Latest news with #VenusMartinez
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.
Daily Mail
22-04-2025
- Business
- Daily Mail
American cities where house prices are crashing fastest
By Published: | Updated: The red-hot housing market is starting to cool — and, in some cities, prices are already dropping. House prices have soared almost 50 percent since the pandemic, but fears of a recession tied to Trump's aggressive tariffs have put homebuying on pause for many Americans. This drop in demand is hitting prices. In fact, 10 of the 50 biggest cities saw prices decrease year-on-year, mostly in Texas and Florida, according to the latest data from Redfin. 'A lot of buyers, especially first-timers, are backing off because they're nervous about a potential recession,' Redfin agent Venus Martinez explained. 'Some house hunters are hanging out on the sidelines because they're hopeful mortgage rates will come down soon. 'The buyers who are still active, typically those who need to move, are picky and unwilling to pay over asking price. Meanwhile, inventory is rising. New listings are up more than 11 percent from a year ago, Redfin reports. And with more homes hitting the market and fewer buyers biting, sellers are increasingly being forced to slash their prices. Jacksonville in northern Florida saw the biggest decrease in house prices. Its median sale price dropped 2.8 percent since the same time last year. Florida is in the throes of a housing crisis, as increased regulations following the Surfside Condo collapse in 2021 have triggered a steep rise in Homeowner's Association fees and insurance costs. As a result, many residents and second-home owners are trying to offload their properties, causing a glut in the market. Orlando was the second Florida city to see a fall, with its median sale price dipping by 0.4 percent. Texas saw the most cities with falling house prices over the last year. San Antonio has dropped 1.8 percent since last April, Austin has seen a 1.2 percent fall, Dallas is down 0.8 percent and Fort Worth has dropped 0.2 percent. Texas became a boom state during the pandemic due to its warm weather, low tax rates and affordable housing compared to major coastal cities. However, the rapid increase in housing costs has put people off and had a negative effect on the housing market. Places like Dallas and Austin were once seen as affordable alternatives to high-cost cities like San Francisco and New York, but now the gap in housing costs between big-city job centers and Sun Belt metros has shrunk. Moving to Texas is also less attractive than it used to be because of the increasing frequency and intensity of climate disasters such as hurricanes. This has led to skyrocketing insurance premiums and rising HOA costs across many major cities.
Daily Mail
21-04-2025
- Business
- Daily Mail
American cities where house prices are crashing fastest... including four Texas hotspots
The red-hot housing market is starting to cool — and, in some cities, prices are already dropping. House prices have soared almost 50 percent since the pandemic, but fears of a recession tied to Trump 's aggressive tariffs have put homebuying on pause for many Americans. This drop in demand is hitting prices. In fact, 10 of the 50 biggest cities saw prices decrease year-on-year, mostly in Texas and Florida, according to the latest data from Redfin. Scroll down to see where prices are crashing fastest, and by how much. 'A lot of buyers, especially first-timers, are backing off because they're nervous about a potential recession,' Redfin agent Venus Martinez explained. 'Some house hunters are hanging out on the sidelines because they're hopeful mortgage rates will come down soon. 'The buyers who are still active, typically those who need to move, are picky and unwilling to pay over asking price. 'And those buyers have the right strategy: Many of today's sellers are willing to negotiate the price down.' The typical US home sold in recent weeks went for 2.6 percent more than a year ago, according to Redfin. It has pushed the national median price to $389,400, a jump of about $10,000. But that's well below the steady 6 percent annual growth seen at the end of 2024 and early 2025 — and a far cry from the double-digit spikes during and right after the pandemic. Meanwhile, inventory is rising. New listings are up more than 11 percent from a year ago, Redfin reports. And with more homes hitting the market and fewer buyers biting, sellers are increasingly being forced to slash their prices. Jacksonville in northern Florida saw the biggest decrease in house prices. Its median sale price dropped 2.8 percent since the same time last year. Florida is in the throes of a housing crisis, as increased regulations following the Surfside Condo collapse in 2021 have triggered a steep rise in Homeowner's Association fees and insurance costs. As a result, many residents and second-home owners are trying to offload their properties, causing a glut in the market. Orlando was the second Florida city to see a fall, with its median sale price dipping by 0.4 percent. 10 of the 50 most populous cities also saw prices decrease year-on-year, including Jacksonville, Florida (pictured) Texas saw the most cities with falling house prices over the last year. San Antonio has dropped 1.8 percent since last April, Austin has seen a 1.2 percent fall, Dallas is down 0.8 percent and Fort Worth has dropped 0.2 percent. Texas became a boom state during the pandemic due to its warm weather, low tax rates and affordable housing compared to major coastal cities. However, the rapid increase in housing costs since have put people off and had a negative effect on the housing market. Places like Dallas and Austin were once seen as affordable alternatives to high-cost cities like San Francisco and New York, but now the gap in housing costs between big-city job centers and Sun Belt metros has shrunk. Moving to Texas is also less attractive than it used to be because of the increasing frequency and intensity of climate disasters such as hurricanes. This has led to skyrocketing insurance premiums and rising HOA costs across many major cities.
