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

News provided by business wire2024-12-27

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

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

SEATTLE--(BUSINESS WIRE)-- (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.