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Redfin reports that buying a home in the U.S. is more expensive than ever, with the median home sale price hitting a record high of $383,725, up 5.2% from the previous year. Mortgage rates have also risen to 7.1%, the highest level since November 2023, leading to a record monthly housing payment of $2,843, up 13% year over year.
Redfin riferisce che acquistare una casa negli Stati Uniti è più costoso che mai, con il prezzo medio di vendita delle case che ha raggiunto un picco record di $383,725, con un aumento del 5.2% rispetto all'anno precedente. Anche i tassi ipotecari sono aumentati al 7.1%, il livello più alto dal novembre 2023, portando a un pagamento mensile record per l'alloggio di $2,843, in aumento del 13% su base annua.
Redfin reporta que comprar una casa en los EE.UU. es más caro que nunca, con el precio medio de venta alcanzando un récord de $383,725, un aumento del 5.2% respecto al año anterior. Las tasas hipotecarias también han subido al 7.1%, el nivel más alto desde noviembre de 2023, resultando en un pago mensual récord de $2,843 por la vivienda, lo que supone un aumento del 13% anual.
레드핀에 따르면 미국 내 집 구매 비용이 사상 최고가 되었으며, 중간 주택 판매 가격이 기록적인 $383,725로 전년 대비 5.2% 상승하였습니다. 모기지 금리 역시 2023년 11월 이후 최고 수준인 7.1%까지 올라 월 주택 지급 비용이 $2,843로, 연간 13% 증가하였습니다.
Redfin rapporte qu'acheter une maison aux États-Unis est plus cher que jamais, avec un prix de vente médian atteignant un sommet record de 383 725 $, soit une augmentation de 5,2 % par rapport à l'année précédente. Les taux hypothécaires ont également augmenté à 7,1 %, le niveau le plus élevé depuis novembre 2023, entraînant un paiement mensuel record de 2 843 $ pour le logement, en hausse de 13 % par rapport à l'année précédente.
Redfin berichtet, dass der Kauf eines Hauses in den USA teurer denn je ist, mit einem Rekordhoch des mittleren Verkaufspreises von Häusern von $383,725, was einem Anstieg von 5,2% gegenüber dem Vorjahr entspricht. Auch die Hypothekenzinsen sind auf 7,1% gestiegen, den höchsten Stand seit November 2023, was zu einer rekordhohen monatlichen Wohnzahlung von $2,843 führt, ein Anstieg von 13% im Jahresvergleich.
Positive
Record high median home sale price of $383,725, up 5.2% year over year.
Average weekly mortgage rate at 7.1%, the highest since November 2023.
Median monthly housing payment reaches a record $2,843, up 13% year over year.
Despite an increase in new listings by 10.2% year over year, prices continue to rise due to low inventory and high mortgage rates.
Demand remains strong despite rising rates, but some indicators suggest a potential slowdown in the market.
Redfin's Homebuyer Demand Index is near its highest level in the current market conditions.
Negative
None.
Insights
Considering the median U.S. home-sale price reaching a record high alongside an increase in mortgage rates, the real estate market is experiencing a dynamic shift. This surge in prices, despite a growth in inventory, suggests a supply-demand imbalance where the available inventory, although higher than the previous year, is still not sufficient to meet the demand. The 'lock-in effect' mentioned, where current homeowners are disinclined to sell due to higher future borrowing costs, is exacerbating this issue. This environment could indicate a seller's market, but also a potential cooling as high rates begin to erode purchasing power, which may lead to a subsequent plateau or decrease in home prices if demand lessens.
With mortgage rates reaching their highest level since November 2023, the financial burden on homeowners has notably increased. The reported 13% year-over-year increase in median monthly housing payments is reflective of the impact of Federal Reserve policies on consumer affordability. This scenario potentially reduces the market's attractiveness to first-time homebuyers and could lead to a deceleration in home sales. Long-term, this could affect the profitability and stock performance of companies within the housing sector, such as homebuilders, real estate agencies and mortgage lenders. Investors should monitor the Fed's interest rate policy closely, as it is a significant driver of mortgage rates and, by extension, the real estate market.
The resilience of demand in the face of rising mortgage rates indicates a complex consumer behavior landscape. Historically, homeownership is seen as both a financial investment and a key life milestone, which may explain why demand remains relatively stable despite less favorable conditions. However, if mortgage rates continue to rise, it's plausible to expect a shift in consumer sentiment and behavior, potentially leading to an increased preference for renting or delaying home purchases. This could have a cascading effect on the wider economy, as the housing market is a critical component of consumer spending and financial well-being.
The median U.S. home pierce rose 5.2% year over year this week, and mortgage rates hit their highest level since November 2023
SEATTLE--(BUSINESS WIRE)--
(NASDAQ: RDFN) —The median U.S. home-sale price hit a record $383,725 during the four weeks ending April 21, up 5.2% from a year earlier—one of the biggest jumps since October 2022. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.
The average weekly mortgage rate hit 7.1% this week, its highest level since November 2023, as it became clear the Fed would keep interest rates high longer than expected. High prices and mortgage rates drove the median monthly housing payment to a record $2,843, up 13% year over year.
Prices are soaring despite the fact that there’s more inventory than last year. New listings are up 10.2% year over year, though growth in listings may be losing momentum as stubbornly high rates solidify the lock-in effect. Prices are being buoyed by the fact that inventory remains low despite the recent improvement. Demand is holding up fairly well in the face of 7%-plus rates, though some indicators are starting to show a slowdown. Redfin’s Homebuyer Demand Index—a measure of requests for tours and other buying services from Redfin agents—is near its highest level in about eight months, but mortgage-purchase applications are down slightly (-1%) week over week.
“My advice to sellers is to price your home fairly. Even though sellers are getting top dollar at the moment, they should price competitively to attract buyers from the start and avoid having to drop their price as stubbornly high mortgage rates eat into buying budgets,” said Redfin Economic Research Lead Chen Zhao. “My advice for serious buyers who can afford today’s costs is to shop for your dream home and accept that this year is probably not the time to find a dream deal. Price growth may cool slightly in the coming months if mortgage rates stay high or rates might fall slightly—but overall housing costs are likely to remain elevated for the foreseeable future.”
For more of Redfin economists’ takes on the housing market, including 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
Source
Daily average 30-year fixed mortgage rate
7.39% (April 24)
Up from roughly 7% one month earlier; near highest level since November 2023
Up from 6.59%
Mortgage News Daily
Weekly average 30-year fixed mortgage rate
7.1% (week ending April 18)
Up from 6.87% a month earlier; highest level since November 2023
Decreased 1% from a week earlier (as of week ending April 19)
Down 15%
Mortgage Bankers Association
Redfin Homebuyer Demand Index (seasonally adjusted)
Up 3% from a month earlier (as of week ending April 21)
Down 9%
Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents
Touring activity
Up 34% from the start of the year (as of April 23)
At this time last year, it was up 29% from the start of 2023
ShowingTime, a home touring technology company
Google searches for “home for sale”
Unchanged from a month earlier (as of April 21)
Down 17%
Google Trends
Key housing-market data
U.S. highlights: Four weeks ending April 21, 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 April 21, 2024
Year-over-year change
Notes
Median sale price
$383,725
5.2%
All-time high; biggest increase since Oct. 2022, with the exception of the 4 weeks ending Feb. 11, 2024 and the 4 weeks ending Feb. 18, 2024 (5.3% increases)
Median asking price
$415,925
6.7%
All-time high; biggest increase since Sept. 2022
Median monthly mortgage payment
$2,843 at a 7.1% mortgage rate
12.6%
All-time high
Pending sales
86,786
-3.8%
Biggest decline in 6 weeks
New listings
95,580
10.2%
Active listings
840,411
10.1%
Months of supply
3.2 months
+0.4 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
43.3%
Down from 46%
Median days on market
35
Unchanged
Share of homes sold above list price
29.8%
Essentially unchanged
Share of homes with a price drop
6%
+1.7 pts.
Average sale-to-list price ratio
99.2%
+0.1 pt.
Metro-level highlights: Four weeks ending April 21, 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.
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 $1.6 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 4,000 people.
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.
