Active listings are rising in part because many homes are lingering on the market, causing supply to pile up
SEATTLE–(BUSINESS WIRE)–(NASDAQ: RDFN) — Active listings climbed 12% year over year during the four weeks ending December 22, though that was the smallest increase since March, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.
Redfin is taking a break from analysis this week, but please see the tables below for the latest housing-market data. Redfin will be back with full commentary after the holidays.
Note: Some metrics are showing weakness compared to a year earlier due to the timing of the Thanksgiving holiday; the four-week period ending Dec. 22, 2024 that Redfin uses in the final two tables below includes Thanksgiving, while the comparable period a year earlier (four weeks ending Dec. 24, 2023) does not include Thanksgiving.
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 |
7.16% (Dec. 26) |
Up from 7.14% a week earlier |
Up from 6.67% |
Mortgage News Daily |
|
Weekly average 30-year fixed mortgage rate |
6.85% (week ending Dec. 26) |
Up from 6.72% one week earlier |
Up from 6.61% |
Freddie Mac |
|
Redfin Homebuyer Demand Index (seasonally adjusted) |
|
0% change from a month earlier |
Up 4%
|
Redfin Homebuyer Demand Index a measure of tours and other homebuying services from Redfin agents |
|
Touring activity |
|
Down 52.9% from the start of the year (as of Dec. 25) |
At this time last year, it was down 57.7% from the start of 2023 |
ShowingTime, a home touring technology company |
|
Google searches for “home for sale” |
|
Up 1.5% from a month earlier (as of Dec. 26) |
Down 26.1%
|
Google Trends |
Key housing-market data
|
U.S. highlights: Four weeks ending Dec. 22, 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. |
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|
|
Four weeks ending Dec. 22, 2024 |
Year-over-year change |
Notes |
|
Median sale price |
$383,725 |
6% |
|
|
Median asking price |
$376,000 |
5% |
|
|
Median monthly mortgage payment |
$2,519 at a 6.85% mortgage rate |
7.1% |
|
|
Pending sales |
58,267 |
-3.4% |
First drop in three months |
|
New listings |
54,077 |
0% |
|
|
Active listings |
954,703 |
12% |
Smallest increase since March |
|
Months of supply |
4 |
+0.6 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 |
25.1% |
Down from 27.1% |
|
|
Median days on market |
45 |
+6 days |
|
|
Share of homes sold above list price |
23.3% |
Down from 25.1% |
|
|
Average sale-to-list price ratio |
98.4% |
-0.1 pt. |
|
|
Metro-level highlights: Four weeks ending Dec. 22, 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 |
Philadelphia (17.1%) Milwaukee (14.3%) Cleveland (13.3%) Nassau County, NY (12%) Warren, MI (11.3%) |
N/A |
Declined in 0 metros |
|
Pending sales |
Detroit (7.8%) Anaheim, CA (6.5%) Providence, RI (5.7%) Phoenix (3.8%) Pittsburgh (3.2%) |
San Antonio (-17.4%) Orlando, FL (-14%) Houston (-13.7%) Newark, NJ (-11.3%) Miami (-10.6%) |
Increased in 12 metros
|
|
New listings |
Oakland, CA (9%) Las Vegas (8.9%) Tampa, FL (8.8%) Phoenix (8.7%) Virginia Beach, VA (8.4%) |
San Antonio (-18.3%) Nassau County (-13.9%) Boston (-12.5%) Austin, TX (-12.1%) Orlando (-12.1%) |
Increased in 18 metros |
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-supply-rises-to-end-2024
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.
Contacts
Contact Redfin
Redfin Journalist Services:
Tana Kelley
press@redfin.com
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