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Redfin Report: Buyers Have a Few Things to Be Thankful For This Week, With Listings Rising and Mortgage Rates Falling

November 22, 2023 2:19 PM

The median monthly mortgage payment has fallen more than $100 over the last month as rates dropped from 8% to 7.3%. Buyers are acting on the good news: Mortgage-purchase applications increased 4% this week to their highest level in six weeks.

SEATTLE--(BUSINESS WIRE)-- (NASDAQ: RDFN) —This week has brought some hopeful news for homebuyers, with new listings posting their biggest year-over-year increase since 2021, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

Declining mortgage rates are also giving buyers a bit of relief, with rates clocking in around 7.3% this week, down from 8% a month ago. Redfin is taking a break from full analysis this week, but please see the bullet points and charts below for more housing-market data. Redfin will be back with commentary next week.

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

7.32% (Nov. 22)

Down from 7.58% a week earlier; lowest level since mid-September

Up from 6.64%

Mortgage News Daily

Weekly average 30-year fixed mortgage rate

7.29% (week ending Nov. 22)

Down from two-decade high of 7.79% a month earlier; fourth straight week of declines

Up from 6.61%

Freddie Mac

Mortgage-purchase applications (seasonally adjusted)

Up 4% from a week earlier (as of week ending Nov. 17)

Down 20%

Mortgage Bankers Association

Redfin Homebuyer Demand Index (seasonally adjusted)

Down 3% from a month earlier (as of the week ending Nov. 19)

Down 7%

Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents

Google searches for “home for sale”

Down 11% from a month earlier (as of Nov. 18)

Down 7%

Google Trends

Touring activity

Down 23% from the start of the year (as of Nov. 20)

At this time last year, it was also down 35% from the start of 2022

ShowingTime, a home touring technology company

Key housing-market data

U.S. highlights: Four weeks ending November 19, 2023

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
November 19, 2023

Year-over-year
change

Notes

Median sale price

$367,750

4.6%

Biggest increase in over a year. Prices are up partly because elevated mortgage rates were hampering prices during this time last year

Median asking price

$377,099

6.3%

Biggest increase in over a year

Median monthly mortgage payment

$2,616 at a 7.29% mortgage rate

13%

Down $124 from all-time high set a month earlier

Pending sales

66,456

-8%

New listings

73,891

5.2%

Biggest uptick in over two years. The increase is partly because new listings were falling at this time last year.

Active listings

871,492

-7.3%

Smallest decline since June. Near highest level since the start of 2023.

Months of supply

3.7 months

+0.1 pt.

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

34.8%

Up from 31%

Median days on market

34

-3 days

Share of homes sold above list price

27.9%

Up from 26%

Share of homes with a price drop

6.5%

+0.2 pts.

Average sale-to-list price ratio

98.9%

+0.4 pts.

Lowest level since April

Metro-level highlights: Four weeks ending November 19, 2023

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 (17.4%)

Cincinnati, OH (12.6%)

San Diego, CA (12.6%)

Baltimore, MD (10.2%)

West Palm Beach, FL (9.9%)

Austin, TX (-9.3%)

San Antonio, TX (-3.4%)

Portland, OR (-1.9%)

Fort Worth, TX (-1.2%)

Declined in 4 metros

Pending sales

San Jose, CA (14.2%)

Columbus, OH (4.2%)

Las Vegas (1.2%)

Cincinnati, OH (-22.3%)

New York (-19.1%)

Portland, OR (-18.4%)

Providence, RI (-17%)

New Brunswick, NJ (-15.1%)

Increased in 3 metros

New listings

San Jose, CA (25.6%)

Phoenix (20.8%)

West Palm Beach, FL (18.5%)

Orlando, FL (16.5%)

Pittsburgh, PA (13.2%)

Atlanta (-16.1%)

San Francisco (-10.3%)

Seattle (-10.3%)

Newark, NJ (-8.8%)

Providence, RI (-5.5%)

Declined in 16 metros

To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-listings-rise-mortgage-rates-fall

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 also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with same day tours, and our lending and title services help them close quickly. Customers selling a home in certain markets 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. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we've saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 4,000 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 [email protected]. To view Redfin's press center, click here.

Redfin Journalist Services:

Kenneth Applewhaite, 206-588-6863

[email protected]

Source: Redfin

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