Redfin Reports High Housing Payments Are Slowing Home Sales, But Buyers Could Get Relief Soon
In
High housing costs are one factor keeping many would-be homebuyers on the sidelines. Pending home sales are down
Other factors pushing down pending sales are extreme cold and snow in some parts of the country, wildfires in
There are signals homebuyers could get cost relief soon. Daily average mortgage rates started coming down last week after a softer-than-expected CPI report, and Redfin economists expect rates to decline more if President Trump continues to signal he will be less aggressive on tariffs than expected. And sale-price increases may be losing momentum; the
The ongoing
Roughly one of every six (
Online views of rental listings in
“I’m focused on helping families displaced by the fires find short-term housing, which is challenging because rentals are moving at an incredibly fast pace,” said Erik Miles, a Redfin Premier agent in the
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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Value (if applicable) |
Recent change |
Year-over-year change |
Source |
Daily average 30-year fixed mortgage rate |
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Down from |
Up from |
Mortgage News Daily |
Weekly average 30-year fixed mortgage rate |
|
Highest level since May |
Up from |
Freddie Mac |
Mortgage-purchase applications (seasonally adjusted) |
|
Up |
Up |
Mortgage Bankers Association |
Redfin Homebuyer Demand Index (seasonally adjusted) |
|
Up slightly from a week earlier, but still near lowest level since June (as of week ending Jan. 19) |
Up
|
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 essentially flat from the start of 2024 |
ShowingTime, a home touring technology company |
Google searches for “home for sale” |
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Up |
Unchanged
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Google Trends |
Key housing-market data |
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Redfin’s national metrics include data from 400+ |
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Four weeks ending Jan. 19, 2025 |
Year-over-year change |
Notes |
Median sale price |
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Smallest increase since October |
Median asking price |
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Median monthly mortgage payment |
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Highest level since June |
Pending sales |
51,122 |
- |
Biggest decline since October 2023 |
New listings |
54,982 |
- |
|
Active listings |
859,262 |
|
Smallest increase in nearly a year |
Months of supply |
5 |
+0.2 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 |
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Down from |
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Median days on market |
52 |
+6 days to highest level in 2 years |
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Share of homes sold above list price |
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Down from |
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Average sale-to-list price ratio |
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Essentially unchanged |
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Metro-level highlights: Four weeks ending Jan. 19, 2025
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 decreases |
Notes |
Median sale price |
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Declined in 5 metros |
Pending sales |
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Increased in 1 metro
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New listings |
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Increased in 18 metros |
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-high-housing-costs-push-down-sales
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, and title insurance 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. 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/20250123278500/en/
Contact Redfin
Redfin Journalist Services:
Tana Kelley
press@redfin.com
Source: Redfin