Hey welcome back I want to share a new Update from redin that was just posted On Friday so I have an update for you Guys regarding home prices housing Inventory pending home sales and much Much more I also will share an update Regarding rates as well because mortgage Rates decreased um over the past couple Of days so here's a report from redin And of course if you guys get any value Of today's video then hit the like Button also consider subscribing as well I post frequent housing market updates So you guys can be more informed anyways It says for the first first time in Nearly 2 years there's no major American Metro in which home prices have Decreased compared to one year ago so Redin looks at you know 400 plus metros Overall but they also share um weekly Updates regarding the 50 most populous Us metros so for the first time since July 2022 there's not a single one of Those 50 metros that the median sold Price is down compared to one year ago It says the median home sold price rose From a year ago or stayed the same in All 50 of the most populous us metros During the four weeks ended April 28th The first time that happened was back in July of 2022 Nationwide the median so Price Rose so near record high to 383,899 Year-over-year and now here's a look at
Uh home prices really quickly here and Then we'll talk about some other Trends We're seeing right now so let's look at Um home sold prices this is on red fin Status Center and you can see this uh Right now it's at 383,000 uh one year ago we're at about 365,000 so what a difference one year Makes right one year ago uh we were down By 3% year-over-year now we're up by 5% We're also very close to the all-time Record highs uh that was set back in June of 2022 now something I noted or I noticed Is that in their weekly update that was Posted one week ago um from Red finin They reported that uh we had all-time Record highs for home prices and of Course we had alltime record highs for Average monthly housing payments but That actually must gotten revised Downward because last week uh they Reporting right now that we're at 382,000 one week ago now it's at 383,000 So last week they probably did a down Revision in their um their data here Which is um is subject to her vision a Couple more things I want to touch on Regarding home prices on a national Level again we're at 383,000 right now One year ago this time we're at 325,000 So an increase of about 58,000 over the past three years now uh That's number one number two is yes home
Prices are still increasing but not Increasing at the craziness rates we saw In 2022 at that time we're up by 16% and Also in 2021 we're up by a whopping uh 19% so the gain we're seeing right now Up by 5% year-over-year is more or less In line with historical Norms it's more Normal to see home pric gains in the Range of 3 to 6% and not 20% all right Let's get back to revin report it says Mortgage rates also continue climbing With the weekly average rate hitting the Highest level in about five months high Home prices and rates drove the meeting Monthly housing payment to a new All-time record high uh to $2,890 per month that's up by 15% Year-over-year about one month ago red Was saying that uh we had you know this Increase of uh average monthly housing Payments really due to the fact that Rates were increasing but in fact it's Really due to the combo effect regarding Home prices and rates increasing now Regarding U rates they actually look at Uh weekly rates according to Freddy Mack So they actually just announced on May 2nd that was on Thursday that the Average 30-year fix rate Accord Freddy Mack was at 7.22% that's up from 7.17% from last week and an increase From the 6.39% we saw one year ago so according
To Sam keer or haer one of those two Sorry Sam if you're watching today's Video probably not uh according to him He said Freddy ma Chief Economist he Said the 30-year fix rate increased for The fifth consecutive week as we enter Into the heart of the spring home buying Season this is a the basically the worst Time to see an increase in rates because This is a time when we get the most Transaction the most sales transactions O overall for the year during the Spring Home buying season so on average more Than onethird of home sales for the Entire year occur between the months of March and June so we have this Environment in which rates were are at These elevated levels uh that will Likely impact home sales which of course Will impact overall the number of close Home sales for the entire year because We tend to see a lot of transactions uh During this time of year anyways it says With two months ago uh left in this Historically busy season potential home Buyers will likely not see relief from Raising rates anytime soon however many Seem to have eliminated or got used to To these higher rates as demonstrated by The recently released pending home sale Data coming in at the highest level in About one year they're referencing the National Association rers uh report Regarding penny home sales yes it did
Increase uh but we're still not too far Off the all-time record highs that was Set u about one year ago so overall Sales increasing but we're not seeing This craziness run up that we saw over The past several years now regarding um His quote here we're not going to see Any relief from rising rates anytime Soon we did get a um kind of small Glimpse of um some relief regarding Rates um as of uh today which is about 10 a.m. Pacific Standard Time on Friday Um the mortgage News Daily has not Updated their rates so this is on Thursday's rates we're at 7.37% I'll have my editor um add the Actual rate right up here for Friday I'm Guessing that we're going to be at Around 7.30% maybe a little bit lower than that Uh by uh the day's end so have to see About that of course when you guys are Watching today's video you will already Know that anyways I'm just guessing We'll probably be around uh 7.3% maybe a Little bit less but investopedia.com did U update their numbers for today uh They're looking at an average 30e fix at 7.25% however if you're looking do a Refi you're looking at an average rate At 7.62% not 7.25% also for FHA loan you're looking At around 6.84% VA around 62% uh 15year
Fix at 6.40% part of the reason why a mortgage Rates decreased on Friday was due to This right here um average hourly Earnings compared to the previous month This is March to April only increased by .2% this is lower than expectations and Also lower compared to the previous Month also average hourly earnings on a Year- basis this April came in less than Expectations as well at 3.9% compared to The forecast at 4% also nonform payrolls Uh this is a jobs report that's Announced every month um came in way Below the previous reading and also way Below the forecast as well and the uh Bond market is loving this and we're Seeing um uh the 10year treasury note Decrease because of this and because of That we'll see mortgage rates also Decrease as well uh today nonfarm Payrolls uh there was only 175,000 jobs That were added for the month of April The forecast was 238,000 way below the forecast and also Way below uh the previous reading which Was the month of March this by the way Is on investing.com their economic Calendar any case um I just want to Briefly touch on this because this is uh The jobs Market inflation uh data Impacts our housing market because it Impacts uh morgage rates as well so There was a 175,000 jobs that were added
This is the lowest levels we've had Going back to December last year all Right let's get back to Residence Support and talk about inventory numbers So new listings which is a measure of The amount of people listing their Houses for sale for existing houses uh Was up by 15% year-over-year uh but They're still well below the typical April levels if you guys missed my Previous video uh the video right before This one I went into great detail Regarding my own analysis of filter.com Data uh they shared that we have far Fewer houses for sale this April Compared to the average April in 2017 And 2019 I want to say it was around 37% Less House of ver sale but based on my Own analysis looking at the rate of Change looking at the year-to day Increase of inventory levels in other Words the increase of inventory or the Number of hous for sale this January Compared to April that increase compared To the increase or the average increase Looking at preco levels is up by 63% so The growth rate of inventory levels so Far this year January to April is up by 63% compared to the average January to April change in 2017 through 2019 I just Want to point that out because we have This common narrative and I've been Guilty of this as well that we have far Fewer house for sale compared to pre-co
Levels so there's nothing to see here Right but again I'm going to be closely Following the rate of increases of Inventory levels this year and I'll Definitely keep you posted regarding That so if you guys missed my previous Video of course please check out that Video because that was probably the most Eye openening stats I've seen in quite Some time regarding a huge increase of Inventory up by 10% year to date so far Whereas looking at pre-co levels uh we Didn't get into double digits it was a Small increase up by 2% uh during the Same time frame in 2019 anyways take a Look at that video If you haven't taken A look at that already because the rate Of change is a very important metric in My personal opinion anyways let's move On here I I'll get off my Soap Box uh The year vye uh increase of uh newless Is also inflated over this uh time Period right here because of the Easter Effect Easter did not fall into the four Weeks included in this year's data but The holiday did fall into last year's Comparable time period so during the Holidays uh it's really um um common to See a dip of people listing to House of For sale and also a dip of contracts Being signed so because of the variances Here between the uh Easter holidays That's one reason why the data in in Today's video regarding new listings and
All these other metrics here um is uh Could likely impact due to the holidays In indicates It also says here that some Redin agents are reporting that the Recent uptake in mortgage rates is Scaring buyers away and purchase Applications decreased by 2% uh week Over week I made a video about that as Well about a few days ago they're Regarding ing this right here Applications for Home Loans decreased by 2% um compared to the previous week but Was down by 14% um year of a year I Won't go over these stats because I made A separate video regarding that some Leading indications of Home buy and Demand but one thing I didn't uh touch On is this right here which was updated Today redins home buyer demand Index This is an index which measures the Amount of um real estate showings and Other home buying services from redin Agents that was up by 3% from a month Ago but still down by 9% from 12 months Ago all right let's look at some more Metrics as well looking at the median Sale price again it's out 383,000 that's only $73 shy of the All-time record highs we basically have Alltime record highs for home prices for Existing houses right now much different Compared to brand new home construction And uh I just want to read this as well Because this data below includes um data
From 400 plus us metros and also their Weekly data goes back to 2015 but it's Also subject to revision so the uh stats I'm sharing in today's video may be Revised in their next um update let's Also take a look at the uh 50 most popul Metros because there's some very very Big differences here uh the uh there was Not a single area in which home prices Decreased from one year ago so prices Were unchanged in Dallas we had Austin Texas and also San Antonio Texas that Were down year-over-year um on and off For the past a month or so but Dallas is Unchanged now there's not a single Metro That's down from a year ago in contrast The biggest increase is actually in Anaheim California the home of Disneyland that was up by 22.8% then we Have Detroit up by 15% then San Jose West Palm Beach Florida and New Brunswick New Jersey when looking at Asking prices that increased an all-time Record high to $420,500 that's up by whopping 7.7% Year-over-year an all-time record high And also the biggest increase since September of 2022 um also like I mentioned we have All-time record highs as well for Average monthly housing payments uh to Just under $2,900 per month that's up by about 15% Uh year-over-year okay okay let's take a
Look at pending home sales and also um Active listings and new listings as well So pending home sales a measure of Contracts being sign between buyers and Sellers that decreased by 3.4% despite the fact that new listings Increased by 15.2% so again we're seeing this this um Dynamic occurring where even though we Have more houses being listed for sale Contracts being signed between buyers And sellers decrease so we're seeing Demand decrease yet Supply Rising if Supply was Rising during 2021 2020 we would see a sharp increase of um Pending home sales that was a challenge That home buyers had right after the Onset of covid in which there was not Enough houses being listed for sale and For the houses that do get listed for Sale they're get they just got gobbled Up by home buyers left and right but Right now a completely different dynamic In which um pendings are down even Though we're seeing more house houses Being listed for sale and also more Houses overall for sale as well also They mentioned this Easter effect as Well the decrease of pending home sales Would likely be bigger if not for this Easter effect Easter did not fall into The 4 period this year but it did fall In the last year's uh comparable period
Uh same thing for uh new listings as Well that was the biggest increase in Nearly 3 years on a year-year basis up By 15.2% in regards to active listings that Rose by 11.8% so again more houses for Sale yet pendings decrease year-over Year all right let's have a look at the Measure of new listings and pending home Sales and housing inventory over the Past several years so new listings have Been uh increasing big time and also They Rose by 15.2% year-over-year we Still are below levels in 2022 and 21 But the Gap is actually getting a little Bit more narrow compared to uh the Previous month regarding pending home Sales a measure of contracts being Signed it's more or less in flat with Last year's levels down by 3.4% and also way Bel below levels we Saw in 22 and 21 uh back in 2021 at this time we had around 117,000 pending home sales now only only Have 88,000 so a lack of contracts being Signed especially compared to the Craziness we saw in 21 and 22 regarding Active listings let's take a look at That active listings um were increasing At a fast clip in uh February and March But ever since then still increasing but Increasing at a slower uh rate we're Still up by about 12% year-over-year and
On top of that at least a three-year High as well all right let's get back to Revy port and talk about the different Metros because of course real cities Local uh a lot of the trends I'm sharing In today's video are on a national level Which may be different than what you're Seeing in your neck of the woods so Regarding the U measure of contracts Being signed for the 50 most populous Metros there's only 10 metros that Increased of those 50 compared to one Year ago so pening home sales increase The most in San Jose California up by 15% then we have Milwaukee up by 5.5 Then Cincinnati Seattle and Columbus Ohio in contrast 40 of the 50 biggest Metros decrease year-over-year and lead Of the nation is actually Phoenix Arizona down by 14% then we have a Riverside California Atlanta Georgia Houston and Jacksonville Florida in Regards to the measure of new Lins uh New lines only decrease in one of the 50 Most populous metros so new lesin Increase in 49 of the 50 biggest metros Pretty wild the biggest biggest increase Is actually in San California up by Whopping 53.2% uh that's really interesting right Because San California home sold prices Up by 14% definitely a lagging indicator but In San Jose pending home sales increased
By 15% by far the biggest increase um of These 15 metros regarding um contracts Being sign however though new Ling surg By 53% so uh I'm really curious to see What the rest of the year will look like For San Jose because new listings right Now are far outpacing the measure of Contracts being signed so new linges Rose by 53% yet pending home sales only Increased by 15% very interesting Dynamics there uh Any case um Oakland California was in The second spot that we have Phoenix Seattle and Miami rounding out the top Five for the biggest increases in the Measure of newly listed houses all right A few more charts I want to share with You guys and we'll kind of wrap this Video up I just want to share this right Here because this is the measure of uh The average monthly housing payment of Would be home buyers uh this is based on The um the weekly rate or weekly Mortgage rate according to Freddy Mack And also based on the meeting asking Price on National level that's how they Come up with these numbers here uh which Is just eye openening because besides uh The previous week uh the alltime record Highs was set back in October of 2023 When the average rate was around 8% now It's at 7.17% so the we have all-time record Highs for average monthly housing
Payments due to the increase in home Prices especially but also due to Elevated rates as well uh so around you Know $2,900 per month on average Nationwide just absolutely insane Compare that to 2021 this time uh the Average payment was actually around $1,600 per month so therefore average Home buyers right now are going to be Paying around $1,300 more per month to buy a medium Price home today compared to the time Frame the same time frame in 2021 I mean Can you say a lack of housing Affordability right uh let's also look At the month supply the month supply Over the previous four weeks is at 3.4 Months and something that really caught My attention regarding this is that it's Normal to see the month supply decrease During the Spring home buying season we Saw that during most months except for 2022 a small decrease and of course Inventory surge of course uh but over The past um um week or so here uh the Month supply shot up unlike the previous Several years so the month supply right Now 3.4 months even though historically Speaking it's at low levels it's at Least a threeyear high as well and also Way higher compared to the 2mon supply We saw in 21 and 22 too all right a Couple more slides I want to share with You guys um over the previous 4 weeks
30% of houses that did sell sell for Sold for over the sell's final list Price this means of course that 70% sold For at or below the seller's asking Price this is more or less on par with The same levels in 2023 but of course Way below uh 2021 and 2022 uh so for example back then in 2022 This time more or less May 1st uh Approximately 55% of all houses that Sold sold for over the cellers final List price now that ratio is at 30% um also the uh the share of price Drops absolutely skyrocketing um over The previous one month the share price Drops at 6.2% you know easily A3 or high right Now way higher compared to last year When that share was around uh 4 .25% now it's at 6.2% we're also getting very close to The highest levels of the share of price Drops in the previous three years um for Any month because the peak was set back Not surprisingly in November of 2022 when the share price drops was Around uh 6.6 to around uh 6.7% so we're getting very close to uh You know three-year highs regarding this Share price drops according to Redan um And of course lastly here's a look at The average sale price to final list Price ratio this is houses for uh that
Actually have closed or closed home Sales that ratio was at 99.3% this means for houses that did Close or sales that were finalized on Average home sellers sold their houses For 7% points less than the sellers Asking price uh this is of course way Lower compared the craziness of 2022 when that time the ratio was around 10.5% which means on average they sold Their houses for 2.5% points above the Sellers list price now they're selling For about 1% below asking on average and With that said please comment below with Your biggest takeaways from today's Video if you guys got any value out of This video whatsoever then please hit The like button I great appreciate that Of course I appreciate you if you guys Want a real estate agent referral by the Way uh check out my website which is Real estate TEF finder.com or if you Want to buy or sell house in the greater Sacramento area my team and I would love To help you uh please email me at Jasonjason walter.com hope you guys have An awesome day or weekend and we'll see You on the next video [Music] A [Music]
