Today's Headlines - Realty Times
Posted On Thursday, 16 May 2024 10:47

Pending home sales are down and new listings are flat during a time of year when they typically rise. But this week’s softer-than-expected inflation report sent mortgage rates down, which could bring back some homebuyers and sellers.

rates down, which could bring back some homebuyers and sellers.

SEATTLE--(BUSINESS WIRE)-- (NASDAQ: RDFN) —Pending home sales fell 4.3% from a year earlier during the four weeks ending May 12, the biggest decline in roughly three months. That’s according to a new report from Redfin (, the technology-powered real estate brokerage. Pending home sales also posted a week-over-week decline, unusual for early May.

Inventory is losing momentum, too, as would-be sellers stay put to hang onto their low mortgage rate. New listings rose 10% year over year, but they were essentially flat from a week earlier, which is significant because listings typically increase this time of year.

The housing market slumped because of sky-high housing costs. The median U.S. home-sale price is up 4.7% year over year to a record $386,951, and the median monthly mortgage payment is sitting at $2,858, just $26 shy of the all-time high set in April. But affordability is starting to improve a bit: Daily average mortgage rates have steadily declined since the start of May, and this week’s slightly softer-than-expected inflation report sent rates below 7% for the first time in over five weeks. And 6.3% of home sellers are dropping their price, on average, the highest share in a year and a half, which may mean price growth loses momentum soon.

“High prices and rates are challenging, but there are ways for buyers to take advantage of the somewhat slow market,” said Marsha McMahon-Jones, a Redfin Premier agent in Palm Springs, CA. “Sellers know that high mortgage rates mean they should expect negotiations, expect offers to come in under list price, and be ready for some back and forth on things like repairs and closing costs. Buyers may not be able to get a lower mortgage rate, but they’re often getting homes for slightly less than the asking price. It’s also a good time to buy a fixer-upper at a lower price point because those aren’t selling as quickly.”

For Redfin economists’ takes on the housing market, including more on how current financial events are impacting mortgage rates, 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


Daily average 30-year fixed mortgage rate

6.99% (May 15)

Down from a 5-month high of 7.52% three weeks earlier

Up from 6.55%

Mortgage News Daily

Weekly average 30-year fixed mortgage rate

7.09% (week ending May 9)

Down from 5-month high of 7.22% a week earlier

Up from 6.35%

Freddie Mac

Mortgage-purchase applications (seasonally adjusted)


Declined 2% from a week earlier (as of week ending May 10)

Down 14%

Mortgage Bankers Association

Redfin Homebuyer Demand Index (seasonally adjusted)


Lowest level in 2 months (as of week ending May 12)

Down 13%

Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents

Touring activity


Up 5% from the start of the year (as of May 13)

At this time last year, it was up 21% from the start of 2023

ShowingTime, a home touring technology company

Google searches for “home for sale”


Down 8% from a month earlier (as of May 13)

Down 15%

Google Trends

Key housing-market data

U.S. highlights: Four weeks ending May 12, 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 May 12, 2024

Year-over-year change


Median sale price



All-time high

Median asking price



All-time high

Median monthly mortgage payment

$2,858 at a 7.09% mortgage rate


Just $26 below all-time high set during the 4 weeks ending April 28

Pending sales



Biggest decline since 4 weeks ending Feb. 25

New listings




Active listings




Months of supply


+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


Down from 49%


Median days on market


+2 days


Share of homes sold above list price


Down from 33%


Share of homes with a price drop


+2 pts.

Highest level since Nov. 2022

Average sale-to-list price ratio




Metro-level highlights: Four weeks ending May 12, 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


Median sale price

Detroit (18.8%)

Anaheim, CA (18.6%)

West Palm Beach, FL (16.2%)

San Jose, CA (13.6%)

Newark, NJ (11.7%)

San Antonio (-0.5%)

Declined in just 1 metro

Pending sales

San Jose, CA (16.6%)

Anaheim, CA (9.2%)

San Francisco (5.3%)

Newark, NJ (5.2%)

Sacramento, CA (3%)

Phoenix (-14.9%)

Atlanta (-13.6%)

Houston (-13.2%)

West Palm Beach, FL (-11.8%)

Nashville, TN (-11.1%)

Increased in 15 metros

New listings

San Jose, CA (40.2%)

Seattle (26.4%)

Phoenix (24.7%)

Oakland, CA (24.6%)

Montgomery County, PA (21.9%)

Chicago (-8.1%)

Atlanta (-3.4%)

Detroit (-3.1%)

Virginia Beach, VA (-1.9%)

Newark, NJ (-1.6%)

Warren, MI (-1.1%)

Declined in 6 metros

To view the full report, including charts, please visit:

Posted On Thursday, 16 May 2024 05:41 Written by
Posted On Thursday, 16 May 2024 00:00 Written by
Posted On Wednesday, 15 May 2024 14:44
Posted On Wednesday, 15 May 2024 12:51
Posted On Wednesday, 15 May 2024 12:18
Posted On Wednesday, 15 May 2024 12:09
Posted On Wednesday, 15 May 2024 11:50

Despite low buyer demand, home prices remain steep throughout the U.S. Owing to this, many homeowners have seen the amount of equity they’ve built into their houses increase.

When a homeowner utilizes the LendingTree marketplace to shop around for a home equity loan lender, they select one of five reasons for why they’re seeking the money. By analyzing borrowers’ home equity loan requests in the first quarter of 2024, we determined why homeowners across the 50 states are thinking about tapping into their home equity. Here's what we found.

  • Across the 50 states, 40.58% of those seeking a home equity loan cited paying for home improvements as their primary reason.
  • 33.78% of homeowners considered tapping their home’s equity to help consolidate debt. This was the second most commonly cited reason among LendingTree users. However, in some states like Wyoming, Idaho and South Dakota, it was the most commonly cited. 
  • Using a home’s equity for investment purposes — other than home improvements — was the main goal for 7.68% of homeowners. Examples of investments include buying a property to rent or purchasing shares of a company via the stock market.
  • Only 2.56% of homeowners considered using their home’s equity as retirement income. 

You can check out our full report here:

LendingTree's Senior Economist and report author, Jacob Channel, had this to say:

"While a home equity loan can be a good idea for some, getting one isn’t something to take lightly. As is virtually always the case when borrowing money, getting cash via a home equity loan isn’t without risk. In a worst-case scenario, defaulting on a home equity loan can result in a person losing their house. Owing to this, homeowners considering a home equity loan should tread carefully and be sure that they’re in a position to pay back whatever they borrow without serious financial strain."

Posted On Wednesday, 15 May 2024 07:01 Written by
Posted On Wednesday, 15 May 2024 06:58 Written by
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