U.S. Home Prices Hit New All-Time High, Pushing Pending Sales Down 5%
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.
Pending home sales posted their biggest decline since February during the four weeks ending June 30, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The median sale price rose 5% from a year ago, hitting an all-time high. New listings jumped 10%.
Full data is provided below:
For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page.
Leading indicators
| Indicators of homebuying demand and activity | ||||
| 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. | |||
| 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. | |||
| 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 |
To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-home-prices-record-high-sales-decline
