Menu
Washingtoner
  • Home
  • Business
  • Health
  • Live Music
  • Entertainment
  • Technology
  • Food
  • Defense
  • Beauty
Washingtoner

Redfin Reports Homebuying Demand Ticks Up as Rates Continue to Decline
Washingtoner/10198412

Trending...
  • A Statement From Mayor Victoria Woodards Regarding Tacoma Police Department's Update on Death of January 15 Shooting Victim
  • InventHelp Inventor Develops New Target Training Aid for Driving Ranges (LBT-432)
  • A Statement From Mayor Victoria Woodards Regarding Tacoma Police Department's Update on Death of January 15 Shooting Victim
SEATTLE--(BUSINESS WIRE)--(NASDAQ: RDFN) —Homebuying demand has started ticking up as mortgage rates continue their steady decline, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

Daily rates dipped to 6.29% on December 1, down one full percentage point from a peak of 7.29%, hit one month earlier. Mortgage-purchase applications are up 4% from a week ago, and Redfin's Homebuyer Demand Index is up about 1.5% from a month ago.

Price drops are becoming less common now that mortgage rates in the 6.5% range are thawing still-cool homebuyer demand. Just over 6% of homes for sale each week during the four weeks ending November 27 on average had a price drop, down sharply from 7.2% a week earlier and the lowest level since July.

"There have been a handful of pieces of relatively good news for the housing market lately, but we're far from out of the woods. Key indicators of homebuying demand will likely be teetering on a knife's edge with every data release that comes out related to the Fed's path to eventually bringing rates down," said Redfin Deputy Chief Economist Taylor Marr. "We're likely past peak inflation, past peak mortgage rates and past the bottom for mortgage purchase applications. But there's further cooling ahead for the housing market, as sales and prices have further to fall before buyers and sellers become comfortable with homebuying costs again."

Months of supply–a measure of the balance between supply and demand, calculated by dividing the number of active listings by closed sales–hit 4.1 months during the four weeks ending November 27, up sharply from the prior four-week period and the highest level since May 2020. The supply of homes for sale posted its biggest year-over-year increase on record even as new listings declined by double digits, indicating homes lingered on the market over Thanksgiving week.

Home prices are falling from a year earlier in 10 of the 50 most populous U.S. metros

Among the 50 most populous U.S. metros, home-sale prices fell from a year earlier in 10 of them. Prices fell 8.2% year over year in San Francisco, 2.8% in San Jose, CA, 2.7% in Pittsburgh, 2.3% in Detroit, 1.7% in Sacramento and 1.3% in Austin. They declined less than 1% in Chicago, San Diego, Los Angeles and Philadelphia.

More on Washingtoner
  • Abusive Russian to face Pro Wrestling Legend!
  • Jim Wilson, Top Notch Realtor in waterfront and beach properties in Redington, Redington Shores, and North Redington Beach, FLorida
  • Multi #1 International Best-Selling Author Jennifer S. Wilkov Announces the 2023 April Speak Up Women Conference and Call For Speakers
  • Community Informational Meeting Scheduled About Proposed Moratorium on Underground Storage Tanks, Metal Recycling and Auto Wrecking within the South Tacoma Groundwater Protection District
  • Redfin Reports Pending Home Sales Improve in January As More Buyers Return

This marks the first time Austin and Los Angeles home prices have fallen on a year-over-year basis since mid-2019. It's the first time Chicago prices have fallen since June 2020.

Leading indicators of homebuying activity:
  • For the week ending December 1, 30-year mortgage rates ticked down to 6.49%. The daily average dipped to 6.29% on December 1, down one full percentage point from the peak of 7.29% reached on November 4.
  • Mortgage purchase applications during the week ending November 25 increased 4% from a week earlier, seasonally adjusted for Thanksgiving effects. Purchase applications were down 41% from a year earlier.
  • Fewer people searched for "homes for sale" on Google than this time in 2021. Searches during the week ending November 26 were down about 40% from a year earlier.
  • The seasonally adjusted Redfin Homebuyer Demand Index–a measure of requests for home tours and other homebuying services from Redfin agents–was up 1.5% from a month earlier but down 20% from a year earlier during the four weeks ending November 27.
  • Touring activity as of November 27 was down 53% from the start of the year, compared to a 37% decrease at the same time last year, according to home tour technology company ShowingTime. Touring activity declined less during this year's Thanksgiving week than it has in past years.

Key housing market takeaways for 400+ U.S. metro areas:

Unless otherwise noted, this data covers the four-week period ending November 27. Redfin's weekly housing market data goes back through 2015.
  • The median home sale price was $357,073, up slightly from the week before and up 2.4% year over year.
  • Among the 50 most populous U.S. metros, pending sales fell the most from a year earlier in Las Vegas (-65%), Phoenix, (-59.7%), Austin (-57.1%), Jacksonville, FL (-54.5%) and Sacramento, CA (-54.2%).
  • The median asking price of newly listed homes was $359,725, up 4.8% year over year, one of the slowest growth rates since the beginning of the pandemic.
  • The monthly mortgage payment on the median-asking-price home was $2,342 at the current 6.49% mortgage rate. That's down slightly from a week earlier and down 8% from three weeks earlier, when mortgage rates were at 7.08%. Still, monthly mortgage payments are up 40% from a year ago.
  • Pending home sales were down 35.5% year over year, the largest decline since at least January 2015, as far back as this data goes.
  • New listings of homes for sale were down 21% from a year earlier, the largest decline since May 2020.
  • Active listings (the number of homes listed for sale at any point during the period) were up 12.9% from a year earlier, the biggest annual increase since at least 2015.
  • Months of supply—a measure of the balance between supply and demand, calculated by dividing the number of active listings by closed sales—was 4.1 months, up sharply from 3.4 months a week earlier and the highest level since May 2020.
  • 32% of homes that went under contract had an accepted offer within the first two weeks on the market, little changed from the prior four-week period but down from 40% a year earlier.
  • Homes that sold were on the market for a median of 36 days, up more than a week from 28 days a year earlier and up from the record low of 17 days set in May and early June.
  • 26% of homes sold above their final list price, down from 42% a year earlier and the lowest level since June 2020.
  • On average, 6.3% of homes for sale each week had a price drop, down sharply from 7.2% a week earlier but up from 2.9% a year earlier.
  • The average sale-to-list price ratio, which measures how close homes are selling to their final asking prices, fell to 98.4% from 100.3% a year earlier. That's the lowest level since June 2020.

To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-homebuying-demand-ticks-up-mortgage-rates-drop

More on Washingtoner
  • Cascade Asset Management Releases its 9th Annual IT Asset Disposition Benchmarking Report
  • Cardiac Dimensions Appoints Angie Swenson as Vice President, Clinical Operations
  • Electives, Inc. doubles its live learning library to include more than 450 classes
  • Spokane: Riverfront Park Debuts New Looff Carrousel Ring Toss, 50% off Jan. 27
  • Applications for 2023-2024 Tacoma Creates Funding Now Available

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 sell homes for more money and charge half the fee. We also run the country's #1 real estate brokerage site. 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 up their home 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 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 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.

Contacts

Redfin Journalist Services:

Kenneth Applewhaite, 206-588-6863
press@redfin.com
Filed Under: Business

Show All News | Report Violation

0 Comments
1000 characters max.

Latest on Washingtoner
  • AVTECH Software Acquires Long Time United Kingdom Partner OPENXTRA
  • AGC Biologics Supports Commercial Production of Provention Bio's New Type 1 Diabetes (T1D) Therapy, TZIELD™
  • Season of Celebrations Immersive Display Debuts in Bellevue, Educating and Entertaining Shoppers
  • Amazon Pharmacy Introduces RxPass: Unlimited Prescription Medications for Only $5 a Month, Delivered Free to your Door—Available Exclusively for Prime Members
  • AWS Launches Second Infrastructure Region in Australia
  • Spokane: Flags at Half-Staff Honoring the Monterey Park Shooting Victims
  • A Record 25% of Home Searchers Looked to Move to a New Metro at the End of 2022 as High Housing Costs Drove Relocation
  • Spokane: Air 1 Assists SPD in the Arrest of a Convicted Felon
  • Spokane: Council Members Voting To Defer Landlord-Tenant Ordinance
  • Spokane: Attached Garage Fire Prevented from Damaging Home
  • Spokane: SPD's Major Crimes Unit Investigating a Possible Murder-Suicide
  • Savers Value Village, Inc. Announces Private Offering of $500 Million of Senior Secured Notes
  • "Boca's Best Body" competition Presented by The Berman Team
  • ATM Processing Provider DNS Certifies Just.Cash Bitcoin Program
  • Seasoned Risk Stalwart Brian Hughes Joins Scienaptic As An Investor And Advisor
  • Tobu Railway Begins Selling Mobile Version of NIKKO PASS Via Klook
  • Engine Prelubrication Systems Saves Money on both large and small engines
  • Bjj News: 10 ways to get really good at Brazilian Jiu Jitsu fast
  • A Statement From Mayor Victoria Woodards Regarding Tacoma Police Department's Update on Death of January 15 Shooting Victim
  • A Statement From Mayor Victoria Woodards Regarding Tacoma Police Department's Update on Death of January 15 Shooting Victim
_catLbl0 _catLbl1

Popular on Washingtoner

  • Ohio-based haptic startup Contact CI is launching a new product, "Maestro EP" at CES 2023!
  • City Issues Call to Artists for Tacoma Mall Area Art Plan
  • Parent Company, Swoop Inc., Announces its two Business Units - Moovs Software and Swoop Marketplace
  • Tacoma: Update on Solid Waste Management Inclement Weather Impacts
  • MedicareOnDemand Simplifies Insurance Shopping While Protecting Trusted Patient-Provider Relationships
  • PotlatchDeltic Commits to GHG Reduction Targets
  • The New Real Estate "Perfect Home Finder" Program Is A Big Hit With DFW & Surrounding Area Residents!
  • Author and CEO Daralynn Walker Shines a New Light on Hidden Historical Gems in the Motor City
  • Applications Now Being Accepted for Tacoma Poet Laureate Position
  • Perro Worldwide Comics Develops All New VR Movie That Blends Filmmaking and Gaming

Similar on Washingtoner

  • "First of its kind" collaboration between Liithos and CoinZoom, built on the Hedera network, reinvents Sunday Comics for a Web3 generation
  • Syncro Launches Workflow for MSPs Podcast to Help Managed Service Providers Run Happier, Healthier Businesses
  • Multi #1 International Best-Selling Author Jennifer S. Wilkov Announces the 2023 April Speak Up Women Conference and Call For Speakers
  • Redfin Reports Pending Home Sales Improve in January As More Buyers Return
  • Cardiac Dimensions Appoints Angie Swenson as Vice President, Clinical Operations
  • Electives, Inc. doubles its live learning library to include more than 450 classes
  • Redfin Report: The Housing Market Has Started to Recover
  • MOD Pizza Tests Oven-Baked Wings in Dallas and Salt Lake City; Looks to Deepen Menu Innovation In 2023
  • Kyber Drive: The World's First & Only Lattice-Based Post-Quantum Disk Encryption Solution
  • Myosana Therapeutics Raises $5 Million in Seed Funding
Copyright © 2023 washingtoner.com | Terms of Service | Privacy Policy | Contact Us | Contribute