New listings posted their biggest increase in
two months this week, but mortgage applications and pending sales
declined as rates stay stubbornly high
(NASDAQ: RDFN) —New listings rose 10% year over year during the
four weeks ending February 18, the biggest increase in two months,
according to a new report from Redfin (redfin.com), the
technology-powered real estate brokerage. Sellers are hoping to
take advantage of high prices: Sale prices are up 6% year over
year, the biggest increase since October 2022.
But many buyers are still sitting on the sidelines.
Mortgage-purchase applications dropped 10% from a week earlier as
daily average mortgage rates surpassed 7% for the first time since
mid-December, and pending home sales are down 7% year over year,
similar to the declines seen since mid-January. But some house
hunters are jumping into the earliest stages of homebuying:
Redfin’s Homebuyer Demand Index, which measures requests for tours
and homebuying assistance from Redfin agents, is up from the low
point it dropped to in mid-January, when harsh weather was freezing
up demand.
Redfin agents report that today’s buyers are mostly interested
in move-in ready homes because they don’t want to spend money on
repairs and renovations in addition to high monthly payments.
Agents also recommend that sellers are open to providing some sort
of financial concession to buyers to help ease the pain of 7%
rates.
“I tell every one of my sellers to have an open mind and put on
their buyer's hat. Nine times out of 10, buyers are asking for a
concession in their initial offer right now—and usually the seller
needs to accept it to seal the deal,” said Shauna Pendleton, a
Redfin Premier agent in Boise, ID. “The most common concession
buyers are asking for is a mortgage-rate buydown. Requests for
sellers to cover the closing costs are also common. I most often
see buyers ask for concessions for more affordable homes—anything
under $500,000 here in Boise—but I see some concessions on
expensive homes, too.”
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
7.14% (Feb. 21)
Up from 6.92% a month earlier
Up from 6.78%
Mortgage News Daily
Weekly average 30-year fixed mortgage
rate
6.77% (week ending Feb. 15)
Up from 6.64% a week earlier
Up from 6.12%
Freddie Mac
Mortgage-purchase applications
(seasonally adjusted)
Down 10% from a week earlier (as of week
ending Feb. 16)
Down 13%
Mortgage Bankers Association
Redfin Homebuyer Demand Index
(seasonally adjusted)
Up about 5% from a week earlier (as of
week ending Feb. 18)
Down 15%
Redfin Homebuyer Demand Index, a measure
of requests for tours and other homebuying services from Redfin
agents
Google searches for “home for
sale”
Down 4% from a month earlier (as of Feb.
17)
Down 15%
Google Trends
Touring activity
Up 10% from the start of the year (as of
Feb. 20)
At this time last year, it was up 14% from
the start of 2023
ShowingTime, a home touring technology
company
Key housing-market data
U.S. highlights: Four weeks
ending February 18, 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.
Four weeks ending February 18,
2024
Year-over-year change
Notes
Median sale price
$364,751
5.8%
Biggest increase since Oct.
2022
Median asking price
$396,000
5.6%
Median monthly mortgage payment
$2,636 at a 6.77% mortgage
rate
7.9%
Down less than $100 from all-time
high set in October 2023
Pending sales
74,092
-6.7%
New listings
76,216
9.8%
Biggest increase since Dec.
2023
Active listings
753,204
-1.8%
Months of supply
3.9 months
+0.1 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
36.5%
Up from 35%
Median days on market
50
-2 days
Share of homes sold above list
price
22.9%
Up from 21%
Share of homes with a price
drop
5.7%
+1.4 pts.
Average sale-to-list price
ratio
98.3%
+0.5 pts.
Metro-level highlights: Four weeks
ending February 18, 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
San Diego, CA (15%)
Newark, NJ (14.3%)
Anaheim, CA (13.5%)
Philadelphia, PA (12.6%)
West Palm Beach, FL (12.4%)
San Antonio, TX (-4.1%)
Austin, TX (-0.4%)
Fort Worth, TX (-0.3%)
Declined in 3 metros
Pending sales
Austin, TX (5%)
San Jose, CA (1.9%)
San Antonio, TX (-31.8%)
Cleveland, OH (-25.2%)
Warren, MI (-23.5%)
Portland, OR (-20.7%)
New Brunswick, NJ (-18.4%)
Increased in 2 metros
New listings
Jacksonville, FL (33.5%)
Dallas, TX (33%)
Fort Worth, TX (26%)
Fort Lauderdale, FL (25.3%)
Austin, TX (22.6%)
Cleveland, OH (-25.3%)
Atlanta (-13.3%)
Milwaukee, WI (-9.5%)
Warren, MI (-6.7%)
Newark, NJ (-6.3%)
Declined in 11 metros
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-new-listings-increase-sales-decline
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240222020497/en/
Contact Redfin Redfin Journalist Services: Kenneth Applewhaite,
206-414-8880 press@redfin.com
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