The median U.S. home price hit a record high, one factor that’s pushing some prospective buyers away.
New listings of U.S. homes for sale fell 1.7% from a week earlier during the week ending June 21 to their lowest level since February. The total number of homes for sale dipped 0.4% week over week, the biggest decline since the last week of April. This data is seasonally adjusted.
Prospective home sellers are backing off partly because they notice soft homebuying demand. Pending home sales fell 0.1% week over week, a small dip but the third straight week of slight declines from their May peak, and mortgage-purchase applications fell for the second straight week. But it’s worth noting that pending sales are holding up better than they were last year; they rose 4.2% on a year-over-year basis.
Homebuying demand is sluggish because housing payments are stubbornly high. The median home-sale price is up 2.5% year over year to a record-high $408,814, and the weekly average mortgage rate is 6.47%. Elevated rates are another reason new listings are declining; many would-be sellers are also buyers who are locked into a low rate. Buyers are also jittery due to widespread economic uncertainty, stemming partly from inflation and the back-and-forth on Iran peace talks.
For buyers, there’s a silver lining to the slow market. It’s a buyer’s market in much of the country, with hundreds of thousands more home sellers than buyers, which means house hunters are often able to negotiate prices down. Nearly half of U.S. home sellers gave concessions to buyers in May, the highest share on record for that month.
“Home inspectors are busy. Buyers are regularly including inspection contingencies in their offers, which is one sign that they have the negotiating power; when sellers have power, buyers often waive the inspection,” said Ben Ambroch, a Redfin Premier agent in Milwaukee. “They’re requesting repairs and money based on the inspection, and sellers often need to give buyers what they ask for in order to close the deal. Of course, some homes are still competitive: The ones that are in the most desirable neighborhoods and in tip-top condition inspire bidding wars.”
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 | 6.55% (June 24) | Essentially unchanged from one week earlier | Down from 6.86% | Mortgage News Daily |
| Weekly average 30-year fixed mortgage rate | 6.47% (week ending June 18) | Down from 6.52% a week earlier | Down from 6.81% | Freddie Mac |
| Mortgage-purchase applications (seasonally adjusted) | Down 1% from a week earlier (as of week ending June 19) | Up 3% | Mortgage Bankers Association | |
| Google searches of “homes for sale” | Down about 10% from a month earlier (as of June 20) | Down about 10% | Google Trends | |
| Touring activity | Up 19% from the start of the year (as of June 22) | At this time last year, it was up 33% from the start of 2025 | ShowingTime | |
Key housing-market data
| U.S. highlights: Four weeks ending June 21, 2026
Redfin’s national metrics include data from 900+ U.S. metro areas and are based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2021. Subject to revision. |
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| Four weeks ending June 21, 2026 | Year-over-year change | Week-over-week change (where applicable) | Notes | |
| Median sale price | $408,814 | 2.5% | Record high | |
| Median asking price (seasonally adjusted) | $404,396 | 2.6% | ||
| Median monthly mortgage payment (seasonally adjusted) | $2,628 at a 6.47% mortgage rate | -0.2% | ||
| Pending sales (seasonally adjusted) | 332,018 | 4.2% | -0.1% | |
| New listings (seasonally adjusted) | 357,733 | 1.5% | -1.7% | |
| Active listings (seasonally adjusted) | 1,485,686 | 0.4% | -0.4% | |
| Months of supply | 3.5 | -0.2 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 | 36.5% | Essentially unchanged | ||
| Median days on market | 39 | +1 day | ||
| Share of home listings with price drops | 19.6% | Down from about 21% | ||
| Share of homes sold above list price | 28.5% | Essentially unchanged | ||
| Average sale-to-list price ratio | 99.1% | Essentially unchanged | ||
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Metro-level highlights: Four weeks ending June 21, 2026 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 | San Francisco (11.5%)
Detroit (9.7%) West Palm Beach, FL (9%) Pittsburgh (8.7%) St. Louis (8.5%) |
San Jose, CA (-6.2%)
Seattle (-4.8%) Portland, OR (-2.8%) Dallas (-1.8%) Orlando, FL (-1.5%) |
Declined in 8 metros |
| Pending sales (seasonally adjusted) | West Palm Beach, FL (21.5%)
San Francisco (17.9%) Austin, TX (15%) Milwaukee (14.8%) Boston (11.1%) |
Houston (-12.7%)
Seattle (-12%) Atlanta (-4.2%) Fort Worth, TX (-2.3%) Detroit (-1.2%) |
Declined in 5 metros |
| New listings (seasonally adjusted) | Philadelphia (16.3%)
St. Louis (11.2%) Boston (10.8%) Pittsburgh (10.5%) Montgomery County, PA (9.6%) |
Dallas (-12.7%)
Riverside, CA (-6.8%) Fort Worth, TX (-6.7%) Jacksonville, FL (-6.3%) Atlanta (-5.4%) |
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Refer to our metrics definition page for explanations of all the metrics used in this report.
