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U.S. Home Prices Hit New All-Time High, Pushing Pending Sales Down 5% – Redfin News

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Pending home sales posted their biggest decline since February during the four weeks ending June 30. The good news for prospective buyers: There are more new listings to choose from, and monthly housing payments are down nearly $100 from their April peak as mortgage rates decline.

We’re taking a break from analysis this week; please see the bullet point and charts below for the latest housing-market data. We’ll be back with full commentary in next week’s report. Happy 4th of July!


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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 7.13% (July 2) Up from a 3-month low of 6.97% three weeks earlier, but down from a 5-month high of 7.52% in early May Up from 7.03% Mortgage News Daily 
Weekly average 30-year fixed mortgage rate 6.86% (week ending June 27) 4th straight week of declines; lowest level since week ending April 4 Up from 6.71% Freddie Mac
Mortgage-purchase applications (seasonally adjusted) Decreased 3% from a week earlier (as of week ending June 28) Down 12% Mortgage Bankers Association
Redfin Homebuyer Demand Index (seasonally adjusted) Essentially unchanged from a month earlier (as of week ending June 30) Down 17% Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents
Touring activity Up 21% from the start of the year (as of June 30) At this time last year, it was also up 11% from the start of 2023 ShowingTime, a home touring technology company 
Google searches for “home for sale” Down 4% from a month earlier (as of July 1) Down 20% Google Trends 

Key housing-market data

U.S. highlights: Four weeks ending June 30, 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 June 30, 2024 Year-over-year change Notes
Median sale price $397,954 4.9% All-time high; biggest increase since March
Median asking price $409,975 6.1% Biggest increase since October 2022
Median monthly mortgage payment $2,749 at a 6.86% mortgage rate 6.5% $88 below all-time high set during the 4 weeks ending April 28
Pending sales 87,160 -4.6% Biggest decline in 4 months
New listings 100,989 9.9% Biggest increase in 2 months
Active listings 967,516 17.5%
Months of supply  3.3 +0.7 pts.  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  41.6% Down from 47%
Median days on market 32 +5 days
Share of homes sold above list price 32.3% Down from 36%
Share of homes with a price drop 6.9% +2.1 pts.  Highest level on record
Average sale-to-list price ratio  99.7% -0.3 pts. 

Metro-level highlights: Four weeks ending June 30, 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 Anaheim, CA (14.7%)

Newark, NJ (13.5%)

Nassau County, NY (12.6%)

New Brunswick, NJ (11.7%)

Fort Lauderdale, FL (11.1%)

Austin, TX (-2.1%)

Dallas (-1.5%)

San Antonio (-0.2%)

Declined in 3 metros

Pending sales San Jose, CA (18.2%)

San Francisco (6.1%)

Pittsburgh (4.8%)

Providence, RI (2.8%)

Boston (2.2%)

West Palm Beach, FL (-16.4%)

Houston (-13.4%)

Atlanta (-12%)

Miami (-11.7%)

Minneapolis (-10.7%)

Increased in 9 metros
New listings San Jose, CA (49.2%)

Seattle (28.7%)

Miami (24.8%)

Boston (24.3%)

Montgomery County, PA (22.2%)

Atlanta (-7.7%)

Detroit (-0.4%)

Declined in 2 metros

Refer to our metrics definition page for explanations of all the metrics used in this report.

This post was originally published on 3rd party site mentioned on the title of this site

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