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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Redfin Corporation | NASDAQ:RDFN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.39 | 6.49% | 6.40 | 6.37 | 6.40 | 6.41 | 6.03 | 6.12 | 3,819,029 | 21:54:13 |
Homebuyers came out of the woodwork as mortgage rates posted the biggest monthly decline since 2008
(NASDAQ: RDFN) — Pending home sales rose 4.1% month over month in December on a seasonally adjusted basis–the biggest increase since September 2021–to the highest level in more than a year. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. They climbed 5.9% from a year earlier, the biggest annual gain since June 2021.
Pending sales jumped because a steep drop in mortgage rates lured buyers to the market. The average 30-year-fixed mortgage rate fell to 6.82% in December from 7.44% in November, the biggest monthly decline since 2008. Buyers who were casually looking when rates were above 7% are now getting serious, Redfin agents say.
The dip in mortgage rates has also brought sellers off of the sidelines, though they haven’t returned with as much intensity as buyers, likely because a majority of them don’t want to give up the ultra low mortgage rate they scored during the pandemic. New listings rose 0.1% month over month to the highest seasonally adjusted level since September 2022, and were up 2.7% year over year—the largest increase since July 2021.
While housing supply has ticked up, it remains below pre-pandemic levels. Active listings, or the total number of homes for sale, rose 3.1% month over month on a seasonally adjusted basis but fell 5.1% from a year earlier.
“We’re definitely seeing an uptick in activity from both buyers and sellers,” said Abby Alwan, a Redfin Premier real estate agent in Austin, TX. “I have two listings in the suburbs that six months ago would’ve sat on the market. But all of a sudden, buyers are coming out of the woodwork thanks to lower rates. More folks are looking to have conversations about what they need to do to enter the market now that they’ve seen improvement in the market.”
It’s worth noting that while demand jumped in December, January is off to a slower-than-expected start, likely due to severe winter weather. Redin economists expect the market to pick up as spring approaches, so long as mortgage rates don’t shoot up.
Home Prices Post Largest Increase in Over a Year
The median U.S. home sale price climbed 4% year over year to $403,714 in December, the biggest annual increase since October 2022, and fell 1.1% month over month. Please note that home price data is not seasonally adjusted, and it is not unusual for prices to slow from a month earlier in December.
The recent uptick in homebuyer demand is likely contributing to the rise in housing prices, but the primary driver of price increases is America’s persistent shortage of homes for sale, which is fueling competition in some areas.
“Bidding wars are happening again, but they’re much more reasonable than they were during the pandemic homebuying frenzy,” Alwan said. “Houses are getting between one and five competing bids, and instead of offering one or two hundred thousand dollars over the asking price, competitive buyers are offering 3% to 5% over.”
December 2023 Highlights: United States
December 2023
Month-Over-Month Change
Year-Over-Year Change
Median sale price
$403,714
-1.1%
4%
Pending sales, seasonally adjusted
425,466
4.1%
5.9%
Homes sold, seasonally adjusted
407,255
-0.5%
-4%
New listings, seasonally adjusted
511,136
0.1%
2.7%
All homes for sale, seasonally adjusted (active listings)
1,569,438
3.1%
-5.1%
Months of supply
2.6
-0.3
0
Median days on market
43
6
-2
Share of for-sale homes with a price drop
14.2%
-5 ppts
0.5 ppts
Share of homes sold above final list price
25.5%
-3.3 ppts
2.5 ppts
Average sale-to-final-list-price ratio
98.6%
-0.4 ppts
0.5 ppts
Pending sales that fell out of contract, as % of overall pending sales
16.2%
-0.1 ppts
0.7 ppts
Average 30-year fixed mortgage rate
6.82%
-0.63 ppts
0.45 ppts
Metro-Level Highlights: December 2023
To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-tracker-december-2023
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, title insurance, and renovations services. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with same day tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we've saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 4,000 people.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240119495504/en/
Contact Redfin Redfin Journalist Services: Ally Braun, 206-588-6863 press@redfin.com
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