{"id":714703,"date":"2022-11-23T14:59:04","date_gmt":"2022-11-23T19:59:04","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-homebuying-demand-ticks-up-slightly-after-last-weeks-record-fast-rate-drop\/"},"modified":"2022-11-23T14:59:04","modified_gmt":"2022-11-23T19:59:04","slug":"redfin-reports-homebuying-demand-ticks-up-slightly-after-last-weeks-record-fast-rate-drop","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-homebuying-demand-ticks-up-slightly-after-last-weeks-record-fast-rate-drop\/","title":{"rendered":"Redfin Reports Homebuying Demand Ticks Up Slightly After Last Week\u2019s Record-Fast Rate Drop"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Redfin Reports Homebuying Demand Ticks Up Slightly After Last Week\u2019s Record-Fast Rate Drop<\/b><\/p>\n<p>SEATTLE&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\n(NASDAQ: RDFN) \u2014 Mortgage-purchase applications and Redfin\u2019s Homebuyer Demand Index both increased as rates stayed around 6.6%, down sharply from 7% earlier this month, saving the typical buyer over $100 in monthly mortgage payments. Still, supply is piling up&#8211;posting a record annual increase&#8211;as pending sales fell the most on record. This is according to a new <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhousing-market-update-homebuying-demand-ticks-up-rate-drop&amp;esheet=52977597&amp;newsitemid=20221123005464&amp;lan=en-US&amp;anchor=report&amp;index=1&amp;md5=6a19843c4cde71bd35038abf4a4bbdc9\">report<\/a> from Redfin (<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2F&amp;esheet=52977597&amp;newsitemid=20221123005464&amp;lan=en-US&amp;anchor=redfin.com&amp;index=2&amp;md5=5c536f959eb55f7309ac586490f43da9\">redfin.com<\/a>), the technology-powered real estate brokerage.\n<\/p>\n<p><b>Leading indicators of homebuying activity<\/b>:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nFor the week ending November 23, 30-year mortgage rates ticked down to 6.58%.\n<\/li>\n<li>\nMortgage purchase applications during the week ending November 18 increased 8.7% from a month earlier, seasonally adjusted. Purchase applications were down 41% from a year earlier.\n<\/li>\n<li>\nFewer people searched for \u201chomes for sale\u201d on Google than this time in 2021. Searches during the week ending November 19 were down about 38% from a year earlier.\n<\/li>\n<li>\nThe seasonally adjusted Redfin Homebuyer Demand Index\u2014a measure of requests for home tours and other homebuying services from Redfin agents\u2014 was up 1.6% from a month earlier but down 33% from a year earlier during the four weeks ending November 20.\n<\/li>\n<li>\nTouring activity as of November 20 was down 35% from the start of the year, compared to a 3% year-over-year decrease at the same time last year, according to home tour technology company ShowingTime.\n<\/li>\n<\/ul>\n<p><b>Key housing market takeaways for 400+ U.S. metro areas:<\/b><\/p>\n<p>\nUnless otherwise noted, this data covers the <b>four-week period ending November 20<\/b>. Redfin\u2019s weekly housing market data goes back through 2015.\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nThe median home sale price was $356,149, up 2.1% year over year, the smallest increase since the start of the pandemic.\n<\/li>\n<li>\nAmong the 50 most populous U.S. metros, home-sale prices fell from a year earlier in five of them. Prices declined 9.5% year over year in San Francisco, 2.1% in Sacramento, 1.7% in Detroit and less than 1% in San Jose, CA and San Diego.\n<\/li>\n<li>\nAmong the 50 most populous U.S. metros, pending sales fell the most from a year earlier in Las Vegas (-64%), Austin (-58.2%), Phoenix (-57%), Jacksonville, FL (-57%) and Sacramento (-54%).\n<\/li>\n<li>\nThe median asking price of newly listed homes was $363,600, up 4.6% year over year, the slowest growth rate since the beginning of the pandemic.\n<\/li>\n<li>\nThe monthly mortgage payment on the median-asking-price home was $2,384 at the current 6.58% mortgage rate. That\u2019s down slightly from a week earlier and down 6% from two weeks earlier, when mortgage rates were at 7.08%. That\u2019s equal to $140 in monthly mortgage savings from two weeks ago for the typical buyer. Still, monthly mortgage payments are up 41% from a year ago.\n<\/li>\n<li>\nPending home sales were down 35.2% year over year, the largest decline since at least January 2015, as far back as this data goes.\n<\/li>\n<li>\nNew listings of homes for sale were down 20% from a year earlier, one of the largest declines since the beginning of the pandemic.\n<\/li>\n<li>\nActive listings (the number of homes listed for sale at any point during the period) were up 11.6% from a year earlier, the biggest annual increase since at least 2015.\n<\/li>\n<li>\nMonths of supply\u2014a measure of the balance between supply and demand, calculated by dividing the number of active listings by closed sales\u2014was 3.5 months, the highest level since June 2020.\n<\/li>\n<li>\n32% of homes that went under contract had an accepted offer within the first two weeks on the market, little changed from the prior four-week period but down from 40% a year earlier.\n<\/li>\n<li>\nHomes that sold were on the market for a median of 36 days, up more than a week from 28 days a year earlier and up from the record low of 17 days set in May and early June.\n<\/li>\n<li>\n27% of homes sold above their final list price, down from 42% a year earlier and the lowest level since July 2020.\n<\/li>\n<li>\nOn average, 7.3% of homes for sale each week had a price drop, up from 3.4% a year earlier but down slightly from the previous two weeks.\n<\/li>\n<li>\nThe average sale-to-list price ratio, which measures how close homes are selling to their final asking prices, fell to 98.5% from 100.4% a year earlier. That\u2019s the lowest level since June 2020.\n<\/li>\n<\/ul>\n<p>\nTo view the full report, including charts, please visit: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhousing-market-update-homebuying-demand-ticks-up-rate-drop&amp;esheet=52977597&amp;newsitemid=20221123005464&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhousing-market-update-homebuying-demand-ticks-up-rate-drop&amp;index=3&amp;md5=4d2218b981af8536c28b6866da5978b5\">https:\/\/www.redfin.com\/news\/housing-market-update-homebuying-demand-ticks-up-rate-drop<\/a><\/p>\n<p><b>About Redfin<\/b><\/p>\n<p>\nRedfin (<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.redfin.com%2F&amp;esheet=52977597&amp;newsitemid=20221123005464&amp;lan=en-US&amp;anchor=www.redfin.com&amp;index=4&amp;md5=618bb8419dd59d963f6e78649fff9276\">www.redfin.com<\/a>) 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 sell homes for more money and charge half the fee. We also run the country&#8217;s #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home 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. Since launching in 2006, we&#8217;ve saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.\n<\/p>\n<p>\nFor more information or to contact a local Redfin real estate agent, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2F&amp;esheet=52977597&amp;newsitemid=20221123005464&amp;lan=en-US&amp;anchor=www.redfin.com&amp;index=5&amp;md5=19bee2ce7d2473df4659929a2461e695\">www.redfin.com<\/a>. To learn about housing market trends and download data, visit the <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fdata-center%2F&amp;esheet=52977597&amp;newsitemid=20221123005464&amp;lan=en-US&amp;anchor=Redfin+Data+Center&amp;index=6&amp;md5=68d46f2a780848d35ee998cb6baed8d6\">Redfin Data Center<\/a>. To be added to Redfin&#8217;s press release distribution list, email <a rel=\"nofollow\" href=\"mailto:press@redfin.com\">press@redfin.com<\/a>. To view Redfin&#8217;s press center, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fpress.redfin.com%2Fphoenix.zhtml%3Fc%3D252734%26p%3Dirol-overview&amp;esheet=52977597&amp;newsitemid=20221123005464&amp;lan=en-US&amp;anchor=click+here&amp;index=7&amp;md5=3ced5f5ff7ba012eb74a53ad799b7148\">click here<\/a>.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20221123005464r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20221123005464\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20221123005464\/en\/<\/a><\/span><\/p>\n<p><b>Redfin Journalist Services:<br \/>\n<\/b><br \/>Ally Braun, 206-588-6863<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:press@redfin.com\">press@redfin.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> California Washington Arizona Michigan Texas Florida Nevada United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Finance Banking Professional Services Residential Building &amp; Real Estate Construction &amp; Property<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20221123005464\/en\/1407505\/3\/Redfin_Standard_Web_Logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Redfin Reports Homebuying Demand Ticks Up Slightly After Last Week\u2019s Record-Fast Rate Drop SEATTLE&#8211;(BUSINESS WIRE)&#8211; (NASDAQ: RDFN) \u2014 Mortgage-purchase applications and Redfin\u2019s Homebuyer Demand Index both increased as rates stayed around 6.6%, down sharply from 7% earlier this month, saving the typical buyer over $100 in monthly mortgage payments. Still, supply is piling up&#8211;posting a record annual increase&#8211;as pending sales fell the most on record. This is according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Leading indicators of homebuying activity: For the week ending November 23, 30-year mortgage rates ticked down to 6.58%. Mortgage purchase applications during the week ending November 18 increased 8.7% from a month earlier, seasonally adjusted. Purchase applications were down 41% &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-homebuying-demand-ticks-up-slightly-after-last-weeks-record-fast-rate-drop\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Redfin Reports Homebuying Demand Ticks Up Slightly After Last Week\u2019s Record-Fast Rate Drop&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-714703","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Redfin Reports Homebuying Demand Ticks Up Slightly After Last Week\u2019s Record-Fast Rate Drop - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-homebuying-demand-ticks-up-slightly-after-last-weeks-record-fast-rate-drop\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Redfin Reports Homebuying Demand Ticks Up Slightly After Last Week\u2019s Record-Fast Rate Drop - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Redfin Reports Homebuying Demand Ticks Up Slightly After Last Week\u2019s Record-Fast Rate Drop SEATTLE&#8211;(BUSINESS WIRE)&#8211; (NASDAQ: RDFN) \u2014 Mortgage-purchase applications and Redfin\u2019s Homebuyer Demand Index both increased as rates stayed around 6.6%, down sharply from 7% earlier this month, saving the typical buyer over $100 in monthly mortgage payments. Still, supply is piling up&#8211;posting a record annual increase&#8211;as pending sales fell the most on record. This is according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Leading indicators of homebuying activity: For the week ending November 23, 30-year mortgage rates ticked down to 6.58%. Mortgage purchase applications during the week ending November 18 increased 8.7% from a month earlier, seasonally adjusted. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-homebuying-demand-ticks-up-slightly-after-last-weeks-record-fast-rate-drop\/","og_locale":"en_US","og_type":"article","og_title":"Redfin Reports Homebuying Demand Ticks Up Slightly After Last Week\u2019s Record-Fast Rate Drop - Market Newsdesk","og_description":"Redfin Reports Homebuying Demand Ticks Up Slightly After Last Week\u2019s Record-Fast Rate Drop SEATTLE&#8211;(BUSINESS WIRE)&#8211; (NASDAQ: RDFN) \u2014 Mortgage-purchase applications and Redfin\u2019s Homebuyer Demand Index both increased as rates stayed around 6.6%, down sharply from 7% earlier this month, saving the typical buyer over $100 in monthly mortgage payments. Still, supply is piling up&#8211;posting a record annual increase&#8211;as pending sales fell the most on record. This is according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Leading indicators of homebuying activity: For the week ending November 23, 30-year mortgage rates ticked down to 6.58%. Mortgage purchase applications during the week ending November 18 increased 8.7% from a month earlier, seasonally adjusted. Purchase applications were down 41% &hellip; Continue reading \"Redfin Reports Homebuying Demand Ticks Up Slightly After Last Week\u2019s Record-Fast Rate Drop\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-homebuying-demand-ticks-up-slightly-after-last-weeks-record-fast-rate-drop\/","og_site_name":"Market Newsdesk","article_published_time":"2022-11-23T19:59:04+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20221123005464r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-homebuying-demand-ticks-up-slightly-after-last-weeks-record-fast-rate-drop\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-homebuying-demand-ticks-up-slightly-after-last-weeks-record-fast-rate-drop\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Redfin Reports Homebuying Demand Ticks Up Slightly After Last Week\u2019s Record-Fast Rate Drop","datePublished":"2022-11-23T19:59:04+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-homebuying-demand-ticks-up-slightly-after-last-weeks-record-fast-rate-drop\/"},"wordCount":915,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-homebuying-demand-ticks-up-slightly-after-last-weeks-record-fast-rate-drop\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20221123005464r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-homebuying-demand-ticks-up-slightly-after-last-weeks-record-fast-rate-drop\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-homebuying-demand-ticks-up-slightly-after-last-weeks-record-fast-rate-drop\/","name":"Redfin Reports Homebuying Demand Ticks Up Slightly After Last Week\u2019s Record-Fast Rate Drop - 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