U.S. Home Prices Hit New All-Time High, Pushing Pending Sales Down 5%

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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