{"id":79484,"date":"2025-03-20T05:00:32","date_gmt":"2025-03-20T12:00:32","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79484"},"modified":"2025-03-19T15:10:51","modified_gmt":"2025-03-19T22:10:51","slug":"housing-market-update-high-housing-costs-stall-pending-sales","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-high-housing-costs-stall-pending-sales\/","title":{"rendered":"Near-Record Housing Costs Put a Lid on Pending Sales, Even as Early-Stage Demand Picks Up"},"content":{"rendered":"

House hunters are touring homes and applying for mortgages as rates stay below 7%, but prospective buyers aren\u2019t always following through with a purchase.\u00a0<\/span><\/i><\/p>\n

The typical U.S. homebuyer\u2019s monthly housing payment is $2,793, just a few dollars shy of the all-time high.\u00a0<\/span><\/p>\n

Housing payments are sky-high for two reasons. One, sale prices keep rising; t<\/span>he median home-sale price increased 3.3% year over year during the four weeks ending March 16. Two, the weekly average mortgage rate is <\/span>6.65%<\/span><\/a>, more than double pandemic-era lows\u2013though it has declined to its lowest level since mid-December.<\/span><\/p>\n

Lack of affordability is suppressing homebuyer demand, even as we get tantalizingly close to spring. Pending home sales are down 5.2%, on par with the annual declines we\u2019ve seen for the last two months.<\/span><\/p>\n

But there are signals that house hunters are stepping off the sidelines, even if they\u2019re not\u00a0 following through with a purchase yet. Redfin\u2019s Homebuyer Demand Index\u2013a seasonally adjusted measure of home tours and other buying services from Redfin agents\u2013hit its highest level in three months, and <\/span>ShowingTime data<\/span><\/a> shows that home tours are rising faster this year than in 2024. Additionally, seasonally adjusted mortgage-purchase applications are sitting at their <\/span>highest level<\/span><\/a> in six weeks. Rising demand could translate into an improvement in pending sales in the coming months, especially if mortgage rates decline more. Rates could decline if inflation eases and we see stronger evidence of weak economic data that point toward a <\/span>recession<\/span><\/a>.\u00a0<\/span><\/p>\n

\u201cSome prospective buyers and sellers are still waiting for rates to drop and others are holding off because they\u2019re worried about the economy and losing their job. But others are jumping back in because it\u2019s clear the market isn\u2019t going back to where it was in 2020,\u201d said <\/span>Heather Mahmood-Corley<\/span><\/a>, a Redfin Premier agent in Phoenix. \u201cOverall, it feels more like a buyer\u2019s market than a seller\u2019s market. I\u2019m telling sellers their home needs to look like a model house, and it probably needs to be priced lower than they think. Even though costs are high, it\u2019s not a bad time to buy: For listings that sit on the market a long time, many buyers are able to successfully negotiate.\u201d<\/span><\/p>\n

\u00a0On the supply side, new listings are up 5.5% year over year, the biggest increase in six weeks.<\/span><\/p>\n

For Redfin economists\u2019 takes on the housing market, please visit Redfin\u2019s \u201c<\/span><\/i>From Our Economists<\/span><\/i><\/a>\u201d page.<\/span><\/i>\u00a0<\/span><\/p>\n

Leading indicators<\/h3>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n
Indicators of homebuying demand and activity<\/b><\/td>\n<\/tr>\n
<\/td>\nValue (if applicable)<\/b><\/td>\nRecent change<\/b><\/td>\nYear-over-year change<\/b><\/td>\nSource<\/b><\/td>\n<\/tr>\n
Daily average 30-year fixed mortgage rate<\/b><\/td>\n6.76% (March 19)<\/span><\/td>\nUp from 6.7% two weeks earlier, but still near lowest level since December<\/span><\/td>\nDown from 7.11%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.65% (week ending March 13)<\/span><\/td>\nNear lowest level since mid-December<\/span><\/td>\nDown from 6.74%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nEssentially unchanged (up 0.1%) from a week earlier (as of week ending March 14)<\/span><\/td>\nUp 6%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nHighest level since mid-December (as of week ending March 16)<\/span><\/td>\nUp 5%<\/span><\/td>\nRedfin Homebuyer Demand Index, a measure of tours and other homebuying services from Redfin agents<\/span><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 35% from the start of the year (as of March 18)<\/span><\/td>\nAt this time last year, it was up 30% from the start of 2024<\/span><\/td>\nShowingTime<\/span><\/a>, a home touring technology company<\/span><\/td>\n<\/tr>\n
Google searches for \u201chome for sale\u201d<\/b><\/td>\n<\/td>\nUp 8% from a month earlier (as of March 17)<\/span><\/td>\nUp 10%<\/span><\/td>\nGoogle Trends\u00a0<\/span><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Key housing-market data<\/h3>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
U.S. highlights: Four weeks ending March 16, 2025<\/b><\/p>\n

Redfin\u2019s 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.\u00a0<\/span><\/i><\/td>\n<\/tr>\n

<\/td>\nFour weeks ending March 16, 2025<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$383,475<\/span><\/td>\n3.3%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$423,500<\/span><\/td>\n6.6%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,793 at a 6.65% mortgage rate<\/span><\/td>\n4.8%<\/span><\/td>\n$6 shy of all-time high hit during the 4 weeks ending April 28, 2024<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n80,277<\/span><\/td>\n-5.2%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n94,113<\/span><\/td>\n5.5%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n953,851<\/span><\/td>\n11%<\/span><\/td>\nSmallest increase in a year<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4.1<\/span><\/td>\n+0.6 pts.\u00a0<\/span><\/td>\n4 to 5 <\/span>months of supply<\/span><\/a> is considered balanced, with a lower number indicating seller\u2019s market conditions\u00a0<\/span><\/td>\n<\/tr>\n
Share of homes off market in two weeks\u00a0<\/b><\/td>\n36%<\/span><\/td>\nDown from 40%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n50<\/span><\/td>\n+7 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n23.4%<\/span><\/td>\nDown from 26%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.4%<\/span><\/td>\nDown from 98.7%<\/span><\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n
\n

Metro-level highlights: Four weeks ending March 16, 2025<\/b><\/p>\n

Redfin\u2019s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.\u00a0<\/span><\/i><\/p>\n<\/th>\n<\/tr>\n

<\/th>\nMetros with biggest year-over-year increases<\/b><\/th>\nMetros with biggest year-over-year decreases<\/b><\/th>\n\n

Notes<\/b><\/p>\n<\/th>\n<\/tr>\n

Median sale price<\/b><\/th>\nMilwaukee (12.2%)<\/span><\/p>\n

Nassau County, NY (10.8%)<\/span><\/p>\n

Anaheim, CA (9.9%)<\/span><\/p>\n

Providence, RI (9.8%)<\/span><\/p>\n

Cleveland (9.2%)<\/span><\/th>\n

Jacksonville, FL (-3.7%)<\/span><\/p>\n

Tampa, FL (-2.8%)<\/span><\/p>\n

Austin, TX (-2.5%)<\/span><\/p>\n

Atlanta (-1.3%)<\/span><\/p>\n

Fort Worth, TX (-0.3%)<\/span><\/p>\n

San Antonio (-0.2%)<\/span><\/th>\n

\n

Declined in 6 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nLos Angeles (4.2%)<\/span><\/p>\n

Sacramento, CA (3.3%)<\/span><\/p>\n

Montgomery County, PA (2.5%)<\/span><\/p>\n

Seattle (2.3%)<\/span><\/p>\n

Anaheim, CA (1.3%)<\/span><\/td>\n

Fort Lauderdale, FL (-17.8%)<\/span><\/p>\n

Warren, MI (-16.1%)<\/span><\/p>\n

Detroit (-14.3%)<\/span><\/p>\n

Houston (-13.6%)<\/span><\/p>\n

Nassau County, NY (-13%)<\/span><\/td>\n

Increased in 8 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (29.5%)<\/span><\/p>\n

Phoenix (26%)<\/span><\/p>\n

Sacramento, CA (24.1%)<\/span><\/p>\n

Denver (20.8%)<\/span><\/p>\n

Los Angeles (19%)<\/span><\/td>\n

Detroit (-12.5%)<\/span><\/p>\n

Warren, MI (-12%)<\/span><\/p>\n

Newark, NJ (-7.7%)<\/span><\/p>\n

Milwaukee (-7.2%)<\/span><\/p>\n

Nassau County, NY (-5.5%)<\/span><\/td>\n

Declined in 10 metros<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Refer to our <\/span>metrics definition page<\/span><\/a> for explanations of all the metrics used in this report.<\/span><\/p>\n

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House hunters are touring homes and applying for mortgages as rates stay below 7%, but prospective buyers aren\u2019t always following through with a purchase.\u00a0 The typical U.S. homebuyer\u2019s monthly housing payment is $2,793, just a few dollars shy of the all-time high.\u00a0 Housing payments are sky-high for two reasons. One, sale prices keep rising; the […]<\/p>\n","protected":false},"author":13153,"featured_media":79497,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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