Supply increased from a year earlier to close out 2024, while pending home sales posted a small decline as mortgage rates remained near 7%
SEATTLE–(BUSINESS WIRE)–(NASDAQ: RDFN) — New listings increased 8% year over year during the four weeks ending December 29, while the total number of homes for sale rose 10%, 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 next week.
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 |
7.07% (Jan. 2) |
Down from 7.14% 2 weeks earlier |
Up from 6.7% |
Mortgage News Daily |
|
Weekly average 30-year fixed mortgage rate |
6.91% (week ending Jan. 2) |
Highest level since July |
Up from 6.61% |
Freddie Mac |
|
Mortgage-purchase applications (seasonally adjusted) |
|
Down 13% from 2 weeks earlier (as of 2 weeks ending Dec. 27) |
Down 17% |
Mortgage Bankers Association |
|
Redfin Homebuyer Demand Index (seasonally adjusted) |
|
Essentially unchanged from a month earlier (as of week ending Dec. 29) |
Down 1%
|
Redfin Homebuyer Demand Index a measure of tours and other homebuying services from Redfin agents |
|
Touring activity |
|
Down 52% from the start of the year (as of Dec. 28) |
At this time last year, it was down 55% from the start of 2023 |
ShowingTime, a home touring technology company |
|
Google searches for “home for sale” |
|
Up 30% from a month earlier (as of Dec. 28) |
Down 4%
|
Google Trends |
Key housing-market data
|
U.S. highlights: Four weeks ending Dec. 29, 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. 29, 2024 |
Year-over-year change |
Notes |
|
Median sale price |
$383,750 |
6.4% |
Biggest increase since October 2022 |
|
Median asking price |
$373,500 |
5.6% |
|
|
Median monthly mortgage payment |
$2,515 at a 6.91% mortgage rate |
8.1% |
|
|
Pending sales |
54,357 |
-1.1% |
|
|
New listings |
48,705 |
7.7% |
|
|
Active listings |
905,822 |
9.7% |
|
|
Months of supply |
4.2 |
+0.5 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 |
23.7% |
Down from 26% |
|
|
Median days on market |
47 |
+6 days |
|
|
Share of homes sold above list price |
22.9% |
Down from 24% |
|
|
Average sale-to-list price ratio |
98.3% |
-0.1 pt. |
|
|
Metro-level highlights: Four weeks ending Dec. 29, 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 |
Milwaukee (17.4%) Cleveland (14.3%) Philadelphia (13.5%) Chicago (11.9%) Nassau County, NY (11.8%) |
n/a |
Increased in all metros |
|
Pending sales |
Detroit (11.9%) Anaheim, CA (10.4%) New Brunswick, NJ (7.5%) San Francisco (7.3%) Los Angeles (4.7%) |
Orlando, FL (-12.4%) Houston (-9.3%) San Antonio (-9%) Fort Lauderdale, FL (-8.9%) Indianapolis (-5.8%) |
Increased in 16 metros
|
|
New listings |
San Francisco (48%) Oakland, CA (36.6%) Seattle (21.6%) Virginia Beach, VA (21.6%) San Jose, CA (21.5%) |
San Antonio (-12.7%) Detroit (-9.5%) Austin, TX (-8.4%) Orlando, FL (-6.2%) Nassau County, NY (-4.6%) |
Declined in 8 metros |
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-new-listings-rise-pending-sales-fall
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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