Redfin Reports Pending Sales Fall as U.S. Home Prices Hit Another Record High
The median U.S. home sale price hit a record $399,633, up 1% year over year
Pending sales fell 3.5% year over year during the four weeks ending July 6, according to a new report from Redfin, the real estate brokerage powered by Rocket. That was the second biggest decline since early February, trailing only last week's 4.1% fall.
There were some encouraging signs for sellers with mortgage purchase applications rising 9% from a week ago as the weekly average mortgage rate dropped to 6.67%, the lowest level since early April. Touring activity is up 25% from the start of the year, and Google searches for "homes for sale" are at the highest level in a year.
"Some homes are moving fast, others are seeing multiple price reductions," said James Gulden, a Redfin Premier agent in Boston. "It's not location or price-tier specific; the mixed results permeate in every corner of the market. Prices are still as high as they have ever been, but with homes sitting longer, the market is slowly turning in buyers' favor."
For Redfin economists' takes on the housing market, please visit Redfin's "From Our Economists" page.
Leading indicators |
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Indicators of homebuying demand and activity |
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Value (if applicable) |
Recent change |
Year-over-year change |
Source |
Daily average 30-year fixed mortgage rate |
6.77% (July 9) |
Up slightly from 6.73% a week earlier |
Down from 7.01% |
Mortgage News Daily |
Weekly average 30-year fixed mortgage rate |
6.67% (week ending July 3) |
Lowest level since early April |
Down from 6.95% |
Freddie Mac |
Mortgage-purchase applications (seasonally adjusted) |
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Up 9% from a week earlier (as of week ending July 4) |
Up 25% |
Mortgage Bankers Association |
Touring activity |
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Up 26% from the start of the year (as of July 3) |
At this time last year, it was up 16% from the start of 2024 |
ShowingTime, a home touring technology company |
Google searches for "home for sale" |
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Highest level in a year (as of July 9) |
Up 11%
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Google Trends |
The Redfin Homebuyer Demand Index has been excluded this week to ensure data accuracy. |
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Key housing-market data |
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U.S. highlights: Four weeks ending July 6, 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. |
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Four weeks ending July 6, 2025 |
Year-over-year change |
Notes |
Median sale price |
$399,633 |
1.0% |
All-time high |
Median asking price |
$409,973 |
3.6% |
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Median monthly mortgage payment |
$2,708 at a 6.67% mortgage rate |
1.8% |
Lowest level since early March |
Pending sales |
82,218 |
-3.5% |
|
New listings |
92,347 |
-0.3% |
Third consecutive week with a decline |
Active listings |
1,163,431 |
12.3% |
Smallest increase since February 2024 |
Months of supply |
4.0 |
+0.3 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 |
35.9% |
Down from 39.8% |
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Median days on market |
37 |
+5 days |
|
Share of homes sold above list price |
28.2% |
Down from 31.9% |
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Average sale-to-list price ratio |
99.1% |
Down from 99.5% |
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Metro-level highlights: Four weeks ending July 6, 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. |
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Metros with biggest year-over-year increases |
Metros with biggest year-over-year decreases |
Notes |
Median sale price |
Detroit (11.4%) Cleveland (11.0%) Newark, NJ (8.8%) Nassau County, NY (7.9%) Cincinnati (6.9%) |
Oakland, CA (-6.2%) West Palm Beach, FL (-5.2%) Austin, TX (-4.2%) Tampa, FL (-3.4%) Atlanta (-3.2%) |
Declined in 14 metros |
Pending sales |
Virginia Beach, VA (8.5%) Warren, MI (6.5%) San Francisco (6.3%) Columbus, OH (2.9%) Milwaukee (2.9%)
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Las Vegas (-18.0%) Orlando, FL (-16.2%) Houston (-15.6%) San Jose, CA (-15.2%) Tampa, FL (-15.1%) |
Declined in all but 11 metros |
New listings |
Baltimore, MD (10.6%) Montgomery County, PA (10.5%) Cleveland (8.9%) Warren, MI (8.4%) Phoenix (6.6%) |
Tampa, FL (-18%) Orlando, FL (-17%) Riverside, CA (-16.5%) San Diego (-15.1%) Jacksonville, FL (-15.1%) |
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To view the full report, including charts, please visit:
https://www.redfin.com/news/pending-sales-fall-as-home-prices-hit-record-high
About Redfin
Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE:RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin's clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.
You can find more information about Redfin and get the latest housing market data and research at Redfin.com/news. For more information about Rocket Companies, visit RocketCompanies.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250710490499/en/
Contact Redfin
Redfin Journalist Services:
Tana Kelley
[email protected]