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New Listings Rise For First Time in 2 Months As Lower Mortgage Rates Perk Up Homebuyers

businesswire.com
RKT The article mentions Rocket Companies as the parent company of Redfin. The sentiment is neutral as the focus is on Redfin's operations and the broader housing market, with no specific performance indicators or news about Rocket Companies itself.

SEATTLE--( BUSINESS WIRE)--New listings of U.S. homes for sale rose about 1% from a year earlier during the four weeks ending January 25, the first increase in more than two months. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket.

There are a few key reasons new listings are starting to improve:

While slightly more sellers and buyers are coming off the sidelines, homes are still taking a long time to sell. The typical home that sold in January took 63 days to go under contract—a week longer than last year and the longest span in six years. House hunters are able to take their time because it’s a buyer’s market, with hundreds of thousands more home sellers than buyers.

“Buyers are more serious than they were a few months ago; they’re looking at every listing and meticulously comparing the pros and cons of each one,” said Connie Durnal, a Redfin Premier agent in Dallas. “Buyers are able to take their time and be picky because there are a lot of listings; bidding wars are few and far between. Sellers who need to move know they need to be realistic; some are willing to negotiate prices down and make concessions like repairs, especially because they’re competing with builders of new construction.”

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

6.16% (Jan. 28)

Up from 3-year low roughly 3 weeks ago

Down from 7.12%

Mortgage News Daily

Weekly average 30-year fixed mortgage rate

6.09% (week ending Jan. 22)

Up from 6.06% a week earlier, but still near lowest level in 3 years

Down from 6.96%

Freddie Mac

Mortgage-purchase applications (seasonally adjusted)

Down 0.4% from a week earlier (as of week ending Jan. 23)

Up 18%

Mortgage Bankers Association

Redfin Homebuyer Demand Index (seasonally adjusted)

Down about 9% from a month earlier (as of week ending Jan. 25)

Down 17%

A measure of tours and other homebuying services from Redfin agents

Google searches of “homes for sale”

Up about 10% from a month earlier (as of Jan. 26)

Up about 4%

Google Trends

Key housing-market data

U.S. highlights: Four weeks ending Jan. 25, 2025

Redfin’s national metrics include data from 400+ U.S. metro areas and are based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision.

Four weeks ending Jan. 25, 2025

Year-over-year change

Notes

Median sale price

$378,750

0.8%

Median asking price

$396,101

0.1%

Median monthly mortgage payment

$2,496 at a 6.09% mortgage rate

-6.6%

Pending sales

60,572

-1.6%

Smallest decline since 4 weeks ending Dec. 7

New listings

69,655

0.8

First increase since 4 weeks ending Nov. 16

Active listings

985,883

0.6%

Smallest increase in over 2 years

Months of supply

5.5

+0.1 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

23.8%

Down from 25%

Median days on market

63

+7 days

Longest in at least 3 years

Share of homes sold above list price

19.2%

Down from 21%

Average sale-to-list price ratio

97.7%

Down from 98%

Metro-level highlights: Four weeks ending Jan. 25, 2025

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

Milwaukee (14.1%)

Cleveland (11%)

Philadelphia (10.2%)

Detroit (8.7%)

Nassau County, NY (7.1%)

San Jose, CA (-9%)

Portland, OR (-3.2%)

Jacksonville, FL (-3%)

Dallas (-2.7%)

Fort Lauderdale, FL (-2.4%)

Declined in 16 metros

Pending sales

Columbus, OH (13.4%)

West Palm Beach, FL (8.7%)

Nashville, TN (6.5%)

Washington, D.C. (5%)

Baltimore (4.4%)

San Jose, CA (-25.9%)

Oakland, CA (-25.9%)

San Francisco (-24.9%)

Minneapolis (-19.2%)

Seattle (-19%)

New listings

Baltimore (18.3%)

San Jose, CA (15.4%)

Cincinnati (15.2%)

Pittsburgh (11.5%)

Washington, D.C. (7.1%)

Jacksonville, FL (-16.1%)

Fort Lauderdale, FL (-15.6%)

San Francisco (-14.5%)

Oakland, CA (-13.5%)

San Diego (-13.4%)

To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-new-listings-increase-january

About Redfin

Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin’s clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.

You can find more information about Redfin and get the latest housing market data and research at https://www.redfin.com/news. For more information about Rocket Companies, visit https://www.rocketcompanies.com.