{"id":79578,"date":"2025-04-10T05:00:57","date_gmt":"2025-04-10T12:00:57","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79578"},"modified":"2025-04-09T14:10:08","modified_gmt":"2025-04-09T21:10:08","slug":"housing-market-update-homebuying-demand-mortgage-rates-uncertainty","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-homebuying-demand-mortgage-rates-uncertainty\/","title":{"rendered":"Homebuyer Demand Improved Last Week, But Tariff Turmoil, Rising Rates and Economic Jitters Likely to Hamper Sales"},"content":{"rendered":"

Pending home sales and mortgage applications improved a bit at the start of April. But since then, the back-and-forth on President Trump\u2019s new tariff policy, rising mortgage rates and the increased odds of a recession have likely pushed down homebuying sentiment.\u00a0<\/span><\/i><\/p>\n

The housing market is under pressure as prospective homebuyers and sellers navigate a rapidly shifting economic landscape, with President Trump\u2019s <\/span>tariff policy<\/span><\/a>, a <\/span>volatile stock market<\/span><\/a> and <\/span>increased chances<\/span><\/a> of a recession exacerbating widespread financial uncertainty.\u00a0<\/span><\/p>\n

Homebuying demand improved at the start of April. <\/b>Mortgage-purchase applications <\/span>rose 9%<\/span><\/a> during the week ending April 4 on a seasonally adjusted basis. Pending home sales posted their smallest decline since the start of 2025, falling just 1.1% year over year (that\u2019s partly due to a holiday effect, with Easter falling into the comparable period in 2024).\u00a0 But those numbers reflect what happened before and in the immediate aftermath of last week\u2019s initial tariff announcement, when mortgage rates dipped to a six-month low and gave homebuyers a <\/span>brief reprieve<\/span><\/a>.\u00a0<\/span><\/p>\n

The improvement in demand is unlikely to last. <\/b>Mortgage rates have since soared, <\/span>jumping<\/span><\/a> on April 9 to 6.95%, their highest level in six weeks. The bounce is due to economic turmoil and the Fed making it clear it\u2019s not cutting interest rates more than previously expected. Even before mortgage rates bounced back up, the median monthly mortgage payment was at an all-time high of $2,813. Payments are likely to rise even more in the coming weeks, and that, along with economic instability, may scare off more prospective buyers.\u00a0<\/span><\/p>\n

\u201cTariffs are coming up for the first time. I hosted an open house over the weekend, and some of the younger buyers were concerned about how they\u2019re going to impact the housing market,\u201d said <\/span>Desiree Bourgeois<\/span><\/a>, a Redfin Premier agent in Detroit. \u201cThey\u2019re hearing the words \u2018tariffs\u2019 and \u2018recession,\u2019 and it\u2019s making them nervous that if they buy now, the value of their home will decline, and they don\u2019t know whether mortgage rates will go up or down. There\u2019s a lot of uncertainty out there, with buyers trying to understand how their purchase would fit into their personal finances and the broader economic puzzle.\u201d<\/span><\/p>\n

New listings are rising. <\/b>Pending sales are falling despite more homes being listed for sale. New listings are up 10.3% annually, one of the biggest increases in a year. Supply is up partly because many homeowners who have been considering selling are listing now, in hopes that they\u2019re able to pocket their equity before a potential economic downturn. Also note that there\u2019s a holiday effect: Easter fell into the comparable period in 2024, while the holiday hasn\u2019t yet happened this year.\u00a0<\/span><\/p>\n

\u201cThe only thing that\u2019s certain about mortgage rates and the housing market right now is extreme <\/span>uncertainty<\/span><\/a>,\u201d said Redfin Economic Research Lead <\/span>Chen Zhao<\/span><\/a>. \u201cWith the White House going <\/span>back and forth<\/span><\/a> on tariffs, sending markets and rates reeling, Americans are feeling uneasy about their money. Nobody knows what will happen next. It\u2019s likely that financial anxiety, rapidly changing economic news and the rising chance of a recession freeze the housing market. But it\u2019s also possible that economic turmoil pushes down mortgage rates and\/or people decide to bite the bullet now instead of waiting for conditions to perhaps worsen, encouraging homebuyers and sellers to jump into the market.\u201d<\/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>\n6.95% (April 9)<\/span><\/td>\nUp from 6.6% less than a week earlier<\/span><\/td>\nDown from 7.06%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.64% (week ending April 3)<\/span><\/td>\nDown marginally from the week before; near lowest level since mid-December<\/span><\/td>\nDown from 6.82%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 9% from a week earlier (as of week ending April 4)<\/span><\/td>\nUp 24%<\/span><\/td>\nMortgage Bankers Association\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 39% from the start of the year (as of April 6)<\/span><\/td>\nAt this time last year, it was up 32% 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 10% from a month earlier (as of April 6)<\/span><\/td>\nUp 10%<\/span><\/td>\nGoogle Trends\u00a0<\/span><\/a><\/td>\n<\/tr>\n
We excluded the Redfin Homebuyer Demand Index this week to ensure data accuracy.\u00a0<\/span><\/i><\/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 April 6, 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 April 6, 2025<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$386,500<\/span><\/td>\n2.5%<\/span><\/td>\nSmallest increase since Oct. 2023<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$426,910<\/span><\/td>\n6.5%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,813 at a 6.64% mortgage rate<\/span><\/td>\n4.5%<\/span><\/td>\nRecord high\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n85,764<\/span><\/td>\n-1.1%<\/span><\/td>\nSmallest decline since start of 2025 <\/span>\u00a0<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n100,661<\/span><\/td>\n10.3%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n984,949<\/span><\/td>\n11.4%<\/span><\/td>\n<\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4<\/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>\n39%<\/span><\/td>\nDown from 41%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n43<\/span><\/td>\n+6 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n25.1%<\/span><\/td>\nDown from 28%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.6%<\/span><\/td>\nDown from 98.9%<\/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 April 6, 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>\nCleveland (12%)<\/span><\/p>\n

Milwaukee (10.7%)<\/span><\/p>\n

Newark, NJ (8.8%)<\/span><\/p>\n

Nassau County, NY (8.8%)<\/span><\/p>\n

New Brunswick, NJ (6.9%)<\/span><\/th>\n

Indianapolis (-4.4%)<\/span><\/p>\n

Jacksonville, FL (-3.3%)<\/span><\/p>\n

Montgomery County, PA (-1.6%)<\/span><\/p>\n

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

Tampa, FL (-1.1%)<\/span><\/th>\n

\n

Declined in 8 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nMontgomery County, PA (12.2%)<\/span><\/p>\n

Cincinnati (8.4%)<\/span><\/p>\n

Pittsburgh (7.4%)<\/span><\/p>\n

Warren, MI (7.4%)<\/span><\/p>\n

Baltimore (4.5%)<\/span><\/td>\n

Miami (-17.4%)<\/span><\/p>\n

Fort Lauderdale, FL (-16%)<\/span><\/p>\n

Las Vegas (-13.4%)<\/span><\/p>\n

Houston (-12.3%)<\/span><\/p>\n

West Palm Beach, FL (-8.7%)<\/span><\/td>\n

Increased in roughly half the metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nPhoenix (25.9%)<\/span><\/p>\n

Washington, D.C. (25.8%)<\/span><\/p>\n

Montgomery County, PA (25.7%)<\/span><\/p>\n

Pittsburgh (22.2%)<\/span><\/p>\n

Cleveland (20.9%)<\/span><\/td>\n

San Antonio (-4.6%)<\/span><\/p>\n

Columbus, OH (-1.9%)<\/span><\/td>\n

Declined in 2 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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Pending home sales and mortgage applications improved a bit at the start of April. But since then, the back-and-forth on President Trump\u2019s new tariff policy, rising mortgage rates and the increased odds of a recession have likely pushed down homebuying sentiment.\u00a0 The housing market is under pressure as prospective homebuyers and sellers navigate a rapidly […]<\/p>\n","protected":false},"author":13153,"featured_media":79590,"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 center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,615],"tags":[623,655,654],"dashboard":[],"coauthors":[124],"class_list":["post-79578","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-weekly-market-update","tag-national","tag-weekly-market-tracker","tag-weekly-market-update"],"acf":[],"yoast_head":"\nHomebuyer Demand Improved Last Week, But Tariff Turmoil, Rising Rates and Economic Jitters Likely to Hamper Sales<\/title>\n<meta name=\"description\" content=\"Pending home sales and mortgage applications improved a bit at the start of April. But since then, the back-and-forth on President Trump\u2019s new tariff policy, rising mortgage rates and the increased odds of a recession have likely pushed down homebuying sentiment.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/housing-market-update-homebuying-demand-mortgage-rates-uncertainty\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Homebuyer Demand Improved Last Week, But Tariff Turmoil, Rising Rates and Economic Jitters Likely to Hamper Sales\" \/>\n<meta property=\"og:description\" content=\"Pending home sales and mortgage applications improved a bit at the start of April. But since then, the back-and-forth on President Trump\u2019s new tariff policy, rising mortgage rates and the increased odds of a recession have likely pushed down homebuying sentiment.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/housing-market-update-homebuying-demand-mortgage-rates-uncertainty\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-10T12:00:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/04\/PDM25_Hero_Manhattan-1024x698.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"698\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dana Anderson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dana Anderson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-homebuying-demand-mortgage-rates-uncertainty\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-homebuying-demand-mortgage-rates-uncertainty\\\/\"},\"author\":{\"name\":\"Dana Anderson\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/309385292bf91585d2e0a130b0a2566b\"},\"headline\":\"Homebuyer Demand Improved Last Week, But Tariff Turmoil, Rising Rates and Economic Jitters Likely to Hamper Sales\",\"datePublished\":\"2025-04-10T12:00:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-homebuying-demand-mortgage-rates-uncertainty\\\/\"},\"wordCount\":997,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-homebuying-demand-mortgage-rates-uncertainty\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2025\\\/04\\\/PDM25_Hero_Manhattan.jpg\",\"keywords\":[\"national\",\"weekly market tracker\",\"weekly market update\"],\"articleSection\":[\"Housing Market News\",\"Weekly Market Update\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2025\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-homebuying-demand-mortgage-rates-uncertainty\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-homebuying-demand-mortgage-rates-uncertainty\\\/\",\"name\":\"Homebuyer Demand Improved Last Week, But Tariff Turmoil, Rising Rates and Economic Jitters Likely to Hamper Sales\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-homebuying-demand-mortgage-rates-uncertainty\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-homebuying-demand-mortgage-rates-uncertainty\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2025\\\/04\\\/PDM25_Hero_Manhattan.jpg\",\"datePublished\":\"2025-04-10T12:00:57+00:00\",\"description\":\"Pending home sales and mortgage applications improved a bit at the start of April. 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