U.S. House Costs Hit New All-Time Excessive, Pushing Pending Gross sales Down 5%

Pending home sales posted their biggest decline since February during the four weeks ending June 30. The good news for prospective buyers: There are more new listings to choose from, and monthly housing payments are down nearly $100 from their April peak as mortgage rates decline.
We’re taking a break from analysis this week; please see the bullet point and charts below for the latest housing-market data. We’ll be back with full commentary in next week’s report. Happy 4th of July!
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 | 7.13% (July 2) | Up from a 3-month low of 6.97% three weeks earlier, but down from a 5-month high of 7.52% in early May | Up from 7.03% | Mortgage News Daily |
Weekly average 30-year fixed mortgage rate | 6.86% (week ending June 27) | 4th straight week of declines; lowest level since week ending April 4 | Up from 6.71% | Freddie Mac |
Mortgage-purchase applications (seasonally adjusted) | Decreased 3% from a week earlier (as of week ending June 28) | Down 12% | Mortgage Bankers Association | |
Redfin Homebuyer Demand Index (seasonally adjusted) | Essentially unchanged from a month earlier (as of week ending June 30) | Down 17% | Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents | |
Touring activity | Up 21% from the start of the year (as of June 30) | At this time last year, it was also up 11% from the start of 2023 | ShowingTime, a home touring technology company | |
Google searches for “home for sale” | Down 4% from a month earlier (as of July 1) | Down 20% | Google Trends |
Key housing-market data
U.S. highlights: Four weeks ending June 30, 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. |
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Four weeks ending June 30, 2024 | Year-over-year change | Notes | |
Median sale price | $397,954 | 4.9% | All-time high; biggest increase since March |
Median asking price | $409,975 | 6.1% | Biggest increase since October 2022 |
Median monthly mortgage payment | $2,749 at a 6.86% mortgage rate | 6.5% | $88 below all-time high set during the 4 weeks ending April 28 |
Pending sales | 87,160 | -4.6% | Biggest decline in 4 months |
New listings | 100,989 | 9.9% | Biggest increase in 2 months |
Active listings | 967,516 | 17.5% | |
Months of supply | 3.3 | +0.7 pts. | 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 | 41.6% | Down from 47% | |
Median days on market | 32 | +5 days | |
Share of homes sold above list price | 32.3% | Down from 36% | |
Share of homes with a price drop | 6.9% | +2.1 pts. | Highest level on record |
Average sale-to-list price ratio | 99.7% | -0.3 pts. |
Metro-level highlights: Four weeks ending June 30, 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. |
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Metros with biggest year-over-year increases | Metros with biggest year-over-year decreases | Notes | |
Median sale price | Anaheim, CA (14.7%)
Newark, NJ (13.5%) Nassau County, NY (12.6%) New Brunswick, NJ (11.7%) Fort Lauderdale, FL (11.1%) |
Austin, TX (-2.1%)
Dallas (-1.5%) San Antonio (-0.2%) |
Declined in 3 metros |
Pending sales | San Jose, CA (18.2%)
San Francisco (6.1%) Pittsburgh (4.8%) Providence, RI (2.8%) Boston (2.2%) |
West Palm Beach, FL (-16.4%)
Houston (-13.4%) Atlanta (-12%) Miami (-11.7%) Minneapolis (-10.7%) |
Increased in 9 metros |
New listings | San Jose, CA (49.2%)
Seattle (28.7%) Miami (24.8%) Boston (24.3%) Montgomery County, PA (22.2%) |
Atlanta (-7.7%)
Detroit (-0.4%) |
Declined in 2 metros |
Refer to our metrics definition page for explanations of all the metrics used in this report.