Redfin Reports Buyers Are Coming Back: Mortgage Demand Shoots Up, Home Tours Hit Highest Level Since May
Redfin reported a significant increase in mortgage-rate locks and home tours following the Federal Reserve's interest-rate cut. Mortgage-rate locks surged by 68% from the previous month, attributed to buyers waiting for the Fed's decision. Mortgage-purchase applications rose over 10% month-over-month, and Redfin's Homebuyer Demand Index hit its highest level since May, increasing 1% annually. Pending U.S. home sales fell 3.1% during the four weeks ending September 22, the smallest decline in five weeks. The median monthly housing payment dropped 4.4% year-over-year, the largest decline in over four years, due to falling mortgage rates. New listings of homes for sale increased by 7.6% year-over-year, the most significant rise since June.
Redfin ha riportato un significativo aumento nei bloccaggi dei tassi ipotecari e nelle visite alle case dopo il taglio dei tassi di interesse della Federal Reserve. I bloccaggi dei tassi ipotecari sono aumentati del 68% rispetto al mese precedente, grazie ai compratori in attesa della decisione della Fed. Le domande di prestiti per l'acquisto di immobili sono aumentate di oltre il 10% mese su mese, e l'Indice di Domanda degli Acquirenti di Redfin ha raggiunto il suo livello più alto da maggio, aumentando dell'1% su base annua. Le vendite di case negli Stati Uniti in attesa sono diminuite del 3,1% durante le quattro settimane terminate il 22 settembre, la diminuzione più contenuta degli ultimi cinque settimane. Il pagamento mensile mediano per l'abitazione è sceso del 4,4% su base annua, il calo più grande in oltre quattro anni, a causa del calo dei tassi ipotecari. Le nuove inserzioni di case in vendita sono aumentate del 7,6% su base annua, il maggior incremento da giugno.
Redfin informó un aumento significativo en los bloqueos de tasas hipotecarias y en las visitas a viviendas tras la reducción de tasas de interés por parte de la Reserva Federal. Los bloqueos de tasas hipotecarias se dispararon un 68% respecto al mes anterior, atribuible a los compradores que esperaban la decisión de la Fed. Las solicitudes de hipoteca para la compra de viviendas aumentaron más del 10% mes tras mes, y el Índice de Demanda de Compradores de Redfin alcanzó su nivel más alto desde mayo, aumentando un 1% interanual. Las ventas pendientes de casas en EE. UU. cayeron un 3,1% durante las cuatro semanas que terminaron el 22 de septiembre, la menor disminución en cinco semanas. El pago mensual mediano para la vivienda cayó un 4,4% interanual, la mayor disminución en más de cuatro años, debido a la caída de las tasas hipotecarias. Las nuevas listas de viviendas en venta aumentaron un 7,6% interanual, el aumento más significativo desde junio.
Redfin은 연방준비제도(Federal Reserve)가 금리 인하를 단행한 이후 주택 융자 승인과 주택 투어가 크게 증가했다고 보고했습니다. 융자 승인은 전월 대비 68% 급증했으며, 이는 구매자들이 연준의 결정에 주목하고 있었기 때문입니다. 주택 구매를 위한 대출 신청은 전월 대비 10% 이상 증가했으며, Redfin의 주택 구매자 수요 지수는 5월 이후 가장 높은 수준에 도달하여 연간 1% 증가했습니다. 미국의 주택 판매 보류는 9월 22일로 끝나는 4주 동안 3.1% 감소하여 5주 만에 가장 적은 감소폭을 기록했습니다. 주택의 중앙 월 임대료는 전년 대비 4.4% 감소하여 4년 만에 가장 큰 감소폭을 보였으며, 이는 저금리 덕분입니다. 판매를 위한 신규 주택 목록이 전년 대비 7.6% 증가하여 6월 이후 가장 큰 증가폭을 기록했습니다.
Redfin a signalé une augmentation significative des blocages de taux hypothécaires et des visites de maisons suite à la réduction des taux d'intérêt par la Réserve fédérale. Les blocages de taux hypothécaires ont grimpé de 68 % par rapport au mois précédent, en raison des acheteurs attendant la décision de la Fed. Les demandes de prêt hypothécaire pour l'achat de logements ont augmenté de plus de 10 % d'un mois à l'autre, et l'indice de demande des acheteurs de Redfin a atteint son plus haut niveau depuis mai, avec une augmentation de 1 % sur un an. Les ventes de maisons en attente aux États-Unis ont chuté de 3,1 % au cours des quatre semaines se terminant le 22 septembre, la plus petite baisse en cinq semaines. Le paiement mensuel médian pour le logement a baissé de 4,4 % par rapport à l'année précédente, la plus forte baisse en plus de quatre ans, en raison de la baisse des taux hypothécaires. Les nouvelles inscriptions de maisons à vendre ont augmenté de 7,6 % par rapport à l'année précédente, la plus forte augmentation depuis juin.
Redfin berichtete von einem signifikanten Anstieg bei den Hypothekenzinsen und Besichtigungen von Immobilien nach der Zinssenkung der Federal Reserve. Die Hypothekenzinsen stiegen um 68% im Vergleich zum Vormonat, was auf Käufer zurückzuführen ist, die auf die Entscheidung der Fed gewartet haben. Die Anträge auf Hypotheken für den Erwerb von Immobilien stiegen im Vergleich zum Vormonat um über 10%, und der Käufernachfrageindex von Redfin erreichte den höchsten Stand seit Mai mit einem jährlichen Anstieg von 1%. Die ausstehenden Wohnungsverkaufszahlen in den USA fielen um 3,1% in den vier Wochen bis zum 22. September, was den kleinsten Rückgang in fünf Wochen darstellt. Die monatliche durchschnittliche Wohnzahlung sank um 4,4% im Jahresvergleich, was den größten Rückgang seit über vier Jahren darstellt, bedingt durch fallende Hypothekenzinsen. Die Anzahl neuer Immobilienangebote stieg im Jahresvergleich um 7,6%, was den größten Anstieg seit Juni darstellt.
- Mortgage-rate locks surged by 68% from the previous month.
- Mortgage-purchase applications rose over 10% month-over-month.
- Redfin's Homebuyer Demand Index reached its highest level since May.
- The median monthly housing payment dropped 4.4% year-over-year.
- New listings of homes for sale increased by 7.6% year-over-year.
- Pending U.S. home sales fell 3.1% during the four weeks ending September 22.
Insights
The recent surge in mortgage-rate locks and homebuyer demand signals a potential turning point in the housing market. The 68% increase in mortgage-rate locks following the Fed's rate cut is particularly noteworthy, indicating pent-up demand from buyers who were waiting for this signal. The 10% month-over-month increase in mortgage-purchase applications further supports this trend.
The improvement in affordability, with the median monthly housing payment down 4.4% year-over-year, is a key driver. This, coupled with the 3.9% year-over-year increase in median sale prices, suggests a more balanced market environment. The 7.6% year-over-year increase in new listings indicates that sellers are also responding to these market shifts.
However, it's important to note that pending home sales are still down 3.1% year-over-year, albeit at a slower rate of decline. This suggests that while there's increased activity, the market is still in a transitional phase. Investors should watch for sustained improvements in sales figures over the coming weeks to confirm a longer-term trend.
The Redfin Homebuyer Demand Index reaching its highest level since May and showing a 1% annual increase - the first in nearly a year - is a significant indicator of market sentiment shift. This, combined with the 8% increase in touring activity from the start of the year, suggests growing confidence among potential buyers.
The 18.1% increase in active listings, while still substantial, represents the smallest increase since April. This, along with the 4.1 months of supply, indicates a market moving towards balance, though still favoring sellers slightly.
Regional variations are notable, with markets like San Jose seeing a 23.3% increase in new listings and an 11.8% increase in pending sales, while others like West Palm Beach face a 17.3% decline in pending sales. These disparities highlight the importance of local market analysis for investors and homebuyers alike.
The 34.3% share of homes off market in two weeks and the 27% share of homes sold above list price, while lower than last year, still indicate a relatively competitive market in many areas.
Mortgage-rate locks rose
The surge in mortgage-rate locks comes five days after the Fed cut interest rates for the first time in four years. It’s worth noting that the surge in mortgage-rate locks may overstate the increase in mortgage demand, as it could be exacerbated by buyers who had already decided to purchase a home but were waiting to lock in a rate until after the Fed meeting.
Still, there are other indicators that demand is improving. Mortgage-purchase applications are up more than
News of the Fed’s historic interest-rate cut is the main factor bringing home buyers off the sidelines. Mortgage rates and housing costs had been declining meaningfully for several weeks before the rate cut, but before this week it hadn’t led to an uptick in demand. Many house hunters had been waiting for the rate cut to actually happen to get serious about buying, and now they have, even though mortgage rates didn’t fall further after the rate cut than they had in the week leading up to it.
Improving affordability is also, of course, a major factor bringing buyers back. The median monthly housing payment is down
“One new client decided to start their home search last Thursday because of the Fed’s rate cuts on Wednesday,” said Andrew
Declining mortgage rates and the Fed’s rate cut are also leading to fresh supply. New listings of homes for sale are up
For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page.
Indicators of homebuying demand and activity |
||||
|
Value (if applicable) |
Recent change |
Year-over-year change |
Source |
Daily average 30-year fixed mortgage rate |
|
Near lowest level since February 2023 |
Down from |
Mortgage News Daily |
Weekly average 30-year fixed mortgage rate |
|
Lowest level since February 2023 |
Down from |
Freddie Mac |
Mortgage-purchase applications (seasonally adjusted) |
|
Increased |
Up |
Mortgage Bankers Association |
Redfin Homebuyer Demand Index (seasonally adjusted) |
|
Highest level since May; up (as of week ending Sept. 22) |
Up
First increase since the 4 weeks ending Oct. 22, 2023 |
Redfin Homebuyer Demand Index a measure of tours and other home buying services from Redfin agents |
Touring activity |
|
Up
|
At this time last year, it was down |
ShowingTime, a home touring technology company |
Google searches for “home for sale” |
|
Up |
Down
|
Google Trends |
Key housing-market data
Redfin’s national metrics include data from 400+ |
|||
|
Four weeks ending Sept. 22, 2024 |
Year-over-year change |
Notes |
Median sale price |
|
|
Biggest increase in 2 months |
Median asking price |
|
|
Biggest increase since January |
Median monthly mortgage payment |
|
- |
Biggest decline since May 2020
Lowest level since January, with the exception of the prior 4-week period
|
Pending sales |
76,606 |
- |
Smallest decline in 5 weeks |
New listings |
90,066 |
|
Biggest increase in 3 months |
Active listings |
1,022,917 |
|
Smallest increase since April |
Months of supply |
4.1 |
+0.9 pts. |
Highest level since February
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 |
|
Median days on market |
38 |
+7 days |
|
Share of homes sold above list price |
|
Down from |
|
Average sale-to-list price ratio |
|
-0.5 pts. |
|
Metro-level highlights: Four weeks ending Sept. 22, 2024
Redfin’s metro-level data includes the 50 most populous |
|||
|
Metros with biggest year-over-year increases |
Metros with biggest year-over-year decreases |
Notes |
Median sale price |
|
|
Declined in 8 metros |
Pending sales |
|
|
Increased in 23 metros |
New listings |
|
|
Declined in 8 metros |
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-homebuyers-are-back-mortgage-rate-locks
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 run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. 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 can have our renovations crew fix it up to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than
Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240926552627/en/
Redfin Journalist Services:
Tana Kelley
press@redfin.com
Source: Redfin
FAQ
What caused the surge in mortgage-rate locks for RDFN?
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