Redfin Reports Home Tours Rise Modestly to Start 2025, But That Hasn’t Translated to More Sales
More house hunters are hitting the pavement as the new year starts, but pending home sales are down as daily average mortgage rates hit a seven-month high
There are several reasons a few more buyers are out there: Some have accepted high mortgage rates; daily average rates hit a seven-month high this week and they’re unlikely to decline significantly soon. Some are jumping into the market now that the holidays have passed and a new year has begun, and some are taking advantage of the fact that there are more homes on the market than there have been over the last few years.
“Three of the four offers my clients have made in the last week have competed against other offers with competitive terms, like waiving all contingencies and releasing earnest money early. Some homes are getting multiple offers within 24 hours of hitting the market,” said Emily Lam, a Redfin Premier agent in the
Nationwide, the small increase in tours hasn’t yet translated to an uptick in sales. Pending home sales fell
On the selling side, new listings are down
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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Highest level since May |
Up from |
Mortgage News Daily |
Weekly average 30-year fixed mortgage rate |
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Highest level since July |
Up from |
Freddie Mac |
Mortgage-purchase applications (seasonally adjusted) |
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Down |
Down |
Mortgage Bankers Association |
Redfin Homebuyer Demand Index (seasonally adjusted) |
|
Up |
Up
|
Redfin Homebuyer Demand Index, a measure of tours and other homebuying services from Redfin agents |
Google searches for “home for sale” |
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Up |
Down
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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. 5, 2025 |
Year-over-year change |
Notes |
Median sale price |
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Median asking price |
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Median monthly mortgage payment |
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Pending sales |
50,445 |
- |
Biggest decline since September |
New listings |
44,519 |
- |
Biggest decline in over a year |
Active listings |
892,364 |
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Months of supply |
4.3 |
+0.3 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 |
49 |
+6 days |
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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. 5, 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 1 metro |
Pending sales |
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Increased in 9 metros
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New listings |
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Increased in 13 metros |
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-home-tours-increase-sales-fall
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/20250109998106/en/
Contact Redfin
Redfin Journalist Services:
Tana Kelley
press@redfin.com
Source: Redfin