Redfin Reports Housing Supply Ends 2024 On the Rise, Up 12% Year Over Year

Published a day ago via Business Wire

Active listings are rising in part because many homes are lingering on the market, causing supply to pile up

(NASDAQ: RDFN) — Active listings climbed 12% year over year during the four weeks ending December 22, though that was the smallest increase since March, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

Redfin is taking a break from analysis this week, but please see the tables below for the latest housing-market data. Redfin will 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 Redfin uses 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.

For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page.

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.

 

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

To view the full report, including charts, please visit:

https://www.redfin.com/news/housing-supply-rises-to-end-2024

About Redfin

Redfin (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.

Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.

For 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.

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