Today's Headlines - Realty Times

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%.

Redfin issued a shortened report due to the Fourth of July holiday; 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

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

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

Posted On Sunday, 07 July 2024 07:04 Written by
Posted On Thursday, 04 July 2024 16:04

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.95 percent. This week’s results include an adjustment for the observance of Independence Day.

“Mortgage rates increased this week, coming in just under seven percent,” said Sam Khater, Freddie Mac’s Chief Economist. “Both new home and pending home sales are down, causing active listings to rise. We are still expecting rates to moderately decrease in the second half of the year and given additional inventory, price growth should temper, boding well for interested homebuyers.”

News Facts

  • The 30-year FRM averaged 6.95 percent as of July 3, 2024, up from last week when it averaged 6.86 percent. A year ago at this time, the 30-year FRM averaged 6.81 percent.
  • The 15-year FRM averaged 6.25 percent, up from last week when it averaged 6.16 percent. A year ago at this time, the 15-year FRM averaged 6.24 percent.

The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website |

Posted On Thursday, 04 July 2024 05:46 Written by
Posted On Wednesday, 03 July 2024 14:46
Posted On Saturday, 15 June 2024 00:00
Posted On Wednesday, 03 July 2024 11:53
Posted On Wednesday, 03 July 2024 11:46
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