of December 23)||steady||Google Trends|
Key housing-market data
|US Highlights: Four weeks ending December 24, 2023
|
Redfin’s national metrics include data from 400+ US metro areas, and are based on homes listed and/or sold during this period. Weekly housing-market data goes back to 2015. Subject to revision.
|Four weeks ending December 24, 2023||year-on-year change||notes|
|average selling price||$364,250||4.5%||The biggest increase since October 2022. Prices have risen partly because rapidly rising mortgage rates were hampering prices during this time last year|
|average asking price||$363,484||5.1%|
|average monthly mortgage payment||$2,401 at a 6.67% mortgage rate||7.3%||Down $334 (-12.2%) from all-time high in the four weeks ending October 22. Lowest level since February.|
|pending sale||57,600||-4%||Smallest decline since March 2022|
|new lists||53,243||12.2%||The biggest rise since June 2021. The increase is partly because new listings were declining at the same time last year.|
|active lists||817,863||-3.8%||Smallest decline since June|
|months of supply||3.6 months||+0.2 points.||A 4 to 5 month supply is considered balanced, with lower numbers reflecting seller market conditions.|
|Share of houses taken off the market in two weeks||27.4%||above 25%|
|average days on market||39||-2 days|
|Share of homes sold above list price||25%||above 23%|
|Share of houses with price decline||5%||+0.8 points.|
|Average sales-to-list price ratio||98.5%||+0.5 points.|
|Metro-level highlights: Four weeks ending December 24, 2023
|
Redfin’s metro-level data covers the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.
|Metros with biggest growth year-on-year||Metros with biggest decline year-on-year||notes|
|average selling price||Anaheim, CA (18.2%)
|
Newark, NJ (17%)
Fort Lauderdale, FL (13.6%)
West Palm Beach, FL (13.2%)
Miami (12.6%)
|Austin, Texas (-4%)
|
Fort Worth, TX (-2.2%)
San Francisco (-1.1%)
|Decline in 3 metros|
|pending sale||Dallas (8.5%)
|
Milwaukee (8.4%)
Austin (5.1%)
Orlando, FL (5%)
Fort Worth, TX (4.6%)
|Providence, RI (-15.2%)
|
Virginia Beach, VA (-10.6%)
Jacksonville, FL (-10.2%)
West Palm Beach (-10.2%)
Tampa, FL (-9.6%)
|Increase in 14 metros|
|new lists||Phoenix (31.5%)
|
San Antonio (25.6%)
Dallas (21.4%)
Washington, DC (20.6%)
Montgomery County, PA (19.6%)
|San Francisco (-25.7%)
|
Indianapolis, IN (-12.8%)
Atlanta (-11.5%)
Warren, MI (-6.4%)
Newark (-3.9%)
|There was a decline in 10 metros|
See our metrics definitions page for explanations of all the metrics used in this report.
Source: www.redfin.com
