Redfin Reports Early-Stage Homebuying Demand Jumps to Its Highest Level in 15 Months Despite High Mortgage Rates

Business Wire2024-11-21

The number of homebuyers and sellers contacting Redfin agents has jumped over the last week, with Redfin’s Homebuyer Demand Index posting its biggest year-over-year increase since early 2022 SEATTLE, ...

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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRedfin Reports Early-Stage Homebuying Demand Jumps to Its Highest Level in 15 Months Despite High Mortgage Rates\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-21 21:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/redfin-reports-early-stage-homebuying-130000237.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The number of homebuyers and sellers contacting Redfin agents has jumped over the last week, with Redfin’s Homebuyer Demand Index posting its biggest year-over-year increase since early 2022\nSEATTLE, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/redfin-reports-early-stage-homebuying-130000237.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4079","symbol_name":"房地产服务","start_time":0,"source_url":"https://finance.yahoo.com/news/redfin-reports-early-stage-homebuying-130000237.html","article_id":"2485495625","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/Rkuf4FAe5eJjwzfG2PQVmQ--~B/aD01MTg7dz0xNTAxO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/business-wire.com/6c655225f9d9aa48670a084ebe4364d5"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2485495625","pubTimestamp":1732194000,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"The number of homebuyers and sellers contacting Redfin agents has jumped over the last week, with Redfin’s Homebuyer Demand Index posting its biggest year-over-year increase since early 2022. The number of people contacting Redfin agents for help buying and/or selling their home is up by double digits from a year ago. Redfin’s Homebuyer Demand Index–a seasonally adjusted measure of those contacts–rose 17% year over year to its highest level since August 2023, continuing an increase that started immediately after the election. That 17% increase is the biggest since January 2022. It’s worth noting that Redfin is comparing to a period in 2023 when high mortgage rates were pushing down demand. Today’s weekly average mortgage rate is 6.78%, compared to 7.44% a year ago. Mortgage-purchase applications are up 2% week over week, and pending home sales rose 4.5% year over year during the four weeks ending November 17, in line with the increases seen over the last month and a half.For Redfin eco","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4079":"房地产服务","RDFN":"Redfin Corp","BK4548":"巴美列捷福持仓","SSI":"Stage Stores Inc"},"translate_title":"Redfin报告称，尽管抵押贷款利率较高，但早期购房需求仍跃升至15个月来的最高水平","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SSI":1,"RDFN":0.9},"content_text":"The number of homebuyers and sellers contacting Redfin agents has jumped over the last week, with Redfin’s Homebuyer Demand Index posting its biggest year-over-year increase since early 2022\nSEATTLE, November 21, 2024--(BUSINESS WIRE)--(NASDAQ: RDFN) — Homebuyers are jumping into the market now that the election has passed and the Fed has cut interest rates for the second time in a row. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.\nThe number of people contacting Redfin agents for help buying and/or selling their home is up by double digits from a year ago. Redfin’s Homebuyer Demand Index–a seasonally adjusted measure of those contacts–rose 17% year over year to its highest level since August 2023, continuing an increase that started immediately after the election. That 17% increase is the biggest since January 2022. It’s worth noting that Redfin is comparing to a period in 2023 when high mortgage rates were pushing down demand. Today’s weekly average mortgage rate is 6.78%, compared to 7.44% a year ago. Mortgage-purchase applications are up 2% week over week, and pending home sales rose 4.5% year over year during the four weeks ending November 17, in line with the increases seen over the last month and a half.\n\"The burst of buyers and sellers jumping into the market is the result of pent-up demand from people who were waiting for the election to pass, and for the Fed to cut interest rates a second time,\" said Redfin Economic Research Lead Chen Zhao. \"Even though mortgage rates have been rising since both of those things happened, house hunters who had pressed pause are jumping back in. Now we’re keeping a close eye on whether this is a short post-election boom, or if it translates into a steady improvement in pending sales.\"\nNew listings rose marginally (0.4%) year over year, and the total number of homes for sale is up 11.8%.\n\"The market is moving surprisingly quickly right now, given that rates are fairly high and we’re well into fall, when buyers and sellers are typically winding down for the holidays,\" said Meme Loggins, a Redfin Premier agent in Portland, OR. \"Some homebuyers are still having trouble getting over the psychological barrier of high mortgage rates, but plenty others are accepting that rates aren’t coming down anytime soon and taking out conventional or FHA loans. I’m advising buyers who can afford today’s high costs to move forward because prices are lower in this area than they were a year ago, and they’re likely to shoot back up soon as competition heats up. And sellers should consider listing now, because there are serious buyers out there–especially for desirable homes.\"\nFor Redfin economists’ takes on the housing market, please visit Redfin’s \"From Our Economists\" page.\n\n\n\nIndicators of homebuying demand and activity\n\n\n\nValue (if applicable)\nRecent change\nYear-over-year change\nSource\n\n\nDaily average 30-year fixed mortgage rate\n7.05% (Nov. 20)\nNear highest level since July, but down from 7.13% 2 weeks earlier\nDown from 7.37%\nMortgage News Daily\n\n\nWeekly average 30-year fixed mortgage rate\n6.78% (week ending Nov. 14)\nNear highest level since July\nDown from 7.44%\nFreddie Mac\n\n\nMortgage-purchase applications (seasonally adjusted)\n\nUp 2% from a week earlier (as of week ending Nov. 15)\nDown 1%\nMortgage Bankers Association\n\n\nRedfin Homebuyer Demand Index (seasonally adjusted)\n\nHighest level since August 2023(as of week ending Nov. 17)\nUp 17%Biggest increase in nearly 3 years\nRedfin Homebuyer Demand Index a measure of tours and other homebuying services from Redfin agents\n\n\nTouring activity\n\nDown 3% from the start of the year (as of Nov. 16)\nAt this time last year, it was down 19% from the start of 2023\nShowingTime, a home touring technology company\n\n\nGoogle searches for \"home for sale\"\n\nUp 15% from a month earlier (as of Nov. 18)\nUnchanged\nGoogle Trends\n\n\n\nKey housing-market data\n\n\n\nU.S. highlights: Four weeks ending Nov. 17, 2024Redfin’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.\n\n\n\nFour weeks ending Nov. 17, 2024\nYear-over-year change\nNotes\n\n\nMedian sale price\n$387,475\n6.4%\nBiggest increase since Oct. 2022\n\n\nMedian asking price\n$389,173\n4.6%\n\n\n\nMedian monthly mortgage payment\n$2,593 at a 6.78% mortgage rate\n0.5%\n\n\n\nPending sales\n72,034\n4.5%\n\n\n\nNew listings\n76,114\n0.4%\n\n\n\nActive listings\n1,015,975\n11.8%\nSmallest increase since March\n\n\nMonths of supply\n4\n+0.3 pts.\n4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions.\n\n\nShare of homes off market in two weeks\n30.1%\nDown from 35%\n\n\n\nMedian days on market\n42\n+7 days\n\n\n\nShare of homes sold above list price\n25.1%\nDown from 28%\n\n\n\nAverage sale-to-list price ratio\n98.6%\n-0.2 pts.\n\n\n\n\n\n\n\nMetro-level highlights: Four weeks ending Nov. 17, 2024Redfin’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.\n\n\n\nMetros with biggest year-over-year increases\nMetros with biggest year-over-year decreases\nNotes\n\n\nMedian sale price\nCleveland (13.7%)Newark, NJ (12.5%)Milwaukee (12.4%)Detroit (11.8%)Miami (11.5%)\nAtlanta (-0.8%)San Antonio (-0.3%)\nDeclined in 2 metros\n\n\nPending sales\nSan Jose, CA (17.8%)Dallas (17.4%)New York (15.5%)Portland, OR (14.9%)Fort Worth, TX (14.1%)\nMiami (-14.3%)Fort Lauderdale, FL (-12.8%)West Palm Beach, FL (-11.7%)Atlanta (-5.7%)Houston (-5.3%)\nIncreased in 38 metros\n\n\nNew listings\nWashington, D.C. (15.3%)San Francisco (15.1%)Seattle (14.3%)New York (12.8%)Baltimore (8.3%)\nAustin, TX (-21.4%)Atlanta (-16.3%)San Antonio (-15%)Las Vegas (-13.1%)Detroit (-9%)\nDeclined in 20 metros\n\n\n\nTo view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-homebuying-demand-jumps\nAbout Redfin\nRedfin (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 $1.6 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.\nRedfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.\nFor 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.\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241121487099/en/\nContacts\nContact RedfinRedfin Journalist Services:Tana Kelleypress@redfin.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.2","shortVersion":"4.30.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485495625"}