US Existing-Home Prices Increased in the Early Weeks of 2024, Redfin Says

On Thursday (1-25-24), Redfin reported that for the four-week period ending on Sunday, January 21st, the median sales price of US existing homes increased 5.1%. This is the largest increase since October 2022. Asking prices also climbed 6.5% higher, which is also the biggest increase since October 2022.

In assessing the increases in existing-home prices, Redfin cited the fact that inventory is still quite low, noting that the total number of homes for sale is down 4% year-over-year. And while new listings are up 2%, that is the smallest annual increase in the past two months. In addition, sellers can command higher prices because buyers have more purchasing power thanks to mortgage rates holding steady in mid-to-high 6%, down from 8% in October.

Finally, Redfin points out that this week’s sales data and data included in the report shows sluggish activity, the result of severe winter weather across much of the country keeping both buyers and sellers on the sidelines.