The supply of homes for sale is picking up in time for spring homebuying season, and improving inventory is attracting some buyers

Seattle, WA – March 21, 2024 (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

Indicators of homebuying demand and activity
	Value (if applicable)	Recent change	Year-over-year change	Source
Daily average 30-year fixed mortgage rate	7.03% (March 20)	Up from 6.92% a week earlier	Up from 6.67%	Mortgage News Daily
Weekly average 30-year fixed mortgage rate	6.74% (week ending March 14)	Down from 6.88% a week earlier; first decline after 5 weeks of increases	Up from 6.6%	Freddie Mac
Mortgage-purchase applications (seasonally adjusted)		Down 1% from a week earlier; up 9% from a month earlier (as of week ending March 15)	Down 14%	Mortgage Bankers Association
Redfin Homebuyer Demand Index (seasonally adjusted)		Up 8% from a month earlier (as of week ending March 17)	Down 5%	Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents
Google searches for “home for sale”		Essentially unchanged from a month earlier (as of March 18)	Down 18%	Google Trends
Touring activity		Up 29% from the start of the year (as of March 19)	At this time last year, it was up 19% from the start of 2023	ShowingTime, a home touring technology company

Key housing-market data

U.S. highlights: Four weeks ending March 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 March 17, 2024	Year-over-year change	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 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	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:
https://www.redfin.com/news/housing-market-update-supply-climbs-prices-increase

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.

Contacts

Redfin Journalist Services:
Kenneth Applewhaite, 206-414-8880
press@redfin.com

While mortgage rates remain elevated, they’re not as volatile as they were at the height of the pandemic, which has helped stabilize home price growth

SEATTLE, WA – March 19, 2024 (BUSINESS WIRE) (NASDAQ: RDFN) Home price growth is finally back to where it was before the pandemic, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. This follows a three-year rollercoaster ride in which prices soared when ultra-low mortgage rates fueled a homebuying frenzy and cooled when rates jumped due to the Federal Reserve’s effort to quell inflation.

U.S. home prices climbed 0.6% from a month earlier in February, on par with the 0.6% average monthly gain in the roughly eight years leading up to the pandemic. Prices seesawed during the pandemic, rising by as much as 2% month over month in January 2022 and falling by as much as 0.2% in August 2022.

The story is similar when looking at year-over-year changes. U.S. home prices climbed 6.7% from a year earlier in February, similar to the 6.9% average annual gain in the years leading up to the pandemic. By comparison, prices rose by as much as 22.9% year over year in March 2022 and by as little as 3.4% in June 2023.

This is according to the February Redfin Home Price Index (RHPI), covering the three months ending Feb. 29, 2024. Read the full RHPI methodology here.

“Home prices have plateaued here in Portland. They shot up at one point, then came back down to earth, and now they’re somewhere in the middle,” said Meme Loggins, a Redfin Premier real estate agent in Portland, OR. “There’s a mismatch between the attitudes of buyers and sellers. I have a lot of buyers coming in expecting a huge discount. Meanwhile, I have sellers who are standing firm on how much their house is worth after seeing their friends’ homes sell for way over the asking price during the pandemic. In reality, it’s neither a buyer’s or seller’s market.”

Mortgage rates remain elevated, but they’re not nearly as volatile as they were before, which has helped stabilize home price growth. And while elevated mortgage rates have taken a bite out of homebuyer demand, that’s not translating into lower home prices today because there still aren’t enough homes for sale—even as new listings rebound. New listings rose to the highest level in nearly a year and a half last month as the mortgage rate lock-in effect eased, but housing supply was still far below pre-pandemic levels.

“Inventory has picked up dramatically in the past two weeks, but it’s getting snatched up quickly,” Loggins said. “Today, I took my clients to see a house that had only been on the market for seven hours—we toured it, they liked it, and I’m about to write an offer.”

Still, competition is nowhere near as fierce as it was during the pandemic, and Redfin agents say that the most important thing sellers can do is avoid overpricing their homes.

Prices Fell in Six Metros, Compared with 13 Metros in January

Home prices fell from a month earlier in six of the 50 most populous U.S. metropolitan areas, many of which were pandemic boomtowns that have since seen their housing markets cool: Tampa, FL (-0.5%), San Antonio (-0.4%), Charlotte, NC (-0.1%), Portland, OR (-0.1%), Fort Worth, TX (-0.1%) and Houston (-0.1%). By comparison, prices fell in 13 metros in January. Prices are likely soft in Texas and Florida in part because those two states have been building a lot of homes, which means supply has increased (rising supply often puts downward pressure on prices). In Florida, condo listings in particular are contributing to the jump in supply amid a surge in HOA and insurance fees.

In Nassau County, NY, home prices rose 2% from a month earlier in February—the biggest increase among the top 50 metros. Next came Montgomery County, PA (2%), Warren, MI (1.9%), Chicago (1.8%) and Indianapolis (1.6%).

To view the full report, including charts and metro-level data, please visit:
https://www.redfin.com/news/redfin-home-price-index-february-2024

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.

Contacts

Redfin Journalist Services:
Angela Cherry, 913-638-8249
press@redfin.com

Housing supply is finally rebounding as sellers get used to elevated mortgage rates, but it’s not rebounding enough to curb home price growth. High housing costs mean many house hunters remain hesitant to commit.

Seattle, WA – March 15, 2024 (BUSINESS WIRE) (NASDAQ: RDFN) New listings jumped 3.8% month over month on a seasonally adjusted basis in February to the highest level since September 2022, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. They were up 14.8% year over year, the largest annual gain since May 2021.

Active listings, or the total supply of homes for sale, hit the highest level in a year. They climbed 0.8% from a month earlier on a seasonally adjusted basis, and were little changed (-0.1%) from a year earlier–the smallest annual decline in months.

New listings rose fastest from a year earlier in Texas and active listings rose fastest in Florida–the two states that have been building the most homes. In Florida, condo listings in particular are contributing to the jump in supply amid a surge in HOA and insurance fees.

“The housing market is nothing like it was two years ago during the pandemic homebuying frenzy, but it’s better than it was last year. It’s coming back,” said David Palmer, a Redfin Premier real estate agent in Seattle. “Sellers who were on the fence in 2023 are now listing. They’re more used to elevated rates now. There still aren’t enough listings to quench pent-up buyer demand, but it’s getting better.”

Nationwide, housing supply is on the rise because the “lock-in effect” is easing; eventually, homeowners who have been holding on to their ultra-low mortgage rates simply have to move.

“February was a mixed bag for the housing market and the economy,” said Redfin Economics Research Lead Chen Zhao. “Housing supply is finally starting to recover in a meaningful way, which is great news for buyers who for months have been competing for a tiny pool of homes for sale. Still, many house hunters are hesitant to pull the trigger because mortgage rates and home prices remain elevated.”

Mortgage-purchase applications slid in February as mortgage rates ticked back up after dropping in December. The average 30-year-fixed mortgage rate was 6.78% last month, up from 6.64% in January. Mortgage rates will likely remain elevated a bit longer than expected after this week’s inflation report came in hotter than anticipated.

Home sales rose 0.5% month over month on a seasonally adjusted basis in February, and fell 3.5% year over year.

Home Prices Post Biggest Increase in Nearly a Year and a Half

The median U.S. home sale price climbed 6.6% year over year–the biggest uptick since September 2022–to $412,778. Please note that home price data is not seasonally adjusted, which is why Redfin focuses on year-over-year changes for this metric.

Prices continue to rise because despite the recent uptick in listings, there’s still not enough supply to meet demand. Both new listings and active listings remained far below pre-pandemic levels in February.

“If you price your home reasonably, buyers will show up. If you don’t, buyers will wait for you to drop the price,” Palmer said. “I recently listed an estate sale fixer upper for $550,000 and it got 14 offers, sold for $75,000 over the asking price and the buyer waived every contingency.”

In Seattle, 77.4% of homes that went under contract did so within two weeks–the highest share among the metros Redfin analyzed. It took the top spot from Rochester, which has held that title for months. The typical home that went under contract in Seattle did so in 11 days (versus a national median of 48 days).

February 2024 Highlights: United States

	February 2024	Month-Over-MonthChange	Year-Over-YearChange
Median sale price	$412,778	2.7%	6.6%
Homes sold, seasonally adjusted	422,203	0.5%	-3.5%
New listings, seasonally adjusted	548,285	3.8%	14.8%
All homes for sale, seasonally adjusted (active listings)	1,601,260	0.8%	-0.1%
Months of supply	2.7	-0.5	0
Median days on market	48	-2	-5
Share of for-sale homes with a price drop	16.1%	-0.1 ppts	2.9 ppts
Share of homes sold above final list price	26.1%	2 ppts	2.6 ppts
Average sale-to-final-list-price ratio	98.7%	0.4 ppts	0.5 ppts
Average 30-year fixed mortgage rate	6.78%	0.13 ppts	0.52 ppts

Metro-Level Highlights: February 2024

• New listings: New listings rose most from a year earlier in Austin, TX (44.6%), Dallas (38.1%) and Charleston, SC (36.8%). They fell in two metros–Albany, NY (-2.9%) and Buffalo, NY (-0.7%) –and were flat in Fresno, CA (0%).
• Active listings (total supply): Active listings increased fastest in Cape Coral, FL (60.6%), North Port, FL (52.5%) and Fort Lauderdale, FL (25.5%). They decreased fastest in Raleigh, NC (-24.4%), New Brunswick, NJ (-19%) and Nassau County, NY (-18.5%).
• Prices: Median sale prices rose most from a year earlier in Newark, NJ (16.5%), Anaheim, CA (15.8%) and Grand Rapids, MI (15.8%). They fell in three metros: San Antonio (-4.2%), Memphis, TN (-3.5%) and North Port (-2.2%).
• Closed home sales: Closed sales rose most in San Jose, CA (24.9%), San Francisco (21.1%) and Dayton, OH (15.1%). They fell most in Frederick, MD (-14.8%), New Orleans (-14.2%) and Tulsa, OK (-14%).
• Sold above list price: In San Jose, 65.3% of homes sold above their final list price, the highest share among the metros Redfin analyzed. Next came Rochester, NY (62.8%) and Oakland, CA (62.3%). The shares were lowest in North Port (6.6%), Cape Coral (8.3%) and West Palm Beach, FL (8.7%).
• Off market in two weeks: In Seattle, 77.4% of homes that went under contract did so within two weeks—the highest share among the metros Redfin analyzed. Next came Rochester (75%) and San Jose (70.9%). The lowest shares were in Honolulu (8.4%), Greensboro, NC (19%) and McAllen, TX (20.8%).
• Days on market: The typical home that went under contract in Seattle did so in 11 days, making the fastest market among those Redfin analyzed. Next came Rochester (12) and San Jose (12). The slowest markets were New Orleans (97), Austin (82) and Honolulu (77).

To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-tracker-february-2024

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.

Contacts

Redfin Journalist Services:
Ally Braun, 206-588-6863
press@redfin.com