Redfin's latest data signals a mixed market, edging toward balanced conditions
New listings surged 8% and total housing inventory climbed 10% year-over-year for the four weeks ending December 29, 2024, according to Redfin.
The technology-powered real estate brokerage's latest data reveals shifting market dynamics as more sellers enter the market.
The housing market indicates mixed signals as the median sale price reached $383,750, marking a 6.4% increase from the previous year - the largest gain since October 2022. The median monthly mortgage payment stands at $2,515 with a 6.91% mortgage rate, representing an 8.1% year-over-year increase.
Market activity indicators show subtle shifts across various measures. Pending sales fell 1.1%, but active listings were up 9.7% from the same period last year.
The market has 4.2 months of supply, up 0.5 points from last year, which puts it near the 4-to-5-month threshold that marks balanced market conditions.
Regional differences are pronounced among major metropolitan areas. For median sale price growth, Milwaukee leads at 17.4%, followed by Cleveland at 14.3% and Philadelphia at 13.5%. New listings showed the greatest growth in San Francisco at 48%, while Oakland followed with an increase of 36.6%.
The share of homes selling above list price decreased to 22.9% from 24% the previous year, while the median time on market extended by six days to 47 days. The average sale-to-list price ratio slightly decreased by 0.1 points to 98.3%, reflecting evolving market dynamics.
Metrics from Redfin's survey covering 400+ US metro areas indicate that mortgage-purchase applications were down 13% from two weeks earlier. The data comes as the housing market responds to long-running high interest rates and a shift in the supply-demand balance.
Is the US market finally balancing out? Share us your thoughts below.
