Supply increased from a year earlier to close out 2024, while pending home sales posted a small decline as mortgage rates remained near 7%
New listings increased 8% year over year during the four weeks ending December 29, while the total number of homes for sale rose 10%, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.
Redfin is taking a break from analysis this week, but please see the tables below for the latest housing-market data. Redfin will be back with full commentary next week.
For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page.
Leading indicators
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Indicators of homebuying demand and activity |
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|
Value (if applicable) |
Recent change |
Year-over-year change |
Source |
|
Daily average 30-year fixed mortgage rate |
7.07% (Jan. 2) |
Down from 7.14% 2 weeks earlier |
Up from 6.7% |
Mortgage News Daily |
|
Weekly average 30-year fixed mortgage rate |
6.91% (week ending Jan. 2) |
Highest level since July |
Up from 6.61% |
Freddie Mac |
|
Mortgage-purchase applications (seasonally adjusted) |
|
Down 13% from 2 weeks earlier (as of 2 weeks ending Dec. 27) |
Down 17% |
Mortgage Bankers Association |
|
Redfin Homebuyer Demand Index (seasonally adjusted) |
|
Essentially unchanged from a month earlier (as of week ending Dec. 29) |
Down 1%
|
Redfin Homebuyer Demand Index a measure of tours and other homebuying services from Redfin agents |
|
Touring activity |
|
Down 52% from the start of the year (as of Dec. 28) |
At this time last year, it was down 55% from the start of 2023 |
ShowingTime, a home touring technology company |
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Google searches for “home for sale” |
|
Up 30% from a month earlier (as of Dec. 28) |
Down 4%
|
Google Trends |
Key housing-market data
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U.S. highlights: Four weeks ending Dec. 29, 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. |
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Four weeks ending Dec. 29, 2024 |
Year-over-year change |
Notes |
|
Median sale price |
$383,750 |
6.4% |
Biggest increase since October 2022 |
|
Median asking price |
$373,500 |
5.6% |
|
|
Median monthly mortgage payment |
$2,515 at a 6.91% mortgage rate |
8.1% |
|
|
Pending sales |
54,357 |
-1.1% |
|
|
New listings |
48,705 |
7.7% |
|
|
Active listings |
905,822 |
9.7% |
|
|
Months of supply |
4.2 |
+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 |
23.7% |
Down from 26% |
|
|
Median days on market |
47 |
+6 days |
|
|
Share of homes sold above list price |
22.9% |
Down from 24% |
|
|
Average sale-to-list price ratio |
98.3% |
-0.1 pt. |
|
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Metro-level highlights: Four weeks ending Dec. 29, 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. |
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Metros with biggest year-over-year increases |
Metros with biggest year-over-year decreases |
Notes |
|
Median sale price |
Milwaukee (17.4%) Cleveland (14.3%) Philadelphia (13.5%) Chicago (11.9%) Nassau County, NY (11.8%) |
n/a |
Increased in all metros |
|
Pending sales |
Detroit (11.9%) Anaheim, CA (10.4%) New Brunswick, NJ (7.5%) San Francisco (7.3%) Los Angeles (4.7%) |
Orlando, FL (-12.4%) Houston (-9.3%) San Antonio (-9%) Fort Lauderdale, FL (-8.9%) Indianapolis (-5.8%) |
Increased in 16 metros
|
|
New listings |
San Francisco (48%) Oakland, CA (36.6%) Seattle (21.6%) Virginia Beach, VA (21.6%) San Jose, CA (21.5%) |
San Antonio (-12.7%) Detroit (-9.5%) Austin, TX (-8.4%) Orlando, FL (-6.2%) Nassau County, NY (-4.6%) |
Declined in 8 metros |
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-new-listings-rise-pending-sales-fall
