Redfin Reports Supply Climbs 5%, Biggest Increase in Nearly a Year

The supply of homes for sale is picking up in time for spring homebuying season, and improving inventory is attracting some buyers

SEATTLE–(BUSINESS WIRE)–(NASDAQ: RDFN) —The total number of U.S. homes for sale climbed 5% during the four weeks ending March 17, the biggest year-over-year uptick since May 2023, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. New listings rose 15%, the biggest increase since June 2021.

The surge in listings is bringing some buyers back to the market. Mortgage-purchase applications and Redfin’s Homebuyer Demand Index—a measure of requests for tours and other buying services from Redfin agents—are each up roughly 9% month over month.

Increasing inventory has yet to dampen price growth. The median U.S. home-sale price is up 5.3% year over year, the second-biggest increase since October 2022, and the median monthly mortgage payment is just $31 shy of its all-time high due to elevated mortgage rates and prices. Redfin economists expect mortgage rates to gradually decline throughout 2024, an outlook that was little changed in the wake of this week’s Fed press conference, in which the Fed held interest rates steady.

For more of Redfin economists’ takes on the housing market, including how current financial events are impacting mortgage rates, please visit our “From Our Economists” page.

Leading indicators

Key housing-market data

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

https://www.redfin.com/news/housing-market-update-supply-climbs-prices-increase

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 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. Customers selling a home can have our renovations crew fix it up to sell for top dollar. 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 more than 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

Redfin Journalist Services:

Kenneth Applewhaite, 206-414-8880

press@redfin.com