Redfin Reports New Listings Rise 8%, Giving the New Year’s Buyers More Homes to Choose From
Supply increased from a year earlier to close out 2024, while pending home sales posted a small decline as mortgage rates remained near 7%
New listings increased 8% year over year during the four weeks ending December 29, while the total number of homes for sale rose 10%, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.
Redfin is taking a break from analysis this week, but please see the tables below for the latest housing-market data. Redfin will be back with full commentary next week.
For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page.
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 | 7.07% (Jan. 2) | Down from 7.14% 2 weeks earlier | Up from 6.7% | Mortgage News Daily |
| Weekly average 30-year fixed mortgage rate | 6.91% (week ending Jan. 2) | Highest level since July | Up from 6.61% | Freddie Mac |
| Mortgage-purchase applications (seasonally adjusted) | Down 13% from 2 weeks earlier (as of 2 weeks ending Dec. 27) | Down 17% | Mortgage Bankers Association | |
| Redfin Homebuyer Demand Index (seasonally adjusted) | Essentially unchanged from a month earlier(as of week ending Dec. 29) | Down 1% | Redfin Homebuyer Demand Index a measure of tours and other homebuying services from Redfin agents | |
| Touring activity | Down 52% from the start of the year (as of Dec. 28) | At this time last year, it was down 55% from the start of 2023 | ShowingTime, a home touring technology company | |
| Google searches for “home for sale” | Up 30% from a month earlier (as of Dec. 28) | Down 4% | Google Trends | |
Key housing-market data
| U.S. highlights: Four weeks ending Dec. 29, 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 Dec. 29, 2024 | Year-over-year change | Notes | |
| Median sale price | $383,750 | 6.4% | Biggest increase since October 2022 |
| Median asking price | $373,500 | 5.6% | |
| Median monthly mortgage payment | $2,515 at a 6.91% mortgage rate | 8.1% | |
| Pending sales | 54,357 | -1.1% | |
| New listings | 48,705 | 7.7% | |
| Active listings | 905,822 | 9.7% | |
| Months of supply | 4.2 | +0.5 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 | 23.7% | Down from 26% | |
| Median days on market | 47 | +6 days | |
| Share of homes sold above list price | 22.9% | Down from 24% | |
| Average sale-to-list price ratio | 98.3% | -0.1 pt. | |
| Metro-level highlights: Four weeks ending Dec. 29, 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 | Milwaukee (17.4%) Cleveland (14.3%) Philadelphia (13.5%) Chicago (11.9%) Nassau County, NY (11.8%) | n/a | Increased in all metros |
| Pending sales | Detroit (11.9%) Anaheim, CA (10.4%) New Brunswick, NJ (7.5%) San Francisco (7.3%) Los Angeles (4.7%) | Orlando, FL (-12.4%) Houston (-9.3%) San Antonio (-9%) Fort Lauderdale, FL (-8.9%) Indianapolis (-5.8%) | Increased in 16 metros |
| New listings | San Francisco (48%) Oakland, CA (36.6%) Seattle (21.6%) Virginia Beach, VA (21.6%) San Jose, CA (21.5%) | San Antonio (-12.7%) Detroit (-9.5%) Austin, TX (-8.4%) Orlando, FL (-6.2%) Nassau County, NY (-4.6%) | Declined in 8 metros |
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-new-listings-rise-pending-sales-fall
