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
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Indicators of homebuying demand and activity |
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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 |
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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 |
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Mortgage-purchase applications (seasonally adjusted) |
Decreased 3% from a week earlier (as of week ending June 28) |
Down 12% |
Mortgage Bankers Association |
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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 |
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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 |
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Google searches for “home for sale” |
Down 4% from a month earlier (as of July 1) |
Down 20% |
Google Trends |
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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
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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. |
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Four weeks ending June 30, 2024 |
Year-over-year change |
Notes |
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Median sale price |
$397,954 |
4.9% |
All-time high; biggest increase since March |
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Median asking price |
$409,975 |
6.1% |
Biggest increase since October 2022 |
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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 |
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Pending sales |
87,160 |
-4.6% |
Biggest decline in 4 months |
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New listings |
100,989 |
9.9% |
Biggest increase in 2 months |
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Active listings |
967,516 |
17.5% |
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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. |
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Share of homes off market in two weeks |
41.6% |
Down from 47% |
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Median days on market |
32 |
+5 days |
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Share of homes sold above list price |
32.3% |
Down from 36% |
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Share of homes with a price drop |
6.9% |
+2.1 pts. |
Highest level on record |
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Average sale-to-list price ratio |
99.7% |
-0.3 pts. |
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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. |
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Metros with biggest year-over-year increases |
Metros with biggest year-over-year decreases |
Notes |
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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 |
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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 |
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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
