Redfin Reports Homebuying Demand Shows Early Signs of Rebound Following Weeks of Declining Mortgage Rates and Increasing Listings

Declining mortgage rates and a double-digit increase in new listings are bringing house hunters off the sidelines, with pending sales posting their smallest decline in about 20 months

SEATTLE–(BUSINESS WIRE)–#housingmarket–(NASDAQ: RDFN) —U.S. pending home sales have dropped 4% year over year during the four weeks ending December 24, the smallest decline since March 2022, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

Redfin is taking a break from full analysis this week, but please see the bullet points and charts below for more housing-market data. Redfin will be back with commentary next week.

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	6.61% (Dec. 27)	Lowest level since May	Up slightly from 6.50%	Mortgage News Daily
Weekly average 30-year fixed mortgage rate	6.67% (week ending Dec. 21)	Lowest level since June	Up from 6.27%	Freddie Mac
Mortgage-purchase applications (seasonally adjusted)		Down 1% from a week earlier; up 7% from a month earlier (as of 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 earlier (as of the week ending Dec. 24)	Down 6%	Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents
Google searches for “home for sale”		Up 8% from a month earlier (as of Dec. 23)	Unchanged	Google Trends

Key housing-market data

U.S. highlights: Four weeks ending December 24, 2023 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 December 24, 2023	Year-over-year change	Notes
Median sale price	$364,250	4.5%	Biggest increase since Oct. 2022. Prices are up partly because rapidly rising mortgage rates were hampering prices during this time last year.
Median asking price	$363,484	5.1%
Median monthly mortgage payment	$2,401 at a 6.67% mortgage rate	7.3%	Down $334 (-12.2%) from all-time high set during the four weeks ending Oct. 22. Lowest level since February.
Pending sales	57,600	-4%	Smallest decline since March 2022
New listings	53,243	12.2%	Biggest uptick since June 2021. The increase is partly because new listings were falling at this time last year.
Active listings	817,863	-3.8%	Smallest decline since June
Months of supply	3.6 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	27.4%	Up from 25%
Median days on market	39	-2 days
Share of homes sold above list price	25%	Up from 23%
Share of homes with a price drop	5%	+0.8 pts.
Average sale-to-list price ratio	98.5%	+0.5 pts.

Metro-level highlights: Four weeks ending December 24, 2023 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 (18.2%) Newark, NJ (17%) Fort Lauderdale, FL (13.6%) West Palm Beach, FL (13.2%) Miami (12.6%)	Austin, TX (-4%) Fort Worth, TX (-2.2%) San Francisco (-1.1%)	Declined in 3 metros
Pending sales	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%)	Increased in 14 metros
New listings	Phoenix (31.5%) San Antonio (25.6%) Dallas (21.4%) Washington, D.C. (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%)	Declined in 10 metros

To view the full report, including charts, please visit:

https://www.redfin.com/news/housing-market-update-demand-improving-new-listings-rising

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 also run the country’s #1 real estate brokerage site. Our home-buying customers see homes first with same day tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we’ve saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 4,000 people.

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.

Contacts

Redfin Journalist Services:

Kenneth Applewhaite, 206-414-8880

press@redfin.com