{"id":79654,"date":"2025-04-24T05:00:56","date_gmt":"2025-04-24T12:00:56","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79654"},"modified":"2025-04-23T14:18:22","modified_gmt":"2025-04-23T21:18:22","slug":"housing-market-update-home-prices-falling-in-11-metros","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-falling-in-11-metros\/","title":{"rendered":"Home Prices Are Falling in 11 of the 50 Most Populous U.S. Metros, the Most in 19 Months"},"content":{"rendered":"

Nationwide, home prices are up 2.1%\u00a0 year over year, the slowest growth rate in nearly two years.\u00a0<\/span><\/i><\/p>\n

The median home-sale price declined year over year in 11 of the 50 most populous U.S. metro areas during the four weeks ending April 20. The last time home prices dropped in that many metros was over a year and a half ago, in September 2023. Prices declined most in San Antonio (-3.7%), Oakland, CA (-3.5%), and Jacksonville, FL (-2.2%). The other places where prices fell were Phoenix, Austin, TX, Dallas, Orlando, Sacramento, CA, Fort Worth, TX, Portland, OR and Nashville, TN.\u00a0<\/span><\/p>\n

Nationwide, the median home-sale price rose 2.1% year over year, the slowest growth rate since July 2023.<\/span><\/p>\n

Home prices are falling in many major metros\u2013and price growth is decelerating nationally\u2013because many house hunters are backing off, but the number of homes for sale is holding up. Home tours are slowing, mortgage-purchase applications are <\/span>falling<\/span><\/a>, and Redfin agents in many parts of the country report that would-be buyers are ultra-cautious amid high housing costs and widespread economic uncertainty. Pending home sales are down slightly year over year (-0.3%).\u00a0<\/span><\/p>\n

The median U.S. monthly housing payment is $2,848, just $8 shy of the all-time high, as weekly average mortgage rates jumped to <\/span>6.83%<\/span><\/a> from 6.62% in just one week. Mortgage rates are rising for the same reason many buyers are backing off: Economic instability and the <\/span>increasing chances<\/span><\/a> of a recession, largely stemming from <\/span>new tariffs<\/span><\/a>.\u00a0<\/span><\/p>\n

Meanwhile, new listings are up 9.6% year over year, and Redfin agents report that much of the activity they\u2019re seeing in the market is from sellers.\u00a0<\/span><\/p>\n

\u201cThere are always people who need to buy homes or sell homes, no matter what\u2019s going on in the world. But with so much uncertainty in the economy, now is a time for those buyers and sellers to be more strategic than ever,\u201d said Chen Zhao, Redfin’s Economic Research Lead. \u201cMy <\/span>advice to sellers<\/span><\/a> is to price your home fairly for the shifting market; you may need to price lower than your initial instinct to sell quickly and avoid <\/span>giving concessions<\/span><\/a>. On the flip side, buyers should negotiate on price and terms and shop around even more than usual for the best mortgage rates.\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>\n6.94% (April 23)<\/span><\/td>\nDown from 7.07% a week earlier<\/span><\/td>\nDown from 7.41%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.83% (week ending April 17)<\/span><\/td>\nUp from 6.62% a week earlier<\/span><\/td>\nDown from 7.1%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 7% from a week earlier (as of week ending April 18)<\/span><\/td>\nUp 6%<\/span><\/td>\nMortgage Bankers Association\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 16% from the start of the year (as of April 21)<\/span><\/td>\nAt this time last year, it was up 35% 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 6% from a month earlier (as of April 21)<\/span><\/td>\nUnchanged<\/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 20, 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 20, 2025<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$388,562<\/span><\/td>\n2.1%<\/span><\/td>\nSlowest growth since July 2023 (tied with the prior 4-week period, the 4 weeks ending April 13, 2025)<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$425,752<\/span><\/td>\n5.8%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,848 at a 6.83% mortgage rate<\/span><\/td>\n3%<\/span><\/td>\n$8 shy of record high\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n88,576<\/span><\/td>\n-0.3%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n105,074<\/span><\/td>\n9.6%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n1,046,344<\/span><\/td>\n14.7%<\/span><\/td>\nSmallest increase in over a year<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4<\/span><\/td>\n+0.7 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>\n40%<\/span><\/td>\nDown from 42%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n40<\/span><\/td>\n+5 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n26.4%<\/span><\/td>\nDown from 30%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n\n

98.8%<\/span><\/p>\n<\/td>\n

Down from 99.3%<\/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 20, 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 (11.7%)<\/span><\/p>\n

Newark, NJ (11.2%)<\/span><\/p>\n

Cleveland (9.5%)<\/span><\/p>\n

Chicago (7.7%)<\/span><\/p>\n

Baltimore (7%)<\/span><\/th>\n

San Antonio (-3.7%)<\/span><\/p>\n

Oakland, CA (-3.5%)<\/span><\/p>\n

Jacksonville, FL (-2.2%)<\/span><\/p>\n

Phoenix (-2%)<\/span><\/p>\n

Austin, TX (-1.3%)<\/span><\/th>\n

\n

Declined in 11 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nColumbus, OH (16.4%)<\/span><\/p>\n

Boston (14.3%)<\/span><\/p>\n

Cincinnati (12.3%)<\/span><\/p>\n

Indianapolis (12.1%)<\/span><\/p>\n

San Francisco (8.5%)<\/span><\/td>\n

Miami (-25.6%)<\/span><\/p>\n

Fort Lauderdale, FL (-17.9%)<\/span><\/p>\n

West Palm Beach, FL (-15.3%)<\/span><\/p>\n

Las Vegas (-14.7%)<\/span><\/p>\n

Houston (-11.8%)<\/span><\/td>\n

Declined in roughly half the metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nPhoenix (24.9%)<\/span><\/p>\n

Boston (20.4%)<\/span><\/p>\n

Washington, D.C. (20%)<\/span><\/p>\n

Baltimore (18.9%)<\/span><\/p>\n

Cleveland (17.2%)<\/span><\/td>\n

Nassau County, NY (-6.2%)<\/span><\/p>\n

West Palm Beach, FL (-2.6%)<\/span><\/p>\n

Fort Lauderdale, FL (-2.3%)<\/span><\/p>\n

New York (-2.3%)<\/span><\/p>\n

San Antonio (-2.3%)<\/span><\/p>\n

Newark, NJ (-0.4%)<\/span><\/td>\n

Declined in 6 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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Nationwide, home prices are up 2.1%\u00a0 year over year, the slowest growth rate in nearly two years.\u00a0 The median home-sale price declined year over year in 11 of the 50 most populous U.S. metro areas during the four weeks ending April 20. The last time home prices dropped in that many metros was over a 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