The number of homebuyers and sellers contacting
Redfin agents has jumped over the last week, with Redfin’s
Homebuyer Demand Index posting its biggest year-over-year increase
since early 2022
(NASDAQ: RDFN) — Homebuyers are jumping into the market now that
the election has passed and the Fed has cut interest rates for the
second time in a row. That’s according to a new report from Redfin
(redfin.com), the technology-powered real estate brokerage.
The number of people contacting Redfin agents for help buying
and/or selling their home is up by double digits from a year ago.
Redfin’s Homebuyer Demand Index–a seasonally adjusted measure of
those contacts–rose 17% year over year to its highest level since
August 2023, continuing an increase that started immediately after
the election. That 17% increase is the biggest since January 2022.
It’s worth noting that Redfin is comparing to a period in 2023 when
high mortgage rates were pushing down demand. Today’s weekly
average mortgage rate is 6.78%, compared to 7.44% a year ago.
Mortgage-purchase applications are up 2% week over week, and
pending home sales rose 4.5% year over year during the four weeks
ending November 17, in line with the increases seen over the last
month and a half.
“The burst of buyers and sellers jumping into the market is the
result of pent-up demand from people who were waiting for the
election to pass, and for the Fed to cut interest rates a second
time,” said Redfin Economic Research Lead Chen Zhao. “Even though
mortgage rates have been rising since both of those things
happened, house hunters who had pressed pause are jumping back in.
Now we’re keeping a close eye on whether this is a short
post-election boom, or if it translates into a steady improvement
in pending sales.”
New listings rose marginally (0.4%) year over year, and the
total number of homes for sale is up 11.8%.
“The market is moving surprisingly quickly right now, given that
rates are fairly high and we’re well into fall, when buyers and
sellers are typically winding down for the holidays,” said Meme
Loggins, a Redfin Premier agent in Portland, OR. “Some homebuyers
are still having trouble getting over the psychological barrier of
high mortgage rates, but plenty others are accepting that rates
aren’t coming down anytime soon and taking out conventional or FHA
loans. I’m advising buyers who can afford today’s high costs to
move forward because prices are lower in this area than they were a
year ago, and they’re likely to shoot back up soon as competition
heats up. And sellers should consider listing now, because there
are serious buyers out there–especially for desirable homes.”
For Redfin economists’ takes on the housing market, please visit
Redfin’s “From Our Economists” page.
Indicators of homebuying demand and
activity
Value (if applicable)
Recent change
Year-over-year change
Source
Daily average 30-year fixed mortgage
rate
7.05% (Nov. 20)
Near highest level since July, but down
from 7.13% 2 weeks earlier
Down from 7.37%
Mortgage News Daily
Weekly average 30-year fixed mortgage
rate
6.78% (week ending Nov. 14)
Near highest level since July
Down from 7.44%
Freddie Mac
Mortgage-purchase applications
(seasonally adjusted)
Up 2% from a week earlier (as of week
ending Nov. 15)
Down 1%
Mortgage Bankers Association
Redfin Homebuyer Demand Index
(seasonally adjusted)
Highest level since August 2023
(as of week ending Nov. 17)
Up 17%
Biggest increase in nearly 3 years
Redfin Homebuyer Demand Index a measure of
tours and other homebuying services from Redfin agents
Touring activity
Down 3% from the start of the year (as of
Nov. 16)
At this time last year, it was down 19%
from the start of 2023
ShowingTime, a home touring technology
company
Google searches for “home for
sale”
Up 15% from a month earlier (as of Nov.
18)
Unchanged
Google Trends
Key housing-market data
U.S. highlights: Four weeks ending Nov.
17, 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 Nov. 17, 2024
Year-over-year change
Notes
Median sale price
$387,475
6.4%
Biggest increase since Oct. 2022
Median asking price
$389,173
4.6%
Median monthly mortgage payment
$2,593 at a 6.78% mortgage
rate
0.5%
Pending sales
72,034
4.5%
New listings
76,114
0.4%
Active listings
1,015,975
11.8%
Smallest increase since March
Months of supply
4
+0.3 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
30.1%
Down from 35%
Median days on market
42
+7 days
Share of homes sold above list
price
25.1%
Down from 28%
Average sale-to-list price
ratio
98.6%
-0.2 pts.
Metro-level highlights: Four weeks
ending Nov. 17, 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
Cleveland (13.7%)
Newark, NJ (12.5%)
Milwaukee (12.4%)
Detroit (11.8%)
Miami (11.5%)
Atlanta (-0.8%)
San Antonio (-0.3%)
Declined in 2 metros
Pending sales
San Jose, CA (17.8%)
Dallas (17.4%)
New York (15.5%)
Portland, OR (14.9%)
Fort Worth, TX (14.1%)
Miami (-14.3%)
Fort Lauderdale, FL (-12.8%)
West Palm Beach, FL (-11.7%)
Atlanta (-5.7%)
Houston (-5.3%)
Increased in 38 metros
New listings
Washington, D.C. (15.3%)
San Francisco (15.1%)
Seattle (14.3%)
New York (12.8%)
Baltimore (8.3%)
Austin, TX (-21.4%)
Atlanta (-16.3%)
San Antonio (-15%)
Las Vegas (-13.1%)
Detroit (-9%)
Declined in 20 metros
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-homebuying-demand-jumps
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, and title insurance 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. 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 approximately 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241121487099/en/
Contact Redfin Redfin Journalist Services: Tana Kelley
press@redfin.com
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