Redfin Reports Falling Mortgage Rates Mean Housing Payments Are Now More Affordable Than a Year Ago Despite Higher Prices
Redfin reports that falling mortgage rates have made housing payments more affordable than a year ago, despite higher home prices. The median U.S. monthly housing payment was $2,558 during the four weeks ending September 8, down 1.3% year-over-year. This is due to mortgage rates dropping to their lowest level in over a year. However, home prices remain elevated at a median of $388,085, up 3.7% annually.
Pending home sales are down 7.8% year-over-year, the biggest decline in nearly a year. Factors contributing to this include high home prices, confusion about new NAR rules, and buyers waiting for further rate decreases. Despite this, early-stage demand indicators are showing signs of improvement, with Redfin's Homebuyer Demand Index near its highest level since May.
Redfin riporta che il calo dei tassi di interesse sui mutui ha reso i pagamenti per la casa più accessibili rispetto a un anno fa, nonostante i prezzi elevati delle abitazioni. Il pagamento mensile medio per la casa negli Stati Uniti è stato di $2,558 nelle quattro settimane terminate l'8 settembre, con un calo dell'1.3% rispetto all'anno precedente. Questo è dovuto a una diminuzione dei tassi sui mutui, scesi ai livelli più bassi in oltre un anno. Tuttavia, i prezzi delle case rimangono elevati, con una media di $388,085, in aumento del 3.7% su base annua.
Le vendite di case in attesa sono diminuite del 7.8% rispetto all'anno precedente, il maggior calo in quasi un anno. I fattori che contribuiscono a questo includono i prezzi elevati delle abitazioni, confusione riguardo alle nuove regole della NAR e acquirenti che aspettano ulteriori ribassi dei tassi. Nonostante ciò, i fattori di domanda in fase iniziale mostrano segni di miglioramento, con l'Indice della Domanda degli Acquirenti di Redfin vicino al suo livello più alto da maggio.
Redfin informa que la caída de las tasas de interés hipotecario ha hecho que los pagos de vivienda sean más asequibles que hace un año, a pesar de los precios más altos de las casas. El pago mensual medio de vivienda en EE. UU. fue de $2,558 durante las cuatro semanas que terminaron el 8 de septiembre, con una disminución del 1.3% en comparación con el año anterior. Esto se debe a que las tasas hipotecarias han bajado a su nivel más bajo en más de un año. Sin embargo, los precios de las casas siguen elevados, con un promedio de $388,085, un aumento del 3.7% anual.
Las ventas de casas pendientes han caído un 7.8% interanual, el mayor descenso en casi un año. Los factores que contribuyen a esto incluyen los altos precios de las viviendas, la confusión sobre las nuevas reglas de la NAR y los compradores que esperan más disminuciones en las tasas. A pesar de esto, los indicadores de demanda inicial están mostrando signos de mejora, con el Índice de Demanda de Compradores de Redfin cerca de su nivel más alto desde mayo.
레드핀은 모기지 금리가 하락하면서 주택 비용이 작년보다 더 저렴해졌다고 보고했습니다. 이는 주택 가격이 높음에도 불구하고 발생한 일입니다. 미국의 월평균 주택 지급액은 9월 8일로 종료된 4주 동안 $2,558로 1.3% 감소했습니다. 이는 모기지 금리가 1년 이상 최저 수준으로 떨어진 것 때문입니다. 그러나 주택 가격은 여전히 높은 상태이며, 중간값은 $388,085로 연 3.7% 상승했습니다.
보류 중인 주택 판매는 전년대비 7.8% 감소하여 거의 1년 만에 가장 큰 하락폭을 기록했습니다. 이는 높은 주택 가격, NAR의 새로운 규칙에 대한 혼란, 그리고 구매자들이 금리 추가 인하를 기다리고 있기 때문입니다. 그럼에도 불구하고, 초기 단계의 수요 지표는 개선 조짐을 보이고 있으며, 레드핀의 주택 구매자 수요 지수는 5월 이후 가장 높은 수준에 가깝습니다.
Redfin rapporte que la baisse des taux hypothécaires a rendu les paiements pour le logement plus abordables qu'il y a un an, malgré la hausse des prix des maisons. Le paiement mensuel médian pour le logement aux États-Unis était de 2 558 $ pendant les quatre semaines se terminant le 8 septembre, en baisse de 1,3 % par rapport à l'année précédente. Cela est dû à la chute des taux hypothécaires, qui sont tombés à leur niveau le plus bas depuis plus d'un an. Cependant, les prix des maisons restent élevés, avec une médiane de 388 085 $, en hausse de 3,7 % par rapport à l'année précédente.
Les ventes de maisons en attente sont en baisse de 7,8 % par rapport à l'année précédente, la plus forte baisse depuis presque un an. Les facteurs contribuant à cela incluent les prix élevés des maisons, la confusion concernant les nouvelles règles de la NAR et les acheteurs qui attendent de nouvelles baisses des taux. Malgré cela, les indicateurs de demande précoce montrent des signes d'amélioration, l'Indice de Demande d'Acheteurs de Redfin étant proche de son niveau le plus élevé depuis mai.
Redfin berichtet, dass fallende Hypothekenzinsen die Wohnkosten im Vergleich zum letzten Jahr erschwinglicher gemacht haben, trotz höherer Hauspreise. Der durchschnittliche monatliche Wohnkostenbetrag in den USA betrug $2,558 in den vier Wochen bis zum 8. September, was einem Rückgang von 1.3% im Jahresvergleich entspricht. Dies ist darauf zurückzuführen, dass die Hypothekenzinsen gefallen sind und auf dem niedrigsten Stand seit über einem Jahr liegen. Dennoch bleiben die Hauspreise hoch mit einem Median von $388,085, was einem Anstieg von 3.7% im Jahresvergleich bedeutet.
Die ausstehenden Hausverkäufe sind um 7.8% im Jahresvergleich zurückgegangen, der größte Rückgang seit fast einem Jahr. Zu den Faktoren, die dazu beitragen, gehören die hohen Hauspreise, Verwirrung über die neuen NAR-Regeln und Käufer, die auf weitere Zinssenkungen warten. Trotz dessen zeigen die Frühindikatoren der Nachfrage Anzeichen einer Verbesserung, da der Redfin Homebuyer Demand Index nahe dem höchsten Stand seit Mai liegt.
- Median U.S. monthly housing payment decreased 1.3% year-over-year to $2,558
- Mortgage rates have fallen to their lowest level in over a year
- Redfin's Homebuyer Demand Index is near its highest level since May
- Mortgage-purchase applications increased 2% week-over-week
- Median U.S. home-sale price increased 3.7% year-over-year to $388,085
- Pending home sales declined 7.8% annually, the biggest drop in nearly a year
- Total number of homes for sale is down nearly 30% from pre-pandemic levels
- Share of homes sold above list price decreased to 27.9% from 33% year-over-year
Insights
The recent decline in mortgage rates to their lowest level in over a year has led to a 1.3% year-over-year decrease in median U.S. monthly housing payments, now at
Despite improved affordability, pending home sales are down
The inventory situation remains tight, with total homes for sale down nearly
The housing market is showing mixed signals. While affordability is improving due to falling mortgage rates, buyer behavior remains cautious. The Redfin Homebuyer Demand Index is near its highest level since May, suggesting growing interest. However, this hasn't translated into sales yet, with pending home sales down
Regional disparities are evident, with median sale prices varying significantly across metros. Milwaukee leads with an
The upcoming Federal Reserve decision on interest rates could be a pivotal moment for the housing market. If rates are cut as anticipated, it could further boost affordability and potentially trigger the release of pent-up demand. However, persistent high home prices and inventory may continue to challenge potential buyers.
The housing market's current state reflects broader economic uncertainties. The slight improvement in affordability, driven by falling mortgage rates, is a positive sign. However, the hesitation among buyers suggests concerns about economic stability and future housing market trends.
The Federal Reserve's upcoming decision on interest rates will be crucial. A rate cut could further stimulate the housing market by improving affordability. However, it's important to note that such a move would be in response to broader economic concerns, which could counteract the positive effects on housing demand.
The persistent high home prices, despite slowing sales, indicate structural issues in the housing market, particularly the supply constraints. This situation calls for policy interventions to address long-term housing affordability and supply challenges, beyond just manipulating interest rates.
Falling mortgage rates have pushed the median
Housing payments are falling because mortgage rates are falling. Weekly average mortgage rates and daily average rates have both dropped to their lowest level in over a year in anticipation of the Fed cutting interest rates. Housing payments would be falling further if not for stubbornly high home prices: The median
Declining housing payments haven’t yet translated to an uptick in sales; pending home sales are down
“One of my buyers is under contract on a home, but he’s trying to hold off on closing until the end of the month in hopes that rates will come down and he can get more bang for his buck,” said David Palmer, a Redfin Premier agent in
We have seen an uptick in early-stage indicators of demand, so dynamics might be changing. Redfin’s Homebuyer Demand Index–a measure of tours and other buying services from Redfin agents–is near its highest level since May, and mortgage-purchase applications are up
The August CPI report released yesterday was slightly hotter than expected, nudging the Fed toward a 25 bps rate cut at its meeting next week. However, inflation remains cool enough that the Fed could still surprise with a 50 bps cut to get ahead of further weakness in the labor market or simply project the possibility of larger cuts down the road. Mortgage rates, having priced in an aggressive cutting cycle into 2025, are unlikely to move much until we hear from the Fed.
For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page.
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 |
|
Lowest level since February 2023 |
Down from |
Mortgage News Daily |
Weekly average 30-year fixed mortgage rate |
|
Tied with prior week, which was the lowest level in 16 months (aka lowest level since May 2023) |
Down from |
Freddie Mac |
Mortgage-purchase applications (seasonally adjusted) |
|
Increased |
Down |
Mortgage Bankers Association |
Redfin Homebuyer Demand Index (seasonally adjusted) |
|
Up (as of week ending Sept. 8) |
Down |
Redfin Homebuyer Demand Index a measure of tours and other homebuying 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. 8, 2024 |
Year-over-year change |
Notes |
Median sale price |
|
|
About |
Median asking price |
|
|
|
Median monthly mortgage payment |
|
- |
Second-biggest decline since May 2020 (the biggest decline was during the 4 weeks ending August 25, 2024, when payments fell |
Pending sales |
76,504 |
- |
Biggest decline since Oct. 2023, with the exception of the prior 4-week period, when there was a |
New listings |
87,557 |
|
|
Active listings |
996,813 |
|
Smallest increase since April |
Months of supply |
3.8 |
+0.8 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 |
|
Down from |
|
Median days on market |
36 |
+5 days |
|
Share of homes sold above list price |
|
Down from |
|
Share of homes with a price drop |
|
+1.2 pts. |
|
Average sale-to-list price ratio |
|
-0.5 pts. |
|
Metro-level highlights: Four weeks ending Sept. 8, 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 13 metros |
New listings |
|
|
Declined in 11 metros |
To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-housing-payments-becoming-more-affordable
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/20240912606581/en/
Contact Redfin
Redfin Journalist Services:
Tana Kelley
press@redfin.com
Source: Redfin
FAQ
What is the current median U.S. monthly housing payment according to Redfin (RDFN)?
How has the median U.S. home-sale price changed year-over-year as reported by Redfin (RDFN)?
What is the current trend in pending home sales according to Redfin's (RDFN) report?
How has Redfin's (RDFN) Homebuyer Demand Index changed recently?
