Redfin Reports Home Prices Keep Climbing, But at Slowest Pace Since Early 2023
Redfin's latest report reveals U.S. home prices rose 0.2% in June, the smallest monthly increase since January 2023. Prices were up 6.9% year-over-year, the lowest annual growth since January. The Redfin Home Price Index (RHPI) shows prices continue to set record highs despite fewer buyers competing due to high mortgage rates.
Key points:
- Price growth has been slowing each month since February
- Falling mortgage rates and low inventory likely to keep prices rising slowly
- 19 of the 50 most populous U.S. metro areas saw price drops in June
- Largest declines: Nassau County, NY (-3.1%), Austin, TX (-1.7%), West Palm Beach, FL (-1.1%)
Redfin Senior Economist Sheharyar Bokhari expects prices to continue ticking up in coming months due to falling mortgage rates and low inventory levels.
Il report più recente di Redfin rivela che i prezzi delle case negli Stati Uniti sono aumentati dello 0,2% a giugno, il più piccolo incremento mensile dal gennaio 2023. I prezzi sono aumentati del 6,9% su base annua, la crescita annuale più bassa dal gennaio. L'Indice dei Prezzi delle Case Redfin (RHPI) mostra che i prezzi continuano a stabilire record storici nonostante un numero ridotto di acquirenti dovuto ai tassi ipotecari elevati.
Punti chiave:
- La crescita dei prezzi è rallentata ogni mese da febbraio
- I tassi ipotecari in calo e la bassa disponibilità probabilmente continueranno a far aumentare i prezzi lentamente
- 19 delle 50 aree metropolitane più popolose degli Stati Uniti hanno registrato cali di prezzo a giugno
- Le maggiori diminuzioni: Contea di Nassau, NY (-3,1%), Austin, TX (-1,7%), West Palm Beach, FL (-1,1%)
Il Senior Economist di Redfin, Sheharyar Bokhari, prevede che i prezzi continueranno a salire nei prossimi mesi grazie ai tassi ipotecari in calo e ai livelli di disponibilità ridotti.
El último informe de Redfin revela que los precios de las casas en EE. UU. aumentaron un 0,2% en junio, el incremento mensual más pequeño desde enero de 2023. Los precios subieron un 6,9% en comparación con el año anterior, el crecimiento anual más bajo desde enero. El Índice de Precios de Viviendas de Redfin (RHPI) muestra que los precios siguen estableciendo máximos históricos a pesar de que hay menos compradores debido a las altas tasas hipotecarias.
Puntos clave:
- El crecimiento de los precios ha ido disminuyendo cada mes desde febrero
- La caída de las tasas hipotecarias y el bajo inventario probablemente mantendrán los precios en aumento lento
- 19 de las 50 áreas metropolitanas más pobladas de EE. UU. vieron caídas en los precios en junio
- Las mayores caídas: Condado de Nassau, NY (-3,1%), Austin, TX (-1,7%), West Palm Beach, FL (-1,1%)
El economista senior de Redfin, Sheharyar Bokhari, espera que los precios sigan subiendo en los próximos meses debido a la caída de las tasas hipotecarias y los bajos niveles de inventario.
레드핀의 최신 보고서에 따르면 미국 주택 가격은 6월에 0.2% 상승했다, 이는 2023년 1월 이후 가장 작은 월별 증가폭이다. 가격은 전년 대비 6.9% 상승했으며, 이는 1월 이후 가장 낮은 연간 성장률이다. 레드핀 주택 가격 지수(RHPI)는 높은 모기지 금리로 인해 경쟁하는 구매자가 줄어들었음에도 불구하고 가격이 계속해서 최고치를 경신하고 있음을 보여준다.
주요 사항:
- 가격 상승은 2월 이후 매달 둔화되고 있다
- 하락하는 모기지 금리와 낮은 재고가 가격 상승세를 지탱할 가능성이 높다
- 미국에서 가장 인구가 많은 50개 대도시 중 19개 지역이 6월에 가격 하락을 경험했다
- 가장 큰 하락폭: 뉴욕 내사우 카운티(-3.1%), 텍사스 오스틴(-1.7%), 플로리다 웨스트 팜 비치(-1.1%)
레드핀의 수석 경제학자인 셰하리야르 보카리는 모기지 금리의 하락과 낮은 재고 수준으로 인해 향후 몇 달 동안 가격이 계속 상승할 것으로 예상하고 있다.
Le dernier rapport de Redfin révèle que les prix des maisons aux États-Unis ont augmenté de 0,2% en juin, la plus petite augmentation mensuelle depuis janvier 2023. Les prix ont augmenté de 6,9% par rapport à l'année précédente, la plus faible croissance annuelle depuis janvier. L'Indice des Prix des Maisons de Redfin (RHPI) montre que les prix continuent d'atteindre des records malgré un nombre réduit d'acheteurs en raison des taux hypothécaires élevés.
Points clés :
- La croissance des prix a ralenti chaque mois depuis février
- La baisse des taux hypothécaires et l'inventaire bas devraient maintenir une augmentation lente des prix
- 19 des 50 zones métropolitaines les plus peuplées des États-Unis ont enregistré une baisse des prix en juin
- Les plus grandes baisses : Comté de Nassau, NY (-3,1%), Austin, TX (-1,7%), West Palm Beach, FL (-1,1%)
Sheharyar Bokhari, économiste senior chez Redfin, s'attend à ce que les prix continuent d'augmenter dans les mois à venir grâce à la baisse des taux hypothécaires et à un faible niveau d'inventaire.
Der neueste Bericht von Redfin zeigt, dass die US-Hauspreise im Juni um 0,2% gestiegen sind, die geringste monatliche Steigerung seit Januar 2023. Die Preise sind im Jahresvergleich um 6,9% gestiegen, das ist das niedrigste jährliche Wachstum seit Januar. Der Redfin House Price Index (RHPI) zeigt, dass die Preise trotz weniger Käufer, die aufgrund hoher Hypothekenzinsen konkurrieren, weiterhin Rekordhöhen erreichen.
Wichtige Punkte:
- Das Preiswachstum hat jeden Monat seit Februar nachgelassen
- Sinkende Hypothekenzinsen und niedriges Angebot werden wahrscheinlich die Preise langsam weiter steigen lassen
- 19 der 50 bevölkerungsreichsten US-Metropolregionen verzeichneten im Juni Preisrückgänge
- Die größten Rückgänge: Nassau County, NY (-3,1%), Austin, TX (-1,7%), West Palm Beach, FL (-1,1%)
Der leitende Ökonom von Redfin, Sheharyar Bokhari, erwartet, dass die Preise in den kommenden Monaten aufgrund sinkender Hypothekenzinsen und niedriger Bestandsniveaus weiter ansteigen werden.
- Home prices rose 0.2% month-over-month in June
- Prices were up 6.9% year-over-year
- Home prices continue to set record highs
- June saw the smallest monthly price increase since January 2023
- Annual price growth is at its lowest since January
- 19 of the 50 most populous U.S. metro areas recorded price drops in June
Insights
The current data from Redfin highlights several important trends in the housing market. A 0.2% increase in June indicates the slowest month-over-month growth since January 2023, suggesting a cooling trend in home price acceleration. This is important for investors in the real estate sector as it may signal a potential shift in market dynamics. Historically, rising home prices have been a key factor driving returns in real estate investments. However, the deceleration in price growth could affect profit margins for real estate companies and investment trusts.
Furthermore, the year-over-year increase of 6.9%, although still positive, is the lowest since January, which should be a red flag for those heavily invested in real estate stocks. The slowing growth might be a result of elevated mortgage rates and limited inventory, which are factors that also signal tighter market conditions. Investors should keep an eye on mortgage rate trends and inventory levels as these will be strong indicators of future market performance.
Short-term, the market may see minor upticks due to falling mortgage rates, but the overall impact on stock prices of real estate companies could be muted unless there is a significant change in buyer behavior or inventory levels.
From a market research perspective, the Redfin Home Price Index (RHPI) offers valuable insights into consumer behavior and market health. The slight month-over-month increase in home prices reflects cautious buyer sentiment, likely due to high mortgage rates. While the RHPI's earlier publication compared to other indices like the S&P CoreLogic Case-Shiller provides timely data, the slowest price growth since January 2023 could indicate waning demand and economic uncertainty among potential homebuyers.
Long-term, the implications could be mixed. On one hand, lower inventory and falling mortgage rates could stabilize the market and support home prices. On the other hand, a persistent slowdown in price growth might deter new investments in the housing sector. For retail investors, this translates to a need for a balanced portfolio approach—considering both short-term gains from falling mortgage rates and long-term risks associated with slower price growth.
Overall, the data suggests a period of moderation in the housing market, which could offer opportunities for strategic investments but also warrants caution due to the potential for continued slow growth.
The economic landscape surrounding the housing market is complex, influenced by factors such as mortgage rates, inventory levels and broader economic conditions. The Redfin report indicates a 0.2% rise in home prices for June, the smallest increase in months, pointing towards a cooling off period. For economists, this is a signal that the housing market, while still growing, is facing headwinds that could impact economic growth overall.
Falling mortgage rates might provide some relief, but they also reflect underlying economic uncertainties that could dampen consumer confidence. Additionally, the fact that inventory remains low means that supply constraints are still a significant issue. This imbalance between supply and demand has kept prices high, albeit at a slower growth rate.
For stakeholders, the implications are twofold: there might be opportunities to capitalize on short-term market adjustments, but caution is advised due to the potential for economic volatility. Monitoring these economic indicators will be key for navigating investments in the housing market.
Falling mortgage rates and relatively low inventory levels are likely to keep prices ticking up slowly in coming months
This is according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing method to calculate seasonally adjusted changes in prices of single-family homes. The RHPI measures sale prices of homes that sold during a given period and how those prices have changed since the last time those same homes sold. It’s similar to the S&P CoreLogic Case-Shiller Home Price Indices but publishes more than one month earlier. June data covers the three months ending June 30, 2024.
Home prices keep setting record highs, even as fewer buyers compete with one another due to elevated mortgage rates. The rate of price growth, however, has been slowing each month since February.
“Even though price growth has been slowing down, falling mortgage rates and lower-than-usual inventory levels are likely to keep prices ticking up in the coming months,” said Redfin Senior Economist Sheharyar Bokhari. “The Redfin Home Price Index has only fallen twice in its 12 year history—in August and September 2022, when mortgage rates and inventory spiked significantly. Those things are unlikely to happen this year.”
Few Metros See Home Price Declines
More than a third (19) of the 50 most populous
To view the full report, including charts and additional metro-level data, please visit: https://www.redfin.com/news/home-price-index-june-2024
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/20240723334022/en/
Redfin Journalist Services:
Ally Braun, 206-588-6863
press@redfin.com
Source: Redfin
FAQ
What was the month-over-month change in U.S. home prices for June 2024 according to Redfin (RDFN)?
How much did home prices increase year-over-year in June 2024 based on Redfin's (RDFN) data?
Which U.S. metro area saw the largest home price decline in June 2024 according to Redfin (RDFN)?
What factors does Redfin (RDFN) predict will influence home prices in the coming months?
