Redfin Reports U.S. Home Prices Tick Down 0.1% in April, the First Monthly Drop Since 2022
Home prices were up 4.1% on a year-over-year basis, down from 4.9% growth in March. That's the lowest annual price growth since July 2023.
This is according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing method to calculate seasonally adjusted changes in prices of single-family homes. The RHPI measures sale prices of homes that sold during a given period, and how those prices have changed since the last time those same homes sold.
April marked only the third time that the RHPI has posted a month-over-month decline, with the other months—August and September in 2022—coming after a series of rapid interest rate rises. It's worth noting that April's decline (-0.05%, rounded to -0.1%) is minor and that RHPI data is subject to revision.
Redfin Senior Economist Sheharyar Bokhari said home prices are essentially flat for two reasons:
Demand is down: Buyers are adopting a wait and see approach, with the impact of U.S. tariff policies and a potential recession weighing heavily on their decision to make major purchases. With more buyers on the sidelines, pending home sales were down 3.5% month over month on a seasonally adjusted basis in April.
Supply is up: The total number of homes for sale is at a five-year high —mainly because homes aren't selling. That's leading sellers to offer concessions at near-record levels.
'Home prices are flat, and that's good news for buyers after years of rapid increases," said Bokhari. 'But even with prices softening, affordability remains a major hurdle. Elevated mortgage rates and high prices mean that many buyers are stretching their budgets to make a purchase.'
Metro-Level Summary: Redfin Home Price Index, April 2025
Highlighting the overall slowdown, prices fell in 25 of the 50 most populous metro areas on a seasonally adjusted basis in April, month over month.
The biggest decline was in Charlotte, NC (-1%), followed by Virginia Beach, VA (-1%) and Miami (-0.7%). Prices increased most in Nassau County, NY (1.8% month over month), Warren, MI (1.3%) and New York (1.2%).
To view the full report, including charts, additional metro-level data and a full methodology, please visit: https://www.redfin.com/news/home-price-index-april-2025
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.
Redfin's subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. 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 press@redfin.com. To view Redfin's press center, click here.
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