{"id":79758,"date":"2025-05-08T05:00:30","date_gmt":"2025-05-08T12:00:30","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79758"},"modified":"2025-05-07T13:19:10","modified_gmt":"2025-05-07T20:19:10","slug":"housing-market-update-record-high-housing-costs-sales-decline","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-housing-costs-sales-decline\/","title":{"rendered":"Record-High Costs, Economic Unease Are Stunting This Spring\u2019s Homebuying Season"},"content":{"rendered":"

With new listings rising and pending sales declining, Redfin agents suggest sellers set their asking price fairly from the start to attract buyers and avoid price drops.\u00a0<\/span><\/i><\/p>\n

The median U.S. monthly housing payment hit an all-time high of $2,868 during the four weeks ending May 4. That\u2019s due to two key factors: Home-sale prices are up 1.8% year over year, and the <\/span>weekly average<\/span><\/a> mortgage rate is 6.76%, down slightly from mid-April but elevated well above pandemic-era lows.\u00a0<\/span><\/p>\n

Those record-high housing costs, along with widespread <\/span>economic uncertainty<\/span><\/a>, are stunting this spring\u2019s homebuying season. Mortgage-purchase applications <\/span>increased<\/span><\/a> last week, but they\u2019re down 6% month over month. Additionally, pending home sales are down 3.9% year over year, the biggest decline in three months. A holiday effect is also pushing down sales; Easter fell into this year\u2019s four-week period, but not last year\u2019s comparable period.<\/span><\/p>\n

Still, some house hunters are hitting the pavement. Home tours are rising faster this year than last year, according to ShowingTime <\/span>data<\/span><\/a>, and Redfin agents in some parts of the country report competition for turnkey homes in desirable neighborhoods.\u00a0<\/span><\/p>\n

\u201cApril is typically a busy month, but spring is off to a slow start this year,\u201d said Nicole Stewart<\/a>, a Redfin Premier agent in Boise, ID<\/a>. \u201cThere are still some prospective buyers who believe mortgage rates will fall soon, and they\u2019re waiting for that to happen. Costs are so high that buyers who are moving forward with a purchase want the home to be perfect; they\u2019re asking sellers for more repairs and negotiating more than usual. The move-in ready, beautiful homes that are relatively affordable are the exceptions: They\u2019re selling quickly, sometimes with multiple offers.\u201d<\/span><\/p>\n

On the selling side, new listings are up 5.5% year over year. And the <\/span>total <\/span><\/i>number of homes for sale is increasing more, up 13.6% year over year, because sales are slow. Redfin agents suggest sellers set their asking price fairly from the start to attract buyers and avoid price drops.\u00a0<\/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>\n6.86% (May 7)<\/span><\/td>\nUp from 6.81% one week earlier<\/span><\/td>\nDown from 7.37%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.76% (week ending May 1)<\/span><\/td>\nUp from 6.62% three weeks earlier, but down slightly from one week earlier<\/span><\/td>\nDown from 7.22%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 11% from a week earlier (as of week ending May 2)<\/span><\/td>\nUp 13%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 41% from the start of the year (as of May 5)<\/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 6% from a month earlier (as of May 5)<\/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 May 4, 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 May 4, 2025<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$388,750<\/span><\/td>\n1.8%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$431,100<\/span><\/td>\n6.4%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,868 at a 6.76% mortgage rate<\/span><\/td>\n3.6%<\/span><\/td>\nRecord high<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n88,821<\/span><\/td>\n-3.9%<\/span><\/td>\nBiggest decline in 3 months<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n107,604<\/span><\/td>\n5.5%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n1,072,599<\/span><\/td>\n13.6%<\/span><\/td>\nSmallest increase in over a year<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.9<\/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>\n40%<\/span><\/td>\nDown from 44%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n38<\/span><\/td>\n+4 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n27.5%<\/span><\/td>\nDown from 30%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99%<\/span><\/td>\nDown from 99.4%<\/span><\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\n\n\n\n\n\n\n\n\n
\n

Metro-level highlights: Four weeks ending May 4, 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>\nNotes<\/b><\/th>\n<\/tr>\n
Median sale price<\/b><\/th>\nNewark, NJ (13.5%)<\/span><\/p>\n

Pittsburgh (8.8%)<\/span><\/p>\n

Detroit (8.7%)<\/span><\/p>\n

Philadelphia (8.7%)<\/span><\/p>\n

Nassau County, NY (8%)<\/span><\/th>\n

Oakland, CA (-6.7%)<\/span><\/p>\n

Phoenix (-3.5%)<\/span><\/p>\n

Jacksonville, FL (-2.7%)<\/span><\/p>\n

Austin, TX (-2.1%)<\/span><\/p>\n

Tampa, FL (-1.6%)<\/span><\/th>\n

Declined in 11 metros<\/span><\/th>\n<\/tr>\n<\/thead>\n
Pending sales<\/b><\/td>\nIndianapolis (6.4%)<\/span><\/p>\n

Detroit (5.7%)<\/span><\/p>\n

Warren, MI (4.9%)<\/span><\/p>\n

Columbus, OH (4.4%)<\/span><\/p>\n

Virginia Beach, VA (3.4%)<\/span><\/td>\n

Miami (-22.6%)<\/span><\/p>\n

Fort Lauderdale, FL (-20.3%)<\/span><\/p>\n

Anaheim, CA (-13.7%)<\/span><\/p>\n

San Jose, CA (-13.3%)<\/span><\/p>\n

West Palm Beach, FL (-13.2%)<\/span><\/td>\n

<\/td>\n<\/tr>\n
New listings<\/b><\/td>\nWashington, D.C. (16.3%)<\/span><\/p>\n

Las Vegas (15%)<\/span><\/p>\n

Phoenix (14.4%)<\/span><\/p>\n

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

Boston (14%)<\/span><\/td>\n

San Antonio (-9.9%)<\/span><\/p>\n

Nassau County, NY (-8.6%)<\/span><\/p>\n

Orlando, FL (-5.4%)<\/span><\/p>\n

West Palm Beach, FL (-5%)<\/span><\/p>\n

Fort Lauderdale, FL (-4.4%)<\/span><\/td>\n

<\/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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With new listings rising and pending sales declining, Redfin agents suggest sellers set their asking price fairly from the start to attract buyers and avoid price drops.\u00a0 The median U.S. monthly housing payment hit an all-time high of $2,868 during the four weeks ending May 4. That\u2019s due to two key factors: Home-sale prices are […]<\/p>\n","protected":false},"author":13153,"featured_media":79770,"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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