Housing Supply Ends 2024 On the Rise, Up 12% Year Over Year
Active listings are rising in part because many homes are lingering on the market, causing supply to pile up.
We’re taking a break from analysis this week, but please see the tables and charts below for this week’s housing-market data. We’ll be back with full commentary after the holidays.
Note: Some metrics are showing weakness compared to a year earlier due to the timing of the Thanksgiving holiday; the four-week period ending Dec. 22, 2024 that we use in the final two tables below includes Thanksgiving, while the comparable period a year earlier (four weeks ending Dec. 24, 2023) does not include 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 | 7.16% (Dec. 26) | Up from 7.14% a week earlier | Up from 6.67% | Mortgage News Daily |
| Weekly average 30-year fixed mortgage rate | 6.85% (week ending Dec. 26) | Up from 6.72% one week earlier | Up from 6.61% | Freddie Mac |
| Redfin Homebuyer Demand Index (seasonally adjusted) | 0% change from a month earlier | Up 4% | Redfin Homebuyer Demand Index a measure of tours and other homebuying services from Redfin agents | |
| Touring activity | Down 52.9% from the start of the year (as of Dec. 25) | At this time last year, it was down 57.7% from the start of 2023 | ShowingTime, a home touring technology company | |
| Google searches for “home for sale” | Up 1.5% from a month earlier (as of Dec. 26) | Down 26.1% | Google Trends | |
Key housing-market data
| U.S. highlights: Four weeks ending Dec. 22, 2024
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 Dec. 22, 2024 | Year-over-year change | Notes | |
| Median sale price | $383,725 | 6% | |
| Median asking price | $376,000 | 5% | |
| Median monthly mortgage payment | $2,519 at a 6.85% mortgage rate | 7.1% | |
| Pending sales | 58,267 | -3.4% | First drop in three months |
| New listings | 54,077 | 0% | |
| Active listings | 954,703 | 12% | Smallest increase since March |
| Months of supply | 4 | +0.6 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 | 25.1% | Down from 27.1% | |
| Median days on market | 45 | +6 days | |
| Share of homes sold above list price | 23.3% | Down from 25.1% | |
| Average sale-to-list price ratio | 98.4% | -0.1 pt. | |
|
Metro-level highlights: Four weeks ending Dec. 22, 2024 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. |
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|---|---|---|---|
| Metros with biggest year-over-year increases | Metros with biggest year-over-year decreases | Notes | |
| Median sale price | Philadelphia (17.1%)
Milwaukee (14.3%) Cleveland (13.3%) Nassau County, NY (12%) Warren, MI (11.3%) |
N/A | Declined in 0 metros |
| Pending sales | Detroit (7.8%)
Anaheim, CA (6.5%) Providence, RI (5.7%) Phoenix (3.8%) Pittsburgh (3.2%) |
San Antonio (-17.4%)
Orlando, FL (-14%) Houston (-13.7%) Newark, NJ (-11.3%) Miami (-10.6%) |
Increased in 12 metros |
| New listings | Oakland, CA (9%)
Las Vegas (8.9%) Tampa, FL (8.8%) Phoenix (8.7%) Virginia Beach, VA (8.4%) |
San Antonio (-18.3%)
Nassau County (-13.9%) Boston (-12.5%) Austin, TX (-12.1%) Orlando (-12.1%) |
Increased in 18 metros |
Refer to our metrics definition page for explanations of all the metrics used in this report.
The post Housing Supply Ends 2024 On the Rise, Up 12% Year Over Year appeared first on Redfin Real Estate News.
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