March 21, 2024
(press release)
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The supply of homes for sale is picking up in time for spring homebuying season, and improving inventory is attracting some buyers SEATTLE--(BUSINESS WIRE)-- (NASDAQ: RDFN) —The total number of U.S. homes for sale climbed 5% during the four weeks ending March 17, the biggest year-over-year uptick since May 2023, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. New listings rose 15%, the biggest increase since June 2021. The surge in listings is bringing some buyers back to the market. Mortgage-purchase applications and Redfin’s Homebuyer Demand Index—a measure of requests for tours and other buying services from Redfin agents—are each up roughly 9% month over month. Increasing inventory has yet to dampen price growth. The median U.S. home-sale price is up 5.3% year over year, the second-biggest increase since October 2022, and the median monthly mortgage payment is just $31 shy of its all-time high due to elevated mortgage rates and prices. Redfin economists expect mortgage rates to gradually decline throughout 2024, an outlook that was little changed in the wake of this week’s Fed press conference, in which the Fed held interest rates steady. For more of Redfin economists’ takes on the housing market, including how current financial events are impacting mortgage rates, please visit our “From Our Economists” page. Leading indicators Key housing-market data U.S. highlights: Four weeks ending March 17, 2024 Four weeks ending Year-over-year Notes Median sale price $374,047 5.3% Biggest increase since Oct. 2022 (except the 4 weeks ending Feb. 11, when there was a 5.4% increase) Median asking price $404,273 5.7% Median monthly mortgage payment $2,685 at a 6.74% mortgage rate 8.5% Just $31 shy of all-time high set in October 2023 Pending sales 82,464 -4.4% New listings 88,902 15.1% Biggest increase since June 2021 Active listings 795,645 4.9% Biggest increase since May 2023 Months of supply 3.4 months +0.4 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 41.3% Up from 40% Median days on market 43 -1 day Share of homes sold above list price 25.9% Up from 25% Share of homes with a price drop 5.7% +1.5 pts. Average sale-to-list price ratio 98.7% +0.3 pts. Metro-level highlights: Four weeks ending March 17, 2024 Metros with biggest year-over- Metros with biggest year-over-year Notes Median sale price San Jose, CA (18.9%) Miami (15.6%) West Palm Beach, FL (15.3%) Newark, NJ (14.6%) Anaheim, CA (14.5%) San Antonio, TX (-1.5%) Declined in just 1 metro Pending sales San Francisco (18.1%) San Jose, CA (16.4%) Cincinnati (13.7%) Milwaukee (11.8%) Austin, TX (8.8%) Atlanta (-16.1%) San Antonio, TX (-15.4%) Houston (-13.8%) Miami (-13.6%) Jacksonville, FL (-11.6%) Increased in 15 metros New listings San Jose, CA (40%) Phoenix (31.9%) Sacramento, CA (29.9%) Tampa, FL (28.1%) Miami (27.6%) Atlanta (-4.6%) Chicago (-0.7%) Declined in just 2 metros To view the full report, including charts, please visit: 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 run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. 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 it up 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 $1.6 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 4,000 people. Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®. 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. Released March 21, 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.
March 17, 2024
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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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https://www.redfin.com/news/housing-market-update-supply-climbs-prices-increase
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