New Listings Lose Steam, Pending Sales Fall As Home Prices Hit Another Record High
Would-be sellers are pulling back as it becomes more clear the housing market is tilting in buyers’ favor in much of the country.
New listings of U.S. homes for sale are up 2.5% from a year ago, the smallest increase in five months. On a local level, new listings are falling in 20 of the 50 most populous U.S. metro areas, with the biggest declines in Tampa, FL (-15.2%), San Antonio (-14.4%), and Orlando, FL (-11.1%).
There are still hundreds of thousands more home sellers than buyers nationwide. But some would-be sellers are sitting on the sidelines as the market tilts more and more in buyers’ favor in much of the country.
“Understandably, sellers want to get as much money as they can. Some homeowners feel they missed the prime selling window; many people who don’t need to sell right now are holding off, either staying put or trying to rent out their house,” said Kathy Scott, a Redfin Premier agent in Phoenix. “The advice for people who do need to sell–I’m working with one couple that’s moving out of the country, for example–is to set realistic expectations. Talk to your agent about the market in your exact neighborhood: How long are homes taking to sell, are they typically selling below asking price, and what are sellers doing in terms of repairs and concessions to get deals done? Price fairly based on those numbers.”
Pending home sales fell 2.3% year over year during the four weeks ending June 22, the biggest decline in three months. There are two key reasons why home sales are slow. One, housing costs are still soaring, with home-sale prices up 1.6% year over year to a record high and mortgage rates sitting near 7%. Two, many would-be buyers are holding off due to widespread economic uncertainty and recession jitters.
It’s worth noting that early-stage homebuying demand ticked up slightly this week. Redfin’s Homebuyer Demand Index–a seasonally adjusted measure of tours and other buying services from Redfin agents–has increased 6% over the last two weeks, and ShowingTime data illustrates that house tours are rising faster this year than last year.
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 | 6.79% (June 25) | Down from 6.93% one week earlier | Down from 7.04% | Mortgage News Daily |
| Weekly average 30-year fixed mortgage rate | 6.81% (week ending June 18) | Down from 6.89% three weeks earlier, but still near the highest level since Feb. | Down from 6.95% | Freddie Mac |
| Mortgage-purchase applications (seasonally adjusted) | Essentially flat (-0.4%) from a week earlier (as of week ending June 20) | Up 12% | Mortgage Bankers Association | |
| Redfin Homebuyer Demand Index | Essentially unchanged from one month earlier (as of week ending June 22) | Down 1% | A measure of tours and other homebuying services from Redfin agents | |
| Touring activity | Up 33% from the start of the year (as of June 25) | At this time last year, it was up 27% from the start of 2024 | ShowingTime, a home touring technology company | |
| Google searches for “home for sale” | Highest level in 10 months (as of June 23) | Down 4% | Google Trends | |
Key housing-market data
| U.S. highlights: Four weeks ending June 22, 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 22, 2025 | Year-over-year change | Notes | |
| Median sale price | $400,266 | 1.6% | All-time high |
| Median asking price | $422,250 | 4.9% | |
| Median monthly mortgage payment | $2,820 at a 6.81% mortgage rate | 4.5% | Down $42 from May’s record high |
| Pending sales | 85,537 | -2.3% | |
| New listings | 102,593 | 2.5% | Smallest increase in 5 months |
| Active listings | 1,171,760 | 14.3% | Smallest increase in 15 months |
| Months of supply | 4.1 | +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 | 36.6% | Down from 40% | |
| Median days on market | 36 | +5 days | |
| Share of homes sold above list price | 28.6% | Down from 32% | |
| Average sale-to-list price ratio | 99.1% | Down from 99.6% | |
|
Metro-level highlights: Four weeks ending June 22, 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 (6.1%)
Montgomery County, PA (5.5%) Miami (5.2%) New York (4.9%) New Brunswick, NJ (4.8%) |
Oakland, CA (-4.9%)
San Diego (-4.4%) Atlanta (-3.1%) Austin, TX (-2.2%) Tampa, FL (-2%)) |
Declined in 12 metros |
| Pending sales | Dallas (8.6%)
Cincinnati (5.8%) Montgomery County, PA (5.1%) Warren, MI (5%) Virginia Beach, VA (4.3%) |
Fort Lauderdale, FL (-18.6%)
San Jose, CA (-18.3%) Las Vegas (-17.7%) Miami (-13.8%) Houston (-12.9%) |
|
| New listings | Montgomery County, PA (13.6%)
Warren, MI (13.2%) Cincinnati (11.4%) Baltimore (10.4%) Cleveland (10.2%) |
Tampa, FL (-15.2%)
San Antonio (-14.4%) Orlando, FL (-11.1%) Atlanta (-10.3%) San Jose, CA (-8.7%) |
|
Refer to our metrics definition page for explanations of all the metrics used in this report.
The post New Listings Lose Steam, Pending Sales Fall As Home Prices Hit Another Record High appeared first on Redfin Real Estate News.
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