Menu
Washingtoner
  • Home
  • Business
  • Real Estate
  • Technology
  • Health
  • Home
  • Self Storage
  • Pets
  • Shipping
Washingtoner

Redfin Reports Pending Home Sales Improve in January As More Buyers Return
Washingtoner/10205559

Trending...
  • The Paris Court of International Arbitration Elects Dr. John J. Maalouf as its New President
  • Ditch Micromanagement: New Leadership Book for Results-Driven, Accountability-Based Teams
  • ImagineX, in Collaboration with Qualys, Launches New mROC Services to Transform Enterprise Cyber Risk Management
SEATTLE--(BUSINESS WIRE)--(NASDAQ: RDFN) — Pending home sales fell 26% year over year during the four weeks ending January 22, the smallest drop in more than three months, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

Pending sales began rising on a month-over-month basis in December as buyers started returning to the market, encouraged by their increased negotiating power and mortgage rates that have declined to 6.1% from their 7% peak. That signals the recent increase in early-stage homebuyer demand—mortgage-purchase applications are up 28% since November and Redfin home-tour requests are on the rise—is starting to translate into sales.

More demand from buyers and less supply from homeowners—new listings of homes for sale are down 18% from a year ago, though that's a smaller drop than recent weeks—is holding prices steady. The median U.S. home-sale price rose 1.1% year over year to $350,000, the biggest increase in over a month. On a local level, the number of metros where prices are falling from a year earlier is shrinking. Home prices declined in 17 of the 50 most populous U.S. metros, with the biggest drops in the Bay Area, down from 20 at the beginning of January.

Redfin agents are reporting that mortgage rates dipping nearly a full percentage point over the last two months is bringing back some sidelined buyers and attracting new ones. They're noticing an increase in interest from clients, including requests for tours, and reporting that some homes that have been on the market for months are finally going under contract.

"Homebuyers are starting to feel more confident as mortgage rates tick down closer to 6% than 7% and the overall economy chugs along with surprising resilience, especially in the labor market. Steadily cooling inflation is likely to prevent mortgage rates from jumping back up," said Redfin Economics Research Lead Chen Zhao. "When rates were seesawing up and down in the fall, many buyers dropped out because they could wake up the day after finding their dream home to a three-digit increase in their potential monthly payment. Now they have a better sense of how far their budget will go in which neighborhoods and which homes they can afford."

More on Washingtoner
  • SlotCycle Joins Association of Gaming Equipment Manufacturers (AGEM) to Advance Sustainable Gaming Solutions
  • RWA Infra Development L.L.C. announces the $RWAID token. "$RWAID tokenizing infrastructure for the masses."
  • Mental Health Awareness Month—Tennessee Enacts Psychotropic Testing Law
  • Be Prepared for the Qualitative and Quantitative Effects of Tariffs: How Businesses Can Navigate Potential Disruption in Finances and Production
  • Bold Beauty Project UCLA Edition Photography Exhibition on May 18

Leading indicators of homebuying activity:
  • For the week ending January 26, 30-year mortgage rates dropped to 6.13%, hitting their lowest level since September. The daily average was 6.18% on January 25.
  • Mortgage-purchase applications during the week ending January 20 increased 3% from a week earlier and 28% from their early-November trough, seasonally adjusted. Purchase applications were down 39% 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 6% from a month earlier during the four weeks ending January 22. It was down 29% from a year earlier.
  • Google searches for "homes for sale" were up about 40% from their November low during the week ending January 21, but down about 21% from a year earlier.

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

Unless otherwise noted, this data covers the four-week period ending January 22. Redfin's weekly housing market data goes back through 2015.
  • The median home sale price was $349,950, up 1.1% year over year, the biggest gain in over a month.
  • The median asking price of newly listed homes was $367,450, up 3.8% year over year.
  • Among the 50 most populous U.S. metros, sale prices fell in 17, with the biggest drops in San Francisco (-9.3% YoY), Oakland, CA (-6.5%), Austin (-6.3%), Detroit (-5.5%) and San Jose, CA (-5.4%). Prices increased most in West Palm Beach, FL (13.5%), Nashville (9.6%), Milwaukee (9.2%), Indianapolis (7.8%) and Montgomery County, PA (7.7%).
  • The monthly mortgage payment on the median-asking-price home was $2,323 at the current 6.13% mortgage rate. That's down nearly $200 from the October peak. Monthly mortgage payments are up 29% from a year ago.
  • Pending home sales were down 26.2% year over year, the smallest decline in over three months.
  • Among the 50 most populous U.S. metros, pending sales fell most in Las Vegas (-63.2% YoY), Phoenix (-56%), Nashville (-52.5%), Jacksonville, FL (-52.1%) and Austin (-50.7%). Pending sales rose in one metro: Cincinnati (+11.7%).
  • New listings of homes for sale fell 18.3% year over year, the smallest decline in nearly three months.
  • Active listings (the number of homes listed for sale at any point during the period) were up 23.6% from a year earlier.
  • Months of supply—a measure of the balance between supply and demand, calculated by dividing the number of active listings by closed sales—was 4.4 months, up from 4 months a week earlier and 2.1 months a year earlier.
  • 33% of homes that went under contract had an accepted offer within the first two weeks on the market, up from 29% during the prior four-week period but down from 40% a year earlier.
  • Homes that sold were on the market for a median of 47 days. That's up from 32 days a year earlier and the record low of 18 days set in May.
  • 21% of homes sold above their final list price, down from 40% a year earlier and the lowest level since March 2020.
  • On average, 5% of homes for sale each week had a price drop, up from 2.1% a year earlier.
  • The average sale-to-list price ratio, which measures how close homes are selling to their final asking prices, fell to 97.8% from 100.1% a year earlier. That's the lowest level since March 2020.

To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-pending-home-sales-improve

More on Washingtoner
  • Genuine Hospitality, LLC Selected to Operate Claridge House Chicago Gold Coast
  • Lamar Odom Issues Public Challenge to X Platform Over Censorship of His Anti-Addiction Crypto Campaign
  • PBK Miner completes $80 million Series B financing to support AI cloud mining and increase user investment return by 25%
  • Asset-Backed Green Crypto: Fueling the Trillion-Dollar Revolution
  • Spokane: Traffic Impacts Starting Week of May 12th

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
  • Spokane: Flags Lowered for Justice Owens
  • Managing Summer Staffing Surges with Confidence: Why Name Badges Are a Must for Seasonal Success
  • Visa Named Title Sponsor of Ascending Athletes' Business Owners Summits for NFL Entrepreneurs
  • Space Resources Company Interlune Unveils Full-Scale Prototype of Excavator for Harvesting Helium-3 from the Moon
  • The Paris Court of International Arbitration Elects Dr. John J. Maalouf as its New President
  • $56.7 Million Announced in Q1 2025 with Revenue Growth and Progress Toward NASDAQ Uplisting for AI Marketing Company: IQSTEL, Inc. Stock Symbol: IQSTD
  • SAVVY MINING raised $500 million and launched BTC.XRP.DOGE cloud mining, increasing investors' returns by 30%
  • New National Nonprofit Launches to Capture Firsthand Accounts of Adoption Stories
  • The Tide Project Opens at Biennale Architettura 2025 in Venice Amplifying Youth Voices
  • Wall Street analysts say BTC.XRP.DOGE cloud mining company SIX MINING is expected to achieve a 5-fold increase, allowing users to easily mine BTC
  • Gen X Takes The Reins: New Book Guides Caregivers Juggling Parents, Kids, And Grandkids With Humor And Heart
  • Fray Fitness Launches Memorial Day Sale and Veteran Organization Giveaway
  • ABM for Good™ Launches First Project with Build Change
  • Lucky Envelope Brewing hosts My Name Story Exhibit by Judy Lee
  • ImagineX, in Collaboration with Qualys, Launches New mROC Services to Transform Enterprise Cyber Risk Management
  • Ditch Micromanagement: New Leadership Book for Results-Driven, Accountability-Based Teams
  • Jay Tapp was named Managing Director in British Columbia
  • Hubei Heavy Equipment Makes a Striking Appearance at CIMT and Competes with International Brands
  • 20 Patents Issued Worldwide, Cementing Company Leadership. First Ever Cable-Free 12-Lead ECG: HeartBeam, Inc. (Stock Symbol: BEAT)
  • NASDAQ Uplisting for Higher Market Exposure and Wide Corporate Benefits to AI Boosted Marketing Company On Track Towards $1 Billion Revenue by 2027
_catLbl0 _catLbl1

Popular on Washingtoner

  • People & Stories/Gente y Cuentos Announces New Board Leadership & Corporate Partnership Initiative - 142
  • Mission 3A Establishes Healthcare Advisory Board with Addition of Industry Leaders Patrick Fisher, Kevin Cordell, and Dr. Greg Berlet - 141
  • HR Tech Awards Program Celebrates 6th Year: Showcases Top Hiring, Talent, and HR Technologies - 138
  • PebblePad Welcomes Justin Reilly as New CEO to Drive Innovation and Growth - 135
  • American Mensa Welcomes 7-Year-Old Savannah Boy - 117
  • Axiros Confirms Continued Compliance with ISO/IEC 27001:2022 After Surveillance Audit - 104
  • S2C and Andes Technology Announce FPGA-Based Prototyping Partnership to Accelerate Advanced RISC-V SoC Development - 101
  • Boston Industrial Solutions, Inc. Unveils Natron® 504N UV LED Inks Designed for EPSON Printheads
  • The Great Junk Hunt Returns to Puyallup – A Vintage Shopping Experience Like No Other!
  • Lyricalmar Set To Release Powerful New Ep "MARCHIVES" May 16

Similar on Washingtoner

  • Mother's Day Wake-Up Call for Maternal Health: New Initiative Demands Better Postpartum Support
  • Southbox Entertainment, FinTech Pioneer & Entrepreneur Jon Gosier Join Psychological Thriller The Dutchman as Financing Partner
  • SlotCycle Joins Association of Gaming Equipment Manufacturers (AGEM) to Advance Sustainable Gaming Solutions
  • RWA Infra Development L.L.C. announces the $RWAID token. "$RWAID tokenizing infrastructure for the masses."
  • Be Prepared for the Qualitative and Quantitative Effects of Tariffs: How Businesses Can Navigate Potential Disruption in Finances and Production
  • Genuine Hospitality, LLC Selected to Operate Claridge House Chicago Gold Coast
  • PBK Miner completes $80 million Series B financing to support AI cloud mining and increase user investment return by 25%
  • Asset-Backed Green Crypto: Fueling the Trillion-Dollar Revolution
  • Smart Audio Pair RecDot and NoteKit Synchronize Family and Work Schedules for Busy Moms
  • NBA Champion Lamar Odom Launches Anti-Addiction Meme Coin, Ushering in a Disruptive Innovation in Web3
Copyright © 2025 washingtoner.com | Terms of Service | Privacy Policy | Contact Us | Contribute