{"id":79824,"date":"2025-05-15T05:00:11","date_gmt":"2025-05-15T12:00:11","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79824"},"modified":"2025-05-14T21:01:54","modified_gmt":"2025-05-15T04:01:54","slug":"housing-market-update-pending-sales-drop-economic-uncertainty","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-pending-sales-drop-economic-uncertainty\/","title":{"rendered":"Economic Jitters, High Costs Stifle Spring Home Sales"},"content":{"rendered":"

New listings are still rising, allowing some buyers to get deals.<\/span><\/i><\/p>\n

Pending U.S. home sales fell 3.4% year over year during the four weeks ending May 11 to their lowest level on record for this time of year aside from 2020.<\/span><\/p>\n

Would-be homebuyers are backing off for two main reasons. One, rising home-sale prices and elevated mortgage rates pushed this week\u2019s median monthly housing payment to $2,860, just $6 shy of the record high set the week before. Two, Redfin agents in many parts of the country, including Oregon, North Carolina, Texas and Ohio, report that some buyers are backing off because they\u2019re nervous about the future of the U.S. economy. There\u2019s also a holiday effect; Easter fell into this year\u2019s four-week period, but not the comparable period in 2024.\u00a0<\/span><\/p>\n

\u201cThere\u2019s a lot of doubt and hesitation among house hunters,\u201d said <\/span>Meme Loggins<\/span><\/a>, a Redfin Premier agent in <\/span>Portland, OR<\/span><\/a>. \u201cPeople are starting their home search, then backing out because they either talked to their lender and realized how high their monthly payments would be, or they\u2019re feeling\u00a0 jittery about tariffs, a potential recession, and\/or the possibility of getting laid off. One smart strategy I\u2019m seeing among the people who <\/span>are <\/span><\/i>buying right now: They\u2019re looking for condos or small houses to lower their monthly payments and simplify their life. And a smart strategy for sellers is offering mortgage-rate buydowns to pique buyers\u2019 interest.\u201d<\/span><\/p>\n

Chen Zhao<\/span><\/a>, Redfin\u2019s head of economic research, said that while this week\u2019s news about the U.S. <\/span>slashing tariffs<\/span><\/a> on China is boosting the stock market and reducing the risk of a recession, it\u2019s also pushing mortgage rates up.\u00a0\u00a0<\/span><\/p>\n

\u201cIt\u2019s\u00a0 a catch-22 for homebuyers,\u201d Zhao said. \u201cMortgage rates are <\/span>unlikely to fall<\/span><\/a> unless all of the new tariffs are eliminated, or if the country falls into a fairly severe recession\u2013which would cut housing budgets for many Americans.\u201d\u00a0<\/span><\/p>\n

On the selling side, new listings are up 5.1% year over year, and the <\/span>total <\/span><\/i>number of homes for sale is up 14.3%. Redfin agents say there\u2019s more housing supply than usual at this time of year because many listings are sitting on the market. For buyers, the bright side of rising supply and limited demand is that nearly half of home sellers are <\/span>giving concessions<\/span><\/a>. Agents advise buyers to try to negotiate sale prices down or ask for money for repairs or closing costs.\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>\n6.95% (May 14)<\/span><\/td>\nDown from 7.07% one month earlier<\/span><\/td>\nDown from 7.12%<\/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 8)<\/span><\/td>\nFlat from one week earlier<\/span><\/td>\nDown from 7.09%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 2% from a week earlier (as of week ending May 9)<\/span><\/td>\nUp 18%<\/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 12)<\/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 13% from a month earlier (as of May 12)<\/span><\/td>\nUp 4%<\/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 11, 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 11, 2025<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$390,998<\/span><\/td>\n1.8%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$429,850<\/span><\/td>\n6.5%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,860 at a 6.76% mortgage rate<\/span><\/td>\n4.3%<\/span><\/td>\n$6 shy of record high\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n89,132<\/span><\/td>\n-3.4%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n107,015<\/span><\/td>\n5.1%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n1,093,341<\/span><\/td>\n14.3%<\/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>\n37<\/span><\/td>\n+3 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n27.9%<\/span><\/td>\nDown from 31%<\/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

Metro-level highlights: Four weeks ending May 11, 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>\nNewark, NJ (12%)<\/span><\/p>\n

Philadelphia (11.1%)<\/span><\/p>\n

Detroit (10.1%)<\/span><\/p>\n

Pittsburgh (9.8%)<\/span><\/p>\n

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

Oakland, CA (-4.3%)<\/span><\/p>\n

Dallas (-2.6%)<\/span><\/p>\n

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

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

Tampa, FL (-1.8%)<\/span><\/th>\n

\n

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

Pending sales<\/b><\/td>\nVirginia Beach, VA (7%)<\/span><\/p>\n

Detroit (5.1%)<\/span><\/p>\n

Warren, MI (3.1%)<\/span><\/p>\n

Indianapolis (3.1%)<\/span><\/p>\n

San Francisco (2.7%)<\/span><\/td>\n

Miami (-19%)<\/span><\/p>\n

Fort Lauderdale, FL (-18.4%)<\/span><\/p>\n

New Brunswick, NJ (-14.1%)<\/span><\/p>\n

West Palm Beach, FL (-13.8%)<\/span><\/p>\n

Las Vegas (-13.6%)<\/span><\/td>\n

<\/td>\n<\/tr>\n
New listings<\/b><\/td>\nWashington, D.C. (17%)<\/span><\/p>\n

Baltimore (13.2%)<\/span><\/p>\n

Las Vegas (12.7%)<\/span><\/p>\n

Dallas (12.5%)<\/span><\/p>\n

Houston (11.5%)<\/span><\/td>\n

San Jose, CA (-7.6%)<\/span><\/p>\n

Orlando (-7.1%)<\/span><\/p>\n

West Palm Beach, FL (-6.3%)<\/span><\/p>\n

Fort Lauderdale, FL (-6.1%)<\/span><\/p>\n

Tampa, FL (-5%)<\/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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\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

New listings are still rising, allowing some buyers to get deals. Pending U.S. home sales fell 3.4% year over year during the four weeks ending May 11 to their lowest level on record for this time of year aside from 2020. Would-be homebuyers are backing off for two main reasons. One, rising home-sale prices and 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