Housing Market Update: Buyers Have a Few Things to Be Thankful For This Week, With Listings Rising and Mortgage Rates Falling

By Published On: November 22nd, 20233.8 min read
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This article came from Redfin News. If you have any questions or comments, feel free to post here or email me directly at laura@laurabrealtor.com

New listings posted their biggest year-over-year increase since 2021 during the four weeks ending November 19. The median monthly mortgage payment has fallen more than $100 over the last month as rates dropped from 8% to 7.3%. Buyers are acting on the good news: Mortgage-purchase applications increased 4% this week to their highest level in six weeks. 

We’re taking a break from analysis this week, but please see the bullet points and charts below for this week’s housing-market data. We’ll be back with full commentary in next week’s report. Happy Thanksgiving!

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 7.32% (Nov. 22) Down from 7.58% a week earlier; lowest level since mid-September Up from 6.64% Mortgage News Daily 
Weekly average 30-year fixed mortgage rate 7.29% (week ending Nov. 22) Down from two-decade high of 7.79% a month earlier; fourth straight week of declines Up from 6.61% Freddie Mac
Mortgage-purchase applications (seasonally adjusted) Up 4% from a week earlier (as of week ending Nov. 17) Down 20% Mortgage Bankers Association
Redfin Homebuyer Demand Index (seasonally adjusted) Down 3% from a month earlier (as of the week ending Nov. 19)  Down 7% Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents
Google searches for “home for sale” Down 11% from a month earlier (as of Nov. 18) Down 7% Google Trends 
Touring activity Down 23% from the start of the year (as of Nov. 20) At this time last year, it was also down 35% from the start of 2022 ShowingTime, a home touring technology company

Key housing-market data

U.S. highlights: Four weeks ending November 19, 2023

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 November 19, 2023 Year-over-year change Notes
Median sale price $367,750 4.6% Biggest increase in over a year. Prices are up partly because elevated mortgage rates were hampering prices during this time last year
Median asking price $377,099 6.3% Biggest increase in over a year
Median monthly mortgage payment $2,616 at a 7.29% mortgage rate 13% Down $124 from all-time high set a month earlier
Pending sales 66,456 -8%
New listings 73,891 5.2% Biggest uptick in over two years. The increase is partly because new listings were falling at this time last  year. 
Active listings 871,492 -7.3% Smallest decline since June. Near highest level since the start of 2023.  
Months of supply  3.7 months +0.1 pt.  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  34.8% Up from 31%
Median days on market 34 -3  days
Share of homes sold above list price 27.9% Up from 26%
Share of homes with a price drop 6.5% +0.2 pts.
Average sale-to-list price ratio  98.9% +0.4 pts.  Lowest level since April

 

Metro-level highlights: Four weeks ending November 19, 2023

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. 

Metros with biggest year-over-year increases Metros with biggest year-over-year decreases Notes
Median sale price Anaheim, CA (17.4%)

Cincinnati, OH (12.6%)

San Diego, CA (12.6%)

Baltimore, MD (10.2%)

West Palm Beach, FL (9.9%)

Austin, TX (-9.3%)

San Antonio, TX (-3.4%)

Portland, OR (-1.9%)

Fort Worth, TX (-1.2%)

Declined in 4 metros 
Pending sales San Jose, CA (14.2%)

Columbus, OH (4.2%)

Las Vegas (1.2%)

Cincinnati, OH (-22.3%)

New York (-19.1%)

Portland, OR (-18.4%)

Providence, RI (-17%)

New Brunswick, NJ (-15.1%)

Increased in 3 metros
New listings San Jose, CA (25.6%)

Phoenix (20.8%)

West Palm Beach, FL (18.5%)

Orlando, FL (16.5%)

Pittsburgh, PA (13.2%)

Atlanta (-16.1%)

San Francisco (-10.3%)

Seattle (-10.3%)

Newark, NJ (-8.8%)

Providence, RI (-5.5%)

Declined in 16 metros

Refer to our metrics definition page for explanations of all the metrics used in this report.

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