Tag Archives: median days on market

Monthly mortgage prices have dropped by a few hundred dollars since October, reaching their lowest level in nearly a year.

It’s a chicken-or-egg situation for homebuyers and sellers. Demand is rising partly due to an uptick in new listings, and listings are increasing partly because sellers are noticing more buyers enter the market.

Once known for its speed and red-hot market, Austin, Texas, is now one of the slowest housing markets in the U.S. A new Redfin report examines the factors in play.

Sixty thousand home purchases fell through in August, a recent high, for reasons ranging from inflation to mortgage interest rates and evaporating work-from-home opportunities. Click through to dive into the data behind this trend.

According to Dana Anderson, a Data Journalist for Redfin, median sales prices occurred in eight of the top 50 metropolitan markets, while pending sales fell in all 50 markets at an average rate of 13%.

Redfin's latest housing market update showed that the total share of homes on the market is down nearly 18% year-over-year, representing the biggest decline since February 2022. A significant lack of homes for sale caused home prices to rise nearly 5% annually, as mortgage-purchase applications remain at their lowest level in nearly three decades.

While economic uncertainties remain a struggle for many Americans, rate hikes continued to slow overall housing market activity in August as mortgage rates reached their highest in over two decades, according to HouseCanary's Market Pulse report.

“Fading recession fears and the prospect of further home price increases have brought some house hunters off the sidelines, but for the most part, buyers remain hesitant to jump into the market because their buying power is so much lower than it was a year ago,” said Redfin Chief Economist Daryl Fairweather.

According to HouseCanary's latest Market Pulse report, net new listing volume continues to trail behind contract volume, putting further downward pressure on housing inventory and dampening market activity nationwide.

Based on the current rate of sales, May’s inventory of unsold existing homes grew 3.8% from April to just over 1 million units, equivalent to three months of supply.