{"id":799226,"date":"2025-01-09T08:05:37","date_gmt":"2025-01-09T13:05:37","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-home-tours-rise-modestly-to-start-2025-but-that-hasnt-translated-to-more-sales\/"},"modified":"2025-01-09T08:05:37","modified_gmt":"2025-01-09T13:05:37","slug":"redfin-reports-home-tours-rise-modestly-to-start-2025-but-that-hasnt-translated-to-more-sales","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-home-tours-rise-modestly-to-start-2025-but-that-hasnt-translated-to-more-sales\/","title":{"rendered":"Redfin Reports Home Tours Rise Modestly to Start 2025, But That Hasn\u2019t Translated to More Sales"},"content":{"rendered":"

<\/p>\n

Redfin Reports Home Tours Rise Modestly to Start 2025, But That Hasn\u2019t Translated to More Sales<\/b><\/p>\n

More house hunters are hitting the pavement as the new year starts, but pending home sales are down as daily average mortgage rates hit a seven-month high<\/i><\/p>\n

SEATTLE–(BUSINESS WIRE<\/a>)–
\n(NASDAQ: RDFN)\u2014More house hunters are starting their home search as the new year kicks off, according to a new report<\/a> from Redfin (redfin.com<\/a>), the technology-powered real estate brokerage. Redfin\u2019s Homebuyer Demand Index\u2014a seasonally adjusted measure of tours and other buying services from Redfin agents\u2014posted a small 2% increase from a month earlier during the week ending January 5, and it\u2019s also up 2% year over year.<\/p>\n

\nThere are several reasons a few more buyers are out there: Some have accepted high mortgage rates; daily average rates hit a seven-month high this week and they\u2019re unlikely to decline<\/a> significantly soon. Some are jumping into the market now that the holidays have passed and a new year has begun, and some are taking advantage of the fact that there are more homes<\/a> on the market than there have been over the last few years.<\/p>\n

\n\u201cThree of the four offers my clients have made in the last week have competed against other offers with competitive terms, like waiving all contingencies and releasing earnest money early. Some homes are getting multiple offers within 24 hours of hitting the market,\u201d said Emily Lam<\/a>, a Redfin Premier<\/a> agent in the Seattle area. \u201cSome buyers are getting serious about their search because they\u2019ve come to terms with 7% rates and they\u2019re worried that if they wait longer, home prices will just keep rising. Others are starting their search in hopes that rates will decline soon. Either way, I\u2019m advising buyers to get serious now because desirable listings will get more competitive as the year goes on.\u201d<\/p>\n

\nNationwide, the small increase in tours hasn\u2019t yet translated to an uptick in sales. Pending home sales fell 3.1% from a year earlier during the four weeks ending January 5, though that decline may be artificially large because Redfin is comparing it to a period last year when mortgage rates posted a big drop, bringing a surge in demand.<\/p>\n

\nOn the selling side, new listings are down 2.5%, the biggest decline in over a year. But for the reason noted above, that drop may appear larger than it actually is. Redfin will keep a close eye on pending sales and new listings over the next few weeks to determine whether more home tours eventually turn into more home sales, and whether more sellers start listing their homes as we get settled into 2025.<\/p>\n

\nFor Redfin economists\u2019 takes on the housing market, please visit Redfin\u2019s \u201cFrom Our Economists<\/a>\u201d page.<\/p>\n\n\n\n\n\n\n\n\n\n\n
\n

Leading indicators<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Indicators of homebuying demand and activity<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Value (if applicable)<\/b><\/p>\n<\/td>\n

\n

Recent change<\/b><\/p>\n<\/td>\n

\n

Year-over-year change<\/b><\/p>\n<\/td>\n

\n

Source<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Daily average 30-year fixed mortgage rate<\/b><\/p>\n<\/td>\n

\n

\n7.17% (Jan. 8)<\/p>\n<\/td>\n

\n

\nHighest level since May<\/p>\n<\/td>\n

\n

\nUp from 6.75%<\/p>\n<\/td>\n

\n

\nMortgage News Daily<\/p>\n<\/td>\n<\/tr>\n

\n

Weekly average 30-year fixed mortgage rate<\/b><\/p>\n<\/td>\n

\n

\n6.91% (week ending Jan. 2)<\/p>\n<\/td>\n

\n

\nHighest level since July<\/p>\n<\/td>\n

\n

\nUp from 6.61%<\/p>\n<\/td>\n

\n

\nFreddie Mac<\/p>\n<\/td>\n<\/tr>\n

\n

Mortgage-purchase applications (seasonally adjusted)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nDown 7% from 1 week earlier (as of week ending Jan. 3 )<\/p>\n<\/td>\n

\n

\nDown 15%<\/p>\n<\/td>\n

\n

\nMortgage Bankers Association<\/p>\n<\/td>\n<\/tr>\n

\n

Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nUp 2% from a month earlier (as of week ending Jan. 5)<\/p>\n<\/td>\n

\n

\nUp 2%<\/p>\n

\n\u00a0<\/p>\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nRedfin Homebuyer Demand Index, a measure of tours and other homebuying services from Redfin agents<\/p>\n<\/td>\n<\/tr>\n

\n

Google searches for \u201chome for sale\u201d<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nUp 29% from a month earlier (as of Jan. 6)<\/p>\n<\/td>\n

\n

\nDown 8%<\/p>\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nGoogle Trends<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Key housing-market data<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

U.S. highlights: Four weeks ending Jan. 5, 2025<\/b><\/p>\n

Redfin\u2019s 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.<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Four weeks ending Jan. 5, 2025<\/b><\/p>\n<\/td>\n

\n

Year-over-year change<\/b><\/p>\n<\/td>\n

\n

Notes<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Median sale price<\/b><\/p>\n<\/td>\n

\n

\n$379,988<\/p>\n<\/td>\n

\n

\n5.5%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Median asking price<\/b><\/p>\n<\/td>\n

\n

\n$374,975<\/p>\n<\/td>\n

\n

\n4.5%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Median monthly mortgage payment<\/b><\/p>\n<\/td>\n

\n

\n$2,525 at a 6.91% mortgage rate<\/p>\n<\/td>\n

\n

\n6.7%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Pending sales<\/b><\/p>\n<\/td>\n

\n

\n50,445<\/p>\n<\/td>\n

\n

\n-3.1%<\/p>\n<\/td>\n

\n

\nBiggest decline since September<\/p>\n<\/td>\n<\/tr>\n

\n

New listings<\/b><\/p>\n<\/td>\n

\n

\n44,519<\/p>\n<\/td>\n

\n

\n-2.5%<\/p>\n<\/td>\n

\n

\nBiggest decline in over a year<\/p>\n<\/td>\n<\/tr>\n

\n

Active listings<\/b><\/p>\n<\/td>\n

\n

\n892,364<\/p>\n<\/td>\n

\n

\n10.6%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Months of supply<\/b><\/p>\n<\/td>\n

\n

\n4.3<\/p>\n<\/td>\n

\n

\n+0.3 pts.<\/p>\n<\/td>\n

\n

\n4 to 5 months of supply<\/a> is considered balanced, with a lower number indicating seller\u2019s market conditions.<\/p>\n<\/td>\n<\/tr>\n

\n

Share of homes off market in two weeks<\/b><\/p>\n<\/td>\n

\n

\n22.5%<\/p>\n<\/td>\n

\n

\nDown from 23%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Median days on market<\/b><\/p>\n<\/td>\n

\n

\n49<\/p>\n<\/td>\n

\n

\n+6 days<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Share of homes sold above list price<\/b><\/p>\n<\/td>\n

\n

\n22.1%<\/p>\n<\/td>\n

\n

\nDown from 24%<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Average sale-to-list price ratio<\/b><\/p>\n<\/td>\n

\n

\n98.2%<\/p>\n<\/td>\n

\n

\nEssentially unchanged<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n
\n

Metro-level highlights: Four weeks ending Jan. 5, 2025<\/b><\/p>\n

Redfin\u2019s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Metros with biggest year-over-year increases<\/b><\/p>\n<\/td>\n

\n

Metros with biggest year-over-year decreases<\/b><\/p>\n<\/td>\n

\n

Notes<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Median sale price<\/b><\/p>\n<\/td>\n

\n

\nMilwaukee (19.5%)<\/p>\n

\nCleveland (17.1%)<\/p>\n

\nWarren, MI (13.6%)<\/p>\n

\nPhiladelphia (13.5%)<\/p>\n

\nNassau County, NY (11%)<\/p>\n<\/td>\n

\n

\nAustin, TX (-1%)<\/p>\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nDeclined in 1 metro<\/p>\n<\/td>\n<\/tr>\n

\n

Pending sales<\/b><\/p>\n<\/td>\n

\n

\nAnaheim, CA (10%)<\/p>\n

\nCincinnati (7.7%)<\/p>\n

\nSan Jose, CA (7%)<\/p>\n

\nPortland, OR (3.1%)<\/p>\n

\nMontgomery County, PA (2.7%)<\/p>\n<\/td>\n

\n

\nOrlando, FL (-13.5%)<\/p>\n

\nHouston (-12.3%)<\/p>\n

\nFort Lauderdale, FL (-11.4%)<\/p>\n

\nMiami (-11%)<\/p>\n

\nNashville, TN (-10.5%)<\/p>\n<\/td>\n

\n

\nIncreased in 9 metros<\/p>\n

\n\u00a0<\/p>\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

New listings<\/b><\/p>\n<\/td>\n

\n

\nWashington, D.C. (9.4%)<\/p>\n

\nPhoenix (9.2%)<\/p>\n

\nVirginia Beach, VA (7.2%)<\/p>\n

\nMiami (6.6%)<\/p>\n

\nLas Vegas (6%)<\/p>\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nNewark, NJ (-23.6%)<\/p>\n

\nDetroit (-20.8%)<\/p>\n

\nWarren, MI (-19.7%)<\/p>\n

\nAustin, TX (-18.1%)<\/p>\n

\nSan Antonio (-17.9%)<\/p>\n

\n\u00a0<\/p>\n<\/td>\n

\n

\nIncreased in 13 metros<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nTo view the full report, including charts, please visit:
\n
https:\/\/www.redfin.com\/news\/housing-market-update-home-tours-increase-sales-fall<\/a><\/p>\n

About Redfin<\/b><\/p>\n

\nRedfin (www.redfin.com<\/a>) 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.<\/p>\n

\nRedfin\u2019s subsidiaries and affiliated brands include: Bay Equity Home Loans\u00ae, Rent.\u2122, Apartment Guide\u00ae, Title Forward\u00ae and WalkScore\u00ae.<\/p>\n

\nFor more information or to contact a local Redfin real estate agent, visit www.redfin.com<\/a>. To learn about housing market trends and download data, visit the Redfin Data Center<\/a>. To be added to Redfin’s press release distribution list, email press@redfin.com<\/a>. To view Redfin’s press center, click here<\/a>.<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250109998106\/en\/<\/a><\/span><\/p>\n

\nContact Redfin
\n
Redfin Journalist Services:
\n
Tana Kelley
\n
press@redfin.com<\/a><\/p>\n

KEYWORDS:<\/b> Washington United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Professional Services Technology Residential Building & Real Estate Finance Construction & Property Internet<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
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Redfin Reports Home Tours Rise Modestly to Start 2025, But That Hasn\u2019t Translated to More Sales More house hunters are hitting the pavement as the new year starts, but pending home sales are down as daily average mortgage rates hit a seven-month high SEATTLE–(BUSINESS WIRE)– (NASDAQ: RDFN)\u2014More house hunters are starting their home search as the new year kicks off, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Redfin\u2019s Homebuyer Demand Index\u2014a seasonally adjusted measure of tours and other buying services from Redfin agents\u2014posted a small 2% increase from a month earlier during the week ending January 5, and it\u2019s also up 2% year over year. There are several reasons a few more buyers are … <\/p>\n

Continue reading “Redfin Reports Home Tours Rise Modestly to Start 2025, But That Hasn\u2019t Translated to More Sales”<\/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-799226","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nRedfin Reports Home Tours Rise Modestly to Start 2025, But That Hasn\u2019t Translated to More Sales - 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-home-tours-rise-modestly-to-start-2025-but-that-hasnt-translated-to-more-sales\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Redfin Reports Home Tours Rise Modestly to Start 2025, But That Hasn\u2019t Translated to More Sales - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Redfin Reports Home Tours Rise Modestly to Start 2025, But That Hasn\u2019t Translated to More Sales More house hunters are hitting the pavement as the new year starts, but pending home sales are down as daily average mortgage rates hit a seven-month high SEATTLE–(BUSINESS WIRE)– (NASDAQ: RDFN)\u2014More house hunters are starting their home search as the new year kicks off, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Redfin\u2019s Homebuyer Demand Index\u2014a seasonally adjusted measure of tours and other buying services from Redfin agents\u2014posted a small 2% increase from a month earlier during the week ending January 5, and it\u2019s also up 2% year over year. 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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-home-tours-rise-modestly-to-start-2025-but-that-hasnt-translated-to-more-sales\/","og_locale":"en_US","og_type":"article","og_title":"Redfin Reports Home Tours Rise Modestly to Start 2025, But That Hasn\u2019t Translated to More Sales - Market Newsdesk","og_description":"Redfin Reports Home Tours Rise Modestly to Start 2025, But That Hasn\u2019t Translated to More Sales More house hunters are hitting the pavement as the new year starts, but pending home sales are down as daily average mortgage rates hit a seven-month high SEATTLE–(BUSINESS WIRE)– (NASDAQ: RDFN)\u2014More house hunters are starting their home search as the new year kicks off, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Redfin\u2019s Homebuyer Demand Index\u2014a seasonally adjusted measure of tours and other buying services from Redfin agents\u2014posted a small 2% increase from a month earlier during the week ending January 5, and it\u2019s also up 2% year over year. 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