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Business Wire
4 days ago
- Business
- Business Wire
Redfin Reports Some Would-Be Home Sellers Are Stepping Back as Market Tilts Toward Buyers
SEATTLE--(BUSINESS WIRE)--(NASDAQ: RDFN) — New listings of U.S. homes for sale rose 6.3% year over year during the four weeks ending June 1, one of the smallest increases of the last three months. That's according to a new report from Redfin ( the technology-powered real estate brokerage. New listings declined year over year in 11 of the 50 most populous U.S. metros, with the biggest drops in San Jose, CA and four Florida metros: Orlando, Fort Lauderdale, Tampa and West Palm Beach. Zooming in on recent weeks, new listings fell during the second half of May. While it's typical for listings to decline after peaking in mid-May, this year's drop was the biggest for that time period in a decade. On the buying side, pending home sales declined 0.4% year over year to their lowest May level since 2020, and mortgage-purchase applications fell 3% week over week. Prospective buyers are backing off because housing costs are near record highs, with the median home-sale price up 1.2% year over year and the weekly average mortgage rate approaching 7%, and because the U.S. economy is unpredictable. While there are hundreds of thousands more home sellers than buyers in the market—and new listings are still rising—the recent decline in listings suggests some of this spring's would-be sellers are backing off. The typical home now sells for about 1% less than its asking price, the biggest discount for this time of year since 2020, and just about 28% of homes sell for above their asking price, down from 32% at this time last year. 'If a home is in a desirable neighborhood, especially if it's fixed up, it will sell fairly quickly,' said Ben Ambroch, a Redfin Premier agent in Milwaukee. 'But even that type of home now gets two or three offers, as opposed to the 10 offers it would have gotten a few years ago. Sellers of homes that need work in fringe neighborhoods should be able to find a buyer, but it's important they come to the table with realistic expectations on price and timing, and a willingness to negotiate. Price within a fair range based on the neighborhood, understand that buyers will be inspecting the home, and be prepared to give concessions.' For Redfin economists' takes on the housing market, please visit Redfin's ' From Our Economists ' page. Key housing-market data U.S. highlights: Four weeks ending June 1, 2025 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 June 1, 2025 Year-over-year change Notes Median sale price $393,750 1.2% Median asking price $425,975 4.9% Median monthly mortgage payment $2,863 at a 6.89% mortgage rate 4% $20 shy of record high Pending sales 88,141 -0.4% New listings 104,380 6.3% Active listings 1,132,818 14.4% Smallest increase in over a year Months of supply 4 +0.7 pts. 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 38.7% Down from 42% Median days on market 36 +4 days Share of homes sold above list price 28.4% Down from 32% Average sale-to-list price ratio 99.1% Down from 99.5% Expand 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, 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 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@ To view Redfin's press center, click here.
Yahoo
4 days ago
- Business
- Yahoo
Redfin Reports Some Would-Be Home Sellers Are Stepping Back as Market Tilts Toward Buyers
Many prospective homebuyers are sidelined by near-record costs and economic uncertainty, creating a buyer's market in many parts of the country. That's deterring some would-be sellers. SEATTLE, June 05, 2025--(BUSINESS WIRE)--(NASDAQ: RDFN) — New listings of U.S. homes for sale rose 6.3% year over year during the four weeks ending June 1, one of the smallest increases of the last three months. That's according to a new report from Redfin ( the technology-powered real estate brokerage. New listings declined year over year in 11 of the 50 most populous U.S. metros, with the biggest drops in San Jose, CA and four Florida metros: Orlando, Fort Lauderdale, Tampa and West Palm Beach. Zooming in on recent weeks, new listings fell during the second half of May. While it's typical for listings to decline after peaking in mid-May, this year's drop was the biggest for that time period in a decade. On the buying side, pending home sales declined 0.4% year over year to their lowest May level since 2020, and mortgage-purchase applications fell 3% week over week. Prospective buyers are backing off because housing costs are near record highs, with the median home-sale price up 1.2% year over year and the weekly average mortgage rate approaching 7%, and because the U.S. economy is unpredictable. While there are hundreds of thousands more home sellers than buyers in the market—and new listings are still rising—the recent decline in listings suggests some of this spring's would-be sellers are backing off. The typical home now sells for about 1% less than its asking price, the biggest discount for this time of year since 2020, and just about 28% of homes sell for above their asking price, down from 32% at this time last year. "If a home is in a desirable neighborhood, especially if it's fixed up, it will sell fairly quickly," said Ben Ambroch, a Redfin Premier agent in Milwaukee. "But even that type of home now gets two or three offers, as opposed to the 10 offers it would have gotten a few years ago. Sellers of homes that need work in fringe neighborhoods should be able to find a buyer, but it's important they come to the table with realistic expectations on price and timing, and a willingness to negotiate. Price within a fair range based on the neighborhood, understand that buyers will be inspecting the home, and be prepared to give concessions." For Redfin economists' takes on the housing market, please visit Redfin's "From Our Economists" page. Leading indicators Indicators of homebuying demand and activity Value (if applicable) Recent change Year-over-year change Source Daily average 30-year fixed mortgage rate 6.87% (June 4) Down from 6.97% one week earlier Down from 7.17% Mortgage News Daily Weekly average 30-year fixed mortgage rate 6.89% (week ending May 29) Highest level since Feb. Down from 7.03% Freddie Mac Mortgage-purchase applications (seasonally adjusted) Down 4% from a week earlier (as of week ending May 30) Up 18% Mortgage Bankers Association Redfin Homebuyer Demand Index Down 3% from a month earlier (as of week ending June 1) Up 1% A measure of tours and other homebuying services from Redfin agents Google searches for "home for sale" Up 20% from a month earlier (as of June 1) Up 20% Google Trends ShowingTime stats have been excluded this week to ensure data accuracy. Key housing-market data U.S. highlights: Four weeks ending June 1, 2025 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 June 1, 2025 Year-over-year change Notes Median sale price $393,750 1.2% Median asking price $425,975 4.9% Median monthly mortgage payment $2,863 at a 6.89% mortgage rate 4% $20 shy of record high Pending sales 88,141 -0.4% New listings 104,380 6.3% Active listings 1,132,818 14.4% Smallest increase in over a year Months of supply 4 +0.7 pts. 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 38.7% Down from 42% Median days on market 36 +4 days Share of homes sold above list price 28.4% Down from 32% Average sale-to-list price ratio 99.1% Down from 99.5% Metro-level highlights: Four weeks ending June 1, 2025 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 decreases Notes Median sale price Philadelphia (11.4%) Detroit (10.6%) Pittsburgh (7.4%) Miami (7.1%) New Brunswick, NJ (6.9%) Oakland, CA (-8.5%) Dallas (-4.5%) Jacksonville, FL (-3.6%) Houston (-2.4%) Austin, TX (-1.6%) Declined in 9 metros Pending sales Cincinnati (10.9%) Chicago (6.5%) Boston (5.7%) Montgomery County, PA (4.7%) Indianapolis (4.2%) Miami (-19.6%) San Jose, CA (-16.2%) Fort Lauderdale, FL (-15.9%) Las Vegas (-15.4%) San Diego (-12.2%) New listings Houston (13.9%) Washington, D.C. (13.5%) Montgomery County, PA (13.2%) Seattle (12%) Cincinnati (11.4%) San Jose, CA (-9%) Orlando, FL (-8.3%) Fort Lauderdale, FL (-6.8%) Tampa, FL (-6.8%) West Palm Beach, FL (-5.5%) Declined in 11 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, 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 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@ To view Redfin's press center, click here. View source version on Contacts Contact RedfinRedfin Journalist Services:Tana Kelleypress@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
01-04-2025
- Business
- Yahoo
Franklin ranks among top 10 'hottest neighborhoods' in the country, Redfin finds
The hottest neighborhoods in the country this year include Russian Hill along the San Francisco Bay, Prospect Heights across from Brooklyn's iconic urban park and... Franklin, Wisconsin? Milwaukee County's southwest suburb has been dubbed the seventh hottest neighborhood in America this year, according to a new analysis by real estate brokerage Redfin. Redfin's analysis looked at zip codes in the 150 biggest American metro areas, identifying the neighborhoods where competition for homes is heating up the fastest. Signs of a hot market included: an uptick in views per listing, a drop-off in days on the market, and homes selling above asking price. Here's a snapshot of Franklin's market in the first two months of 2025: Median sale price: $392,500 — up 10.5% year over year. Median days on market: 49 — down 17 year over year. Change in home sales: Up 25% year over year. Change in median views per listing: Up 129% year over year. Share of homes that sold above list price: 40%. Across the Milwaukee metro, homebuyers are still facing stiff competition. Median home prices in the Milwaukee metro rose 20% year over year in February — the biggest year-over-year price jump of the nation's 50 largest cities. New construction in Franklin — especially on spacious lots — is drawing in buyers, said local Redfin Premier agent Ben Ambroch. Although the Midwest hasn't attracted as many newcomers and real estate investors as the Sunbelt, its residents are eager to lay down roots, Redfin's chief economist Daryl Fairweather told the Journal Sentinel. "It's not so much that people are moving into the Midwest from other regions, but within the Midwest, people who are choosing to stay are buying homes," Fairweather said. This article originally appeared on Milwaukee Journal Sentinel: Franklin ranks among top 10 'hottest neighborhoods' in the country
