BAM Key Details: 

  • The latest housing market update from Redfin shows the median U.S. monthly housing payment increasing 11% year over year to a new record high of $2,747. 

A new report from Redfin shows the median monthly housing payment climbing 11% year over year to an all-time high of $2,747. 

The report highlights housing market data for the four weeks ending April 7, 2024. Housing payments are rising because home prices and mortgage rates are both high. And Wednesday’s (April 10) hotter-than-expected inflation report hasn’t helped. 

Wednesday’s report shows a 0.4% month-over-month increase in core inflation (and a 3.8% increase year over year), which is the same as the previous month but higher than the expected 0.3% (3.7% year over year). 

Given those numbers—along with the latest jobs report showing a stronger-than-expected economy—the Fed is unlikely to initiate cuts to the federal funds rate at the next FOMC meeting (April 30). More than likely, they’ll hold off until July or even September. 

Anticipating the Fed’s caution, the 10-year treasury yield shot up to around 4.5%, and daily average mortgage rates soared to their highest level in nearly five months, gaining more than a quarter percentage point in one day. 

Buyers should expect those rates to remain high for the foreseeable future. And for new homebuyers, that means a heftier monthly mortgage payment

For homebuyers, the latest CPI report means mortgage rates will stay higher for longer because it makes the Fed unlikely to cut interest rates in the next few months.

Chen Zhao

Redfin Economic Research Lead


Source: Redfin

Median home prices continue to rise

Mortgage rates aren’t the only factor in this month’s record-high monthly payments. 

The median home sale price rose 4.5% year over year to $378,250—just about $5,000 under the record-high reached in June 2022. 

Home prices are remaining stubbornly high because buyer demand is still high enough to keep them from falling. And while housing supply is picking up (with a 14% annual increase in new listings), inventory remains lower than typical spring levels, meaning buyers can count on competition for available homes.

Housing costs are likely to continue going up for the near future, but persistently high mortgage rates and rising supply could cool home-price growth by the end of the year, taking some pressure off costs.

Chen Zhao

Redfin Economic Research Lead


Source: Redfin

Highlights from Redfin’s key housing market data

Redfin’s report includes housing market data at the national and metro level for the four weeks ending April 7, 2024. 

Here are the national highlights:

  • Median sale price: $378,250—up 4.5% year over year
  • Median asking price: $410,950—up 6.6% year over year, marking the biggest increase since October 2022
  • Median monthly mortgage payment: $2,747 at a 6.82% mortgage rate—up 11.3% year over year and reaching an all-time high (*** Mortgage rates shot up to 7.37% this week after the latest CPI report ***)
  • Pending home sales: 84,323—down 4% year over year
  • New listings: 91,452—up 14.1% year over year, marking the biggest increase since June 2021 (YOY increase is partly due to Easter falling during this time period in 2023)
  • Active listings: 819,031—up 8.2% year over year
  • Months of supply: 3.2 months—up 0.4 points (Note: 4 to 5 months is considered balanced; numbers under 4 indicate seller’s market conditions)
  • Share of homes off market in two weeks: 42.5% — down year over year from 44%
  • Median days on market: 37—down year over year by one day
  • Share of homes sold above list price: 28.4% (essentially unchanged from one year ago)
  • Share of homes with a price drop: 5.8% — up 1.5 percentage points (ppts) year over year
  • Average sale-to-list price ratio: 99.1% — up 0.3 ppts

Metro-level highlights for the four weeks ending April 7

Metros with the biggest annual increases in median home sale price:

  1. Anaheim, CA (22.2%)
  2. West Palm Beach, FL (17.4%)
  3. Pittsburgh (15.2%)
  4. San Jose, CA (13.9%)
  5. New Brunswick, NJ (13.9%)

San Antonio, TX, was the only metro reporting an annual decline in the median home sale price (-1.7%). 

Metros with the biggest annual increases in new listings:

  1. San Jose, CA (56.8%)
  2. Sacramento, CA (39.2%)
  3. Austin, TX (30.7%)
  4. Jacksonville, FL (30.5%)
  5. Oakland, CA (30.4%)

Metros where new listings declined year over year:

  1. Newark, NJ (-3.1%)
  2. Milwaukee (-3%)
  3. Chicago (-2.9%)
  4. Providence, RI (-2.2%)
  5. Atlanta (-2%)
  6. Cleveland (-0.1%)

Pending sales increased year over year in 11 metros, with the biggest annual increases in:

  1. San Jose, CA (22.6%)
  2. San Francisco (15.8%)
  3. Cincinnati (5.7%)
  4. Milwaukee (5.5%)
  5. Seattle (5.4%)

Metros with the biggest annual declines in pending sales:

  1. Atlanta (-15.3%)
  2. Houston (-13.5%)
  3. Nassau County, NY (-12.1%)
  4. Fort Lauderdale, FL (-11.2%)
  5. West Palm Beach, FL (-10.9%)

Read the full report for more information, including charts and methodology.