This follows weeks of mortgage rate declines and listings increases
A report by Redfin, a real estate brokerage, found that US pending homes sales dropped by 4% year-over-year during n the four weeks that ended on December 24. This was the smallest decline seen since March 2022.
The Redfin Homebuyer Demand Index saw a 6% increase from the previous month as of the week ending December 24. This was a 6% decrease year-over-year.
The daily average 30-year fixed mortgage rate reached its lowest level since May at 6.61%. This was a slight increase from the 6.50% in the previous year. Meanwhile, the weekly average 30-year fixed mortgage rate was at 6.61%, which was the lowest level since June and was a notable increase from the 6.27% in the previous year.
National metrics found that the median sale price was $364,250 in the four weeks ending December 24. This was a 4.5% change year-over-year and the biggest increase seen since October 2022. This was caused by the rapid rise of mortgage rates hampering prices during the previous year.
New listings reached 53,243 the biggest increase since June 2021, marking a 12.2% increase year-over-year. Active listings were at 817,863 which was a 3.8% decline year-over-year, the smallest decline since June.
Markets that saw the biggest year-over-year increases with median sale prices were: Anaheim, CA (18.2%), Newark, NJ (17%), Fort Lauderdale, FL (13.6%), West Palm Beach, FL (13.2%), and Miami (12.6%), while the biggest year-over-year decreases were seen in Austin, TX (-4%), Fort Worth, TX (-2.2%), and San Francisco (-1.1%).
While listings declined in 10 metros Phoenix (31.5%), San Antonio (25.6%), Dallas (21.4%), Washington, D.C. (20.6%), and Montgomery County, PA (19.6%) saw the largest increases in new listings. Meanwhile, San Francisco (-25.7%), Indianapolis, IN (-12.8%), Atlanta (-11.5%), Warren, MI (-6.4%), and Newark (-3.9%) saw the biggest decreases in new listings year-over-year.
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