06/30/2023
Key housing market takeaways for 400+ U.S. metro areas
Unless otherwise noted, the data in this report covers the four-week period ending June 25. Redfin’s weekly housing market data goes back through 2015.
Data based on homes listed and/or sold during the period:
For bullets that include metro-level breakdowns, Redfin analyzed the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.
• The median home sale price was $382,628, down 0.9% from a year earlier, the smallest decline in nearly four months. Price declines have been shrinking for the last two months.
• Home-sale prices declined in 25 metros, with the biggest drops in Austin, TX (-11% YoY), Las Vegas (-8.7%), Detroit (-8.4%), Oakland, CA (-7.5%) and Phoenix (-6.9%).
• Sale prices increased most in Providence, RI (8.8%), Milwaukee (8.1%), Miami (7.3%), Fort Lauderdale, FL (6%) and Cincinnati (5.1%).
• The median asking price of newly listed homes was $398,225, up 0.3% from a year earlier.
• The monthly mortgage payment on the median-asking-price home was $2,630 at a 6.67% mortgage rate, the average for the week ending June 22. That’s down slightly from the record high hit a month earlier, but up 9% ($206) from a year earlier.
• Pending home sales were down 14.5% year over year, continuing a 13-month streak of double-digit declines.
• Pending home sales fell in all but one of the metros Redfin analyzed. They declined most in Cleveland (-24.8% YoY), New York, NY (-24.8%), Milwaukee (-24.3%), Providence (-22.2%) and Cincinnati (-20.4%). They were up slightly (+0.5%) in Austin.
• New listings of homes for sale fell 26.5% year over year, the biggest decline since May 2020.
• New listings declined in all metros Redfin analyzed. They fell most in Las Vegas (-45.3% YoY), Phoenix (-43.3%), Oakland, CA (-38.8%), Seattle (-38%) and Riverside, CA (-37.1%).
• Active listings (the number of homes listed for sale at any point during the period) dropped 11% from a year earlier, the biggest drop since April 2022. Active listings were essentially flat from a month earlier; typically, they post month-over-month increases at this time of year.
• Months of supply—a measure of the balance between supply and demand, calculated by the number of months it would take for the current inventory to sell at the current sales pace—was 2.6 months, near the lowest level in a year. Four to five months of supply is considered balanced, with a lower number indicating seller’s market conditions.
• 32% of homes that went under contract had an accepted offer within the first two weeks on the market, down from 35% a year earlier.
• Homes that sold were on the market for a median of 27 days, the shortest span in 10 months. That’s up from a near-record low of 19 days a year earlier.
• 36.7% of homes sold above their final list price. That’s the highest share in 10 months but is down from 52% a year earlier.
• On average, 5.5% of homes for sale each week had a price drop, up from 5.2% a year earlier.
• The average sale-to-list price ratio, which measures how close homes are selling to their final asking prices, was 100%. That marks just the second time in 10 months that the typical home is selling at its asking price, on average. It’s down from 102% a year earlier.
Unless otherwise noted, the data in this report covers the four-week period ending June 25. Redfin’s weekly housing market data goes back through 2015.…
