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Redfin Report: Prices Go Up While Demand Goes Down

Mortgage-purchase applications are sitting at their lowest level in nearly three decades. But there are so few homes for sale that prices are up 4.5% annually, the biggest increase in nearly a year.

SEATTLE--(BUSINESS WIRE)-- (NASDAQ: RDFN) — Although mortgage rates are inching down from their recent peak, housing affordability isn’t improving much, according to a new report from Redfin (, the technology-powered real estate brokerage. With the median U.S. home-sale price up 4.5% year over year during the four weeks ending September 3 and mortgage rates remaining above 7%, the typical monthly mortgage payment is $2,612, just $18 shy of the all-time high set in May. High housing costs are dampening homebuying demand, with mortgage-purchase applications falling to a 28-year low.

Prices are rising due to a supply shortage: The total number of homes on the market is down 18% year over year, the biggest decline since February 2022. New listings are down 9% as many homeowners refuse to part with relatively low mortgage rates. But there are still more buyers than sellers in much of the country.

“The market is marching on, especially for turnkey homes,” said Chicago Redfin Premier agent Niko Voutsinas. “If folks can figure out a way to buy instead of rent, they will. Some buyers are cutting back on other expenses to up their housing budgets because they believe home prices are only going to increase. They’re nervous that the minute rates come down, a flood of competition will edge them out. Those buyers typically need to move quickly and offer at or above the asking price if they love a home, because so few listings are hitting the market.”

Leading indicators

Indicators of homebuying demand and activity


Value (if applicable)

Recent change

Year-over-year change


Daily average 30-year fixed mortgage rate

7.33% (Sept. 6)

Down from a peak of 7.49% two weeks earlier

Up from 6.12%

Mortgage News Daily

Weekly average 30-year fixed mortgage rate

7.18% (week ending August 31)

Down slightly from 7.23% a week earlier

Up from 5.66%

Freddie Mac

Mortgage-purchase applications (seasonally adjusted)


Down 2% from a month earlier

Down 28%

Mortgage Bankers Association

Redfin Homebuyer Demand Index (seasonally adjusted)


Down 3% from a month earlier (as of the 4 weeks ending Sept. 3)

Down 6%

Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents

Google searches for “home for sale”


Down 11% from a month earlier (as of Sept. 5)

Down 16%

Google Trends

Home touring activity


Down 16% from the start of the year, same as last year’s decline (as of Sept. 4)


ShowingTime, a home-touring tech company

Key housing-market data

U.S. highlights: Four weeks ending September 3, 2023

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 September 3

Year-over-year change


Median sale price



Biggest increase since October 2022

Median asking price



Biggest increase since November 2022

Median monthly mortgage payment

$2,612 at a 7.18% mortgage rate


Just $18 shy of the all-time high

Pending sales



Continues 15-month streak of double-digit declines

New listings



Smallest decline in over a year, but that’s partly because new listings fell rapidly at this time in 2022

Active listings



Biggest decline since February 2022

Months of supply

2.8 months


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


+0.2 pts.


Median days on market




Share of homes sold above list price


-0.1 pt.


Share of homes with a price drop


+0.1 pt.


Average sale-to-list price ratio



Lowest level in over 3 months

Metro-level highlights: Four weeks ending September 3, 2023

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 declines


Median sale price

Newark, NJ (16.3%)

Miami (16.3%)

Anaheim, CA (12.8%)

San Diego (11.2%)

Montgomery County, PA (11.1%)

Austin, TX (-6%)

Fort Worth, TX (-2.5%)

Phoenix (-2.2%)

Portland, OR (-1.1%)

San Antonio, TX (-1%)

Declined in just 9 metros

Pending sales


New Brunswick, NJ (-31.8%)

Seattle (-28.5%)

Boston (-27.7%)

Sacramento (-27.4%)

Atlanta (-25.9%)

Declined in all metros

New listings

Milwaukee (3.9%)

San Jose, CA (3.6%)

Pittsburgh (3.2%)


Atlanta (-30.9%)

Las Vegas (-26.4%)

Riverside, CA (-21.2%)

Cincinnati (-18.8%)

Seattle (-18.2%)

Declined in all but 3 metros

To view the full report, including charts, please visit:

About Redfin

Redfin ( 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'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 in certain markets 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. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we've saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.

For more information or to contact a local Redfin real estate agent, visit To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email To view Redfin's press center, click here.

Redfin Journalist Services:
Kenneth Applewhaite, 206-588-6863

Source: Redfin

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