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Yahoo
29-05-2025
- Business
- Yahoo
Redfin Reports High Housing Costs Are Keeping Homebuyers at Bay—But Price Relief Is in Sight
Redfin economists expect home prices to decline by the end of the year, and a surplus of listings is motivating sellers to negotiate SEATTLE, May 29, 2025--(BUSINESS WIRE)--(NASDAQ: RDFN) — The median monthly mortgage payment nationwide was $2,860 during the four weeks ending May 25, up 3.6% year over year and just $25 shy of the all-time high. That's according to a new report from Redfin ( the technology-powered real estate brokerage. Housing payments are high for two reasons: The weekly average mortgage rate is 6.86%, the highest level in three months, and the median U.S. home-sale price is up 1.9% year over year. High costs, along with widespread economic uncertainty, are keeping would-be homebuyers at bay. Pending home sales are down 1.7% from a year ago, and Redfin's Homebuyer Demand Index—a measure of tours and other buying services from Redfin agents—is essentially flat from a month ago. Of the homes that are going under contract, roughly 14% of those deals are canceled, the highest share for this time of year since the housing market nearly ground to a halt at the start of the pandemic. But the tide is starting to turn for homebuyers. Home-sale prices are already falling in 11 of the 50 most populous U.S. metro areas—the biggest declines are in Oakland, CA, Dallas, and Jacksonville, FL. Redfin economists expect the median U.S. sale price to fall by the end of 2025. Combined with the fact that wages are forecast to continue rising, that means homebuying affordability should improve in the second half of the year. Additionally, buyers have more options and more negotiating power. New listings are up 3.9% year over year, and the total number of homes for sale is up 11.9%. Because there are more sellers than buyers in the market, buyers in many parts of the country are able to successfully negotiate prices down and get concessions. "Sellers are realizing we're in a new market, which is making them flexible," said Venus Martinez, a Redfin Premier agent in Los Angeles. "A lot of sellers, especially those who may have bought at the top of the market and need to sell, are willing to accept less money for their homes, give concessions to buyers, and even negotiate commissions. Buyers are more likely to be able to negotiate if a home has been on the market for more than a few weeks, or if it has fallen out of contract." 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 6.98% (May 28) Essentially unchanged from 6.99% one week earlier Down from 7.16% Mortgage News Daily Weekly average 30-year fixed mortgage rate 6.86% (week ending May 22) Up from 6.76% two weeks earlier Down from 6.94% Freddie Mac Mortgage-purchase applications (seasonally adjusted) Up 3% from a week earlier (as of week ending May 23) Up 18% Mortgage Bankers Association Redfin Homebuyer Demand Index Up 0.7% from a month earlier (as of week ending May 25) Up 7% A measure of tours and other homebuying services from Redfin agents Touring activity Up 23% from the start of the year (as of May 27) At this time last year, it was up 17% from the start of 2024 ShowingTime, a home touring technology company Google searches for "home for sale" Up 8% from a month earlier (as of May 27) Unchanged Google Trends Key housing-market data U.S. highlights: Four weeks ending May 25, 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 May 25, 2025 Year-over-year change Notes Median sale price $394,375 1.9% Median asking price $426,504 5.1% Median monthly mortgage payment $2,860 at a 6.86% mortgage rate 3.6% $25 shy of record high Pending sales 88,914 -1.7% New listings 103,998 3.9% Active listings 1,086,439 11.9% 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 39.9% Down from 43% Median days on market 36 +4 days Share of homes sold above list price 28.3% Down from 31% Average sale-to-list price ratio 99.1% Down from 99.4% Metro-level highlights: Four weeks ending May 25, 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 biggestyear-over-year increases Metros with biggest year-over-year decreases Notes Median sale price Philadelphia (15%) Detroit (11.3%) Pittsburgh (10.1%) Miami (8.1%) New Brunswick, NJ (7.8%) Oakland, CA (-4.9%) Dallas (-4.5%) Jacksonville, FL (-3%) Austin, TX (-2.5%) Seattle (-1.4%) Tampa, FL (-1.3%) Denver (-0.9%) Atlanta (-0.8%) Houston (-0.8%) Indianapolis (-0.3%) Anaheim, CA (-0.1%) Declined in 11 metros Pending sales Cincinnati (6.9%) Indianapolis (5.2%) Montgomery County, PA (4.4%) Chicago (4.2%) Austin, TX (3.8%) Miami (-21.5%) Fort Lauderdale, FL (-16.5%) Las Vegas (-13.2%) San Jose, CA (-12.5%) Los Angeles (-12%) New listings Seattle (15.6%) Houston (14.9%) Washington, D.C. (13.7%) Boston (11.7%) Nashville, TN (10.2%) Orlando, FL (-12.8%) Tampa, FL (-10%) Los Angeles (-9.4%) Fort Lauderdale, FL (-9.2%) San Antonio (-7.1%) 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
Business Wire
29-05-2025
- Business
- Business Wire
Redfin Reports High Housing Costs Are Keeping Homebuyers at Bay—But Price Relief Is in Sight
SEATTLE--(BUSINESS WIRE)--(NASDAQ: RDFN) — The median monthly mortgage payment nationwide was $2,860 during the four weeks ending May 25, up 3.6% year over year and just $25 shy of the all-time high. That's according to a new report from Redfin ( the technology-powered real estate brokerage. Housing payments are high for two reasons: The weekly average mortgage rate is 6.86%, the highest level in three months, and the median U.S. home-sale price is up 1.9% year over year. High costs, along with widespread economic uncertainty, are keeping would-be homebuyers at bay. Pending home sales are down 1.7% from a year ago, and Redfin's Homebuyer Demand Index—a measure of tours and other buying services from Redfin agents—is essentially flat from a month ago. Of the homes that are going under contract, roughly 14% of those deals are canceled, the highest share for this time of year since the housing market nearly ground to a halt at the start of the pandemic. But the tide is starting to turn for homebuyers. Home-sale prices are already falling in 11 of the 50 most populous U.S. metro areas—the biggest declines are in Oakland, CA, Dallas, and Jacksonville, FL. Redfin economists expect the median U.S. sale price to fall by the end of 2025. Combined with the fact that wages are forecast to continue rising, that means homebuying affordability should improve in the second half of the year. Additionally, buyers have more options and more negotiating power. New listings are up 3.9% year over year, and the total number of homes for sale is up 11.9%. Because there are more sellers than buyers in the market, buyers in many parts of the country are able to successfully negotiate prices down and get concessions. 'Sellers are realizing we're in a new market, which is making them flexible,' said Venus Martinez, a Redfin Premier agent in Los Angeles. 'A lot of sellers, especially those who may have bought at the top of the market and need to sell, are willing to accept less money for their homes, give concessions to buyers, and even negotiate commissions. Buyers are more likely to be able to negotiate if a home has been on the market for more than a few weeks, or if it has fallen out of contract.' For Redfin economists' takes on the housing market, please visit Redfin's ' From Our Economists ' page. Leading indicators Key housing-market data U.S. highlights: Four weeks ending May 25, 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 May 25, 2025 Year-over-year change Notes Median sale price $394,375 1.9% Median asking price $426,504 5.1% Median monthly mortgage payment $2,860 at a 6.86% mortgage rate 3.6% $25 shy of record high Pending sales 88,914 -1.7% New listings 103,998 3.9% Active listings 1,086,439 11.9% 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 39.9% Down from 43% Median days on market 36 +4 days Share of homes sold above list price 28.3% Down from 31% Average sale-to-list price ratio 99.1% Down from 99.4% 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
05-05-2025
- Business
- Yahoo
Monthly housing costs hit record high in US, keeping buyers on sidelines, Redfin reports
The spring homebuying season is lackluster, with record-high housing costs and widespread economic instability keeping would-be homebuyers at bay, according to online brokerage Redfin. Mortgage-purchase applications are down 6% month over month. And Redfin's Homebuyer Demand Index — a measure of tours and other buying services from Redfin agents — is essentially flat. From Redfin: Pending home sales fell, too, declining 2.8% year over year nationwide during the four weeks ending April 27. That dip is mainly due to a holiday effect — Easter fell into this year's four-week period, but not in the comparable period in 2024 — but even without that effect, pending sales would likely be flat from a year ago. Sales were sluggish last spring, and they're sluggish again this spring. Here two key reasons a lot of prospective house hunters are staying on the sidelines: Record-high housing costs. The median U.S. monthly housing payment is at an all-time high of $2,870, due to still-rising home prices and elevated mortgage rates. Economic uncertainty. Many Americans are holding off on major purchases because they're uncertain about the future of the economy due to things like tariffs and the increasing odds of a recession. 'A lot of people who would normally be making moves right now are standing still,' said Bliss Ong, a Redfin Premier agent in Seattle. 'They want to ride out this period of economic uncertainty and wait until they feel more secure to make this huge financial decision. The people who are buying are picky; for instance, buyers aren't making offers if a home is on a busy street, or if it has one bathroom instead of two bathrooms. When the market was hotter, those homes would fly off the shelves despite not checking every single box.' Redfin agents in many parts of the country say they're seeing more action from sellers than buyers. New listings are up 6.1% year over year, and the total number of homes for sale is up 13.7%. The median home-sale price in the four weeks ending April 27 was $388,475, up 2%. The median asking price was $429,700, up 6.1%, Redfin said. This article originally appeared on Austin American-Statesman: Economic uncertainty, record high housing costs sideline house-hunters
Yahoo
01-05-2025
- Business
- Yahoo
Redfin Reports Monthly Housing Costs Hit All-Time High Amid Economic Uncertainty, Keeping Buyers on the Sidelines
Mortgage-purchase applications are declining and pending home sales are sluggish SEATTLE, May 01, 2025--(BUSINESS WIRE)--(NASDAQ: RDFN) — The 2025 spring homebuying season is lackluster, with record-high housing costs and widespread economic instability keeping would-be homebuyers at bay, according to a new report from Redfin ( the technology-powered real estate brokerage. Mortgage-purchase applications are down 6% month over month, and Redfin's Homebuyer Demand Index—a measure of tours and other buying services from Redfin agents—is essentially flat. Pending home sales fell, too, declining 2.8% year over year nationwide during the four weeks ending April 27. That dip is mainly due to a holiday effect—Easter fell into this year's four-week period, but not in the comparable period in 2024—but even without that effect, pending sales would likely be flat from a year ago. Sales were sluggish last spring, and they're sluggish again this spring. There are two key reasons a lot of prospective house hunters are staying on the sidelines: Record-high housing costs. The median U.S. monthly housing payment is at an all-time high of $2,870, due to still-rising home prices and elevated mortgage rates. Economic uncertainty. Many Americans are holding off on major purchases because they're uncertain about the future of the economy due to things like tariffs and the increasing odds of a recession. "A lot of people who would normally be making moves right now are standing still," said Bliss Ong, a Redfin Premier agent in Seattle. "They want to ride out this period of economic uncertainty and wait until they feel more secure to make this huge financial decision. The people who are buying are picky; for instance, buyers aren't making offers if a home is on a busy street, or if it has one bathroom instead of two bathrooms. When the market was hotter, those homes would fly off the shelves despite not checking every single box." Redfin agents in many parts of the country say they're seeing more action from sellers than buyers. New listings are up 6.1% year over year, and the total number of homes for sale is up 13.7%. 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 6.81% (April 30) Down from 7.07% two weeks earlier Down from 7.51% Mortgage News Daily Weekly average 30-year fixed mortgage rate 6.81% (week ending April 24) Up from 6.62% two weeks earlier, but down slightly from one week earlier Down from 7.17% Freddie Mac Mortgage-purchase applications (seasonally adjusted) Down 4% from a week earlier (as of week ending April 25) Up 3% Mortgage Bankers Association Redfin Homebuyer Demand Index (seasonally adjusted) Essentially unchanged from a month earlier Down 2% A measure of home tours and other homebuying services from Redfin agents Touring activity Up 42% from the start of the year (as of April 30) At this time last year, it was up 32% from the start of 2024 ShowingTime, a home touring technology company Google searches for "home for sale" Unchanged from a month earlier (as of April 28) Up 8% Google Trends Key housing-market data U.S. highlights: Four weeks ending April 27, 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 April 27, 2025 Year-over-year change Notes Median sale price $388,475 2% Median asking price $429,700 6.1% Median monthly mortgage payment $2,870 at a 6.81% mortgage rate 2.7% Record high Pending sales 87,876 -2.8% New listings 107,229 6.1% Active listings 1,055,784 13.7% Smallest increase in over a year Months of supply 4.1 +0.6 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 39.9% Down from 43% Median days on market 39 +5 days Share of homes sold above list price 27.1% Down from 31% Average sale-to-list price ratio 98.9% Down from 99.3% Metro-level highlights: Four weeks ending April 27, 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 Newark, NJ (11.3%) Milwaukee (10.3%) Cleveland (7.6%) New Brunswick, NJ (7.5%) Chicago (7.3%) Oakland, CA (-5%) San Antonio (-3.5%) Phoenix (-2.9%) Austin, TX (-2.5%) Jacksonville, FL (-2.3%) Declined in 9 metros Pending sales Columbus, OH (13.8%) Warren, MI (9.1%) Boston (8.5%) Indianapolis (6.2%) Detroit (5.9%) Miami (-23.8%) Fort Lauderdale, FL (-19.5%) West Palm Beach, FL (-15.4%) Houston (-13.1%) Las Vegas (-13%) New listings Phoenix (20.3%) Washington, D.C. (15.6%) Baltimore (15%) Las Vegas (13.8%) Denver (12.8%) Nassau County, NY (-7.4%) Newark, NJ (-5.5%) San Jose, CA (-5.3%) New York, NY (-5.1%) West Palm Beach, FL (-4.8%) 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@ Sign in to access your portfolio
Yahoo
20-03-2025
- Business
- Yahoo
Redfin Reports Near-Record Housing Costs Put a Lid on Pending Sales, Even as Early-Stage Demand Picks Up
House hunters are touring homes and applying for mortgages as rates stay below 7%, but prospective buyers aren't always following through with a purchase SEATTLE, March 20, 2025--(BUSINESS WIRE)--(NASDAQ: RDFN) —The typical U.S. homebuyer's monthly housing payment is $2,793, just a few dollars shy of the all-time high, according to a new report from Redfin ( the technology-powered real estate brokerage. Housing payments are sky-high because sale prices keep rising and mortgage rates remain high. The median home-sale price rose 3.3% year over year during the four weeks ending March 16, and the weekly average mortgage rate is 6.65%, its lowest level since mid-December but still more than double pandemic-era lows. Lack of affordability is suppressing homebuyer demand, even as we get tantalizingly close to spring. Pending home sales are down 5.2%, on par with the annual declines Redfin has seen for the last two months. But there are signals that house hunters are stepping off the sidelines, even if they're not following through with a purchase yet. Redfin's Homebuyer Demand Index—a seasonally adjusted measure of home tours and other buying services from Redfin agents—hit its highest level in three months, and ShowingTime data shows that home tours are rising faster this year than in 2024. Additionally, seasonally adjusted mortgage-purchase applications are sitting at their highest level in six weeks. Rising demand could translate into an improvement in pending sales in the coming months, especially if mortgage rates decline more. Rates could decline if inflation eases and we see stronger evidence of weak economic data that point toward a recession. "Some prospective buyers and sellers are still waiting for rates to drop and others are holding off because they're worried about the economy and losing their job. But others are jumping back in because it's clear the market isn't going back to where it was in 2020," said Heather Mahmood-Corley, a Redfin Premier agent in Phoenix. "Overall, it feels more like a buyer's market than a seller's market. I'm telling sellers their home needs to look like a model house, and it probably needs to be priced lower than they think. Even though costs are high, it's not a bad time to buy: For listings that sit on the market a long time, many buyers are able to successfully negotiate." On the supply side, new listings are up 5.5% year over year, the biggest increase in six weeks. 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 6.76% (March 19) Up from 6.7% two weeks earlier, but still near lowest level since December Down from 7.11% Mortgage News Daily Weekly average 30-year fixed mortgage rate 6.65% (week ending March 13) Near lowest level since mid-December Down from 6.74% Freddie Mac Mortgage-purchase applications (seasonally adjusted) Essentially unchanged (up 0.1%) from a week earlier (as of week ending March 14) Up 6% Mortgage Bankers Association Redfin Homebuyer Demand Index (seasonally adjusted) Highest level since mid-December (as of week ending March 16) Up 5% Redfin Homebuyer Demand Index, a measure of tours and other homebuying services from Redfin agents Touring activity Up 35% from the start of the year (as of March 18) At this time last year, it was up 30% from the start of 2024 ShowingTime, a home touring technology company Google searches for "home for sale" Up 8% from a month earlier (as of March 17) Up 10% Google Trends Key housing-market data U.S. highlights: Four weeks ending March 16, 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 March 16, 2025 Year-over-year change Notes Median sale price $383,475 3.3% Median asking price $423,500 6.6% Median monthly mortgage payment $2,793 at a 6.65% mortgage rate 4.8% $6 shy of all-time high hit during the 4 weeks ending April 28, 2024 Pending sales 80,277 -5.2% New listings 94,113 5.5% Active listings 953,851 11% Smallest increase in a year Months of supply 4.1 +0.6 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 36% Down from 40% Median days on market 50 +7 days Share of homes sold above list price 23.4% Down from 26% Average sale-to-list price ratio 98.4% Down from 98.7% Metro-level highlights: Four weeks ending March 16, 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 Milwaukee (12.2%) Nassau County, NY (10.8%) Anaheim, CA (9.9%) Providence, RI (9.8%) Cleveland (9.2%) Jacksonville, FL (-3.7%) Tampa, FL (-2.8%) Austin, TX (-2.5%) Atlanta (-1.3%) Fort Worth, TX (-0.3%) San Antonio (-0.2%) Declined in 6 metros Pending sales Los Angeles (4.2%) Sacramento, CA (3.3%) Montgomery County, PA (2.5%) Seattle (2.3%) Anaheim, CA (1.3%) Fort Lauderdale, FL (-17.8%) Warren, MI (-16.1%) Detroit (-14.3%) Houston (-13.6%) Nassau County, NY (-13%) Increased in 8 metros New listings San Jose, CA (29.5%) Phoenix (26%) Sacramento, CA (24.1%) Denver (20.8%) Los Angeles (19%) Detroit (-12.5%) Warren, MI (-12%) Newark, NJ (-7.7%) Milwaukee (-7.2%) Nassau County, NY (-5.5%) Declined in 10 metros To view the full report, including charts and metro-level data, 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:Kenneth Applewhaitepress@ Sign in to access your portfolio
