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