Rising Home Prices, Economic Volatility Curb Would-Be Buyers’ Appetites in Leadup to Thanksgiving

by Jim Marks

U.S. home prices are increasing and mortgage rates ticked up last week after dipping to their lowest level in a year. Rising costs and widespread financial uncertainty are causing house hunters to retreat.

We’re taking a break from analysis this week, but please see the tables and charts below for this week’s housing-market data. We’ll be back with full commentary in next week’s report. Happy Thanksgiving!

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	6.2% (Nov. 25)	Up slightly from 6.13% two weeks earlier	Down from 7.02%	Mortgage News Daily
Weekly average 30-year fixed mortgage rate	6.23% (week ending Nov. 26)	Near lowest level in a year	Down from 6.84%	Freddie Mac
Mortgage-purchase applications (seasonally adjusted)		Up 8% from a week earlier (as of week ending Nov. 21)	Up 20%	Mortgage Bankers Association
Redfin Homebuyer Demand Index (seasonally adjusted)		Lowest level in 2 months (as of week ending Nov. 23)	Down 11%	A measure of tours and other homebuying services from Redfin agents
Google searches of “homes for sale”		Highest level since August (as of Nov. 23)	Up more than 20%	Google Trends
Touring activity		Up 3% from the start of the year (as of Nov. 21)	At this time last year, it was down 5% from the start of 2024	ShowingTime

Key housing-market data

U.S. highlights: Four weeks ending Nov. 23, 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 Nov. 23, 2025	Year-over-year change	Notes
Median sale price	$393,248	2.4%	Biggest increase in nearly 8 months
Median asking price	$386,973	2.5%
Median monthly mortgage payment	$2,466 at a 6.23% mortgage rate	-2.1%	Lowest level of the year
Pending sales	73,223	-2.1%	Biggest decline in 8 months
New listings	75,794	2%
Active listings	1,170,087	5.7%	Smallest increase since Feb. 2024
Months of supply	4.4	+0.4 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	27.5%	Down from 28%
Median days on market	49	+5 days
Share of homes sold above list price	22.4%	Down from 25%
Average sale-to-list price ratio	98.2%	Down from 98.6%

Metro-level highlights: Four weeks ending Nov. 23, 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	Cincinnati (9.2%) Cleveland (8.7%) Detroit (7.6%) Nassau County, NY (6.9%) Pittsburgh (6.5%)	Oakland, CA (-4.8%) Jacksonville, FL (-4.5%) Fort Worth, TX (-4.1%) Dallas (-3.1%) San Francisco (-3.1%)	Declined in 16 metros
Pending sales	West Palm Beach, FL (17.3%) Miami (14%) Phoenix (8.1%) Cleveland (7.2%) Sacramento, CA (5.6%)	San Jose, CA (-21.2%) Seattle (-17.2%) Tampa, FL (-15.4%) Houston (-14.2%) San Diego (-10.9%)
New listings	Minneapolis (14.2%) Cincinnati (11.7%) Boston (9%) Virginia Beach, VA (8.6%) Detroit (8.1%)	Tampa, FL (-17.2%) Riverside, CA (-11.6%) San Antonio (-10.8%) Fort Lauderdale, FL (-9.7%) Jacksonville, FL (-8.7%)