Redfin Report: Monthly Housing Costs Hit All-Time High, Deterring Would-Be Buyers
- None.
- Monthly mortgage payment reaches all-time high of $2,632
- Pending home sales down 12% year over year
What homebuyers need to know: It’s more expensive than ever to buy a home, with monthly payments at a record high due to stubbornly high rates and home prices. Although the weekly average mortgage rate has declined slightly from August’s two-decade high, it’s still sitting above
What home sellers need to know: Prices continue to rise because inventory is so low, posting one of its biggest declines in 19 months this week. In much of the country, you’re likely to get a fair price for your home—it’ll help if it’s move-in ready and in a desirable neighborhood. But keep in mind that high prices, elevated rates and the lack of inventory is sending some buyers to the sidelines; mortgage-purchase applications are hovering near a three-decade low and pending home sales are down
Looking forward: This week’s CPI report shows that inflation came in a touch higher than anticipated. That doesn’t change the expectation that the Fed is highly unlikely to hike interest rates next week, but it does make a rate hike in November or December appear more likely. That could mean mortgage rates stay high through the end of the year—or rates could come down if economic data looks promising over the next few months.
Leading indicators
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 |
|
Down from a peak of |
Up from |
Mortgage News Daily |
Weekly average 30-year fixed mortgage rate |
|
Down slightly from |
Up from |
Freddie Mac |
Mortgage-purchase applications (seasonally adjusted) |
|
Up |
Down |
Mortgage Bankers Association |
Redfin Homebuyer Demand Index (seasonally adjusted) |
|
Down |
Down |
Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents |
Google searches for “home for sale” |
|
Unchanged from a month earlier (as of Sept. 9) |
Down |
Google Trends |
Key housing-market data
Redfin’s national metrics include data from 400+ |
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|
Four weeks ending September 10 |
Year-over-year change |
Notes |
Median sale price |
|
|
The median sale price has increased at least |
Median asking price |
|
|
Biggest increase since November 2022 |
Median monthly mortgage payment |
|
|
All-time high |
Pending sales |
80,655 |
- |
Continues 15-month streak of double-digit declines |
New listings |
82,022 |
- |
Smallest decline in over a year, but that’s partly because new listings fell rapidly at this time in 2022 |
Active listings |
805,063 |
- |
Biggest decline since February 2022, aside from the two prior 4-week periods (- |
Months of supply |
3 months |
Unchanged |
Highest level since March. 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 |
|
+0.2 pts. |
Lowest level since March |
Median days on market |
30 |
Unchanged |
|
Share of homes sold above list price |
|
Unchanged |
|
Share of homes with a price drop |
|
+0.1 pt. |
|
Average sale-to-list price ratio |
|
+0.2 pts. |
Lowest level in nearly 4 months |
Metro-level highlights: Four weeks ending September 10, 2023
Redfin’s metro-level data includes the 50 most populous |
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|
Metros with biggest year-over-year increases |
Metros with biggest year-over-year declines |
Notes |
Median sale price |
|
|
Declined in just 7 metros |
Pending sales |
n/a |
|
Declined in all metros |
New listings |
|
|
Declined in all but 4 metros |
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-monthly-mortgage-payments-record-high
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 sell homes for more money and charge half the fee. We also run the country's #1 real estate brokerage site. 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 in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230914880866/en/
Contact Redfin
Redfin Journalist Services:
Kenneth Applewhaite, 206-588-6863
press@redfin.com
Source: Redfin