Redfin Home Price Index: Price Growth Stabilizes in March, With Prices Up 0.6% From a Month Earlier
2024年4月23日 - 9:00PM
ビジネスワイヤ(英語)
Price growth is leveling off as elevated
mortgage rates strain buyer budgets, but prices are still at
historic highs because there aren’t enough homes for sale
(NASDAQ: RDFN) — U.S. home prices climbed 0.6% from a month
earlier on a seasonally-adjusted basis in March, matching
February’s 0.6% month-over-month gain, according to a new report
from Redfin (redfin.com), the technology-powered real estate
brokerage.
On a year-over-year basis, prices rose 7.3%, also little changed
from the prior month’s 7% annual increase.
This is according to the Redfin Home Price Index (RHPI), which
uses the repeat-sales pricing method to calculate seasonally
adjusted changes in prices of single-family homes. The RHPI
measures sale prices of homes that sold during a given period, and
how those prices have changed since the last time those same homes
sold. It’s similar to the S&P CoreLogic Case-Shiller Home Price
Indices but publishes more than one month earlier. March data
covers the three months ending March 31, 2024.
“Elevated mortgage rates are putting a cap on home price growth.
Sellers can’t jack up prices like they did during the pandemic
because buyer budgets are already constrained by 7% interest
rates,” said Redfin Senior Economist Sheharyar Bokhari. “But while
price growth is leveling off, prices remain at historic highs.
That’s because a shortage of homes for sale—largely driven by the
mortgage-rate lock-in effect—is buoying prices.”
Price growth may continue to stagnate in the coming months as
mortgage rates stay high. The Federal Reserve recently warned that
elevated inflation will probably delay the interest-rate cuts they
had been planning this year.
Prices Fell in the Bay Area, Texas and Florida
Home prices fell from a month earlier in nine of the 50 most
populous U.S. metropolitan areas: San Jose, CA (-1%), San Antonio
(-0.8%), Fort Worth, TX (-0.6%), San Francisco (-0.5%), Fort
Lauderdale, FL (-0.5%), Charlotte, NC (-0.5%), Orlando, FL (-0.3%),
Indianapolis (-0.3%) and Minneapolis (-0.1%).
Prices rose most in Providence, RI (3.2%), Montgomery County, PA
(2.5%), Nassau County, NY (2.4%), Milwaukee (1.7%) and Anaheim, CA
(1.7%).
To view the full report, including charts and metro-level data,
please visit:
https://www.redfin.com/news/redfin-home-price-index-march-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, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240423788774/en/
Redfin Journalist Services: Kenneth Applewhaite, 206-414-8880
press@redfin.com
Redfin (NASDAQ:RDFN)
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