{"id":80012,"date":"2025-06-05T05:00:00","date_gmt":"2025-06-05T12:00:00","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=80012"},"modified":"2025-06-04T15:17:00","modified_gmt":"2025-06-04T22:17:00","slug":"housing-market-update-new-listings-lose-steam","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-new-listings-lose-steam\/","title":{"rendered":"Some Would-Be Home Sellers Are Stepping Back As Market Tilts Toward Buyers"},"content":{"rendered":"

Many prospective homebuyers are sidelined by near-record costs and economic uncertainty, creating a buyer\u2019s market in many parts of the country. That\u2019s deterring some would-be sellers.\u00a0<\/span><\/i><\/p>\n

New listings of U.S. homes for sale rose 6.3% year over year during the four weeks ending June 1, one of the smallest increases of the last three months. New listings declined year over year in 11 of the 50 most populous U.S. metros, with the biggest drops in <\/span>San Jose, CA<\/span><\/a> and four Florida metros: <\/span>Orlando<\/span><\/a>, <\/span>Fort Lauderdale<\/span><\/a>, <\/span>Tampa<\/span><\/a> and <\/span>West Palm Beach<\/span><\/a>.\u00a0<\/span><\/p>\n

Zooming in on recent weeks, new listings fell during the second half of May. While it\u2019s typical for listings to decline after peaking in mid-May, this year\u2019s drop was the biggest for that time period in a decade. <\/span><\/p>\n

On the buying side, pending home sales declined 0.4% year over year to their lowest May level since 2020, and mortgage-purchase applications <\/span>fell 3%<\/span><\/a> week over week. Prospective buyers are backing off because housing costs are near record highs, with the median home-sale price up 1.2% year over year and the weekly average mortgage rate <\/span>approaching 7%<\/span><\/a>, and because the U.S. economy is <\/span>unpredictable<\/span><\/a>.\u00a0<\/span><\/p>\n

While there are <\/span>hundreds of thousands more<\/span><\/a> home sellers than buyers in the market\u2013and new listings are still rising\u2013the recent decline in listings suggests some of this spring\u2019s would-be sellers are backing off. The typical home now sells for about 1% less than its asking price, the biggest discount for this time of year since 2020, and just about 28% of homes sell for <\/span>above <\/span><\/i>their asking price, down from 32% at this time last year.\u00a0<\/span><\/p>\n

\u201cIf a home is in a desirable neighborhood, especially if it\u2019s fixed up, it will sell fairly quickly,\u201d said <\/span>Ben Ambroch<\/span><\/a>, a Redfin Premier agent in <\/span>Milwaukee<\/span><\/a>. \u201cBut even that type of home now gets two or three offers, as opposed to the 10 offers it would have gotten a few years ago. Sellers of homes that need work in fringe neighborhoods should be able to find a buyer, but it\u2019s important they come to the table with realistic expectations on price and timing, and a willingness to negotiate. Price within a fair range based on the neighborhood, understand that buyers will be inspecting the home, and be prepared to give concessions.\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>\n6.87% (June 4)<\/span><\/td>\nDown from 6.97% one week earlier<\/span><\/td>\nDown from 7.17%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.89% (week ending May 29)<\/span><\/td>\nHighest level since Feb.<\/span><\/td>\nDown from 7.03%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 4% from a week earlier (as of week ending May 30)<\/span><\/td>\nUp 18%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index<\/b><\/td>\n<\/td>\nDown 3% from a month earlier (as of week ending June 1)<\/span><\/td>\nUp 1%<\/span><\/td>\nA measure of tours and other homebuying services from Redfin agents<\/span><\/td>\n<\/tr>\n
Google searches for \u201chome for sale\u201d<\/b><\/td>\n<\/td>\nUp 20% from a month earlier (as of June 1)<\/span><\/td>\nUp 20%<\/span><\/td>\nGoogle Trends\u00a0<\/span><\/a><\/td>\n<\/tr>\n
We excluded ShowingTime stats 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 June 1, 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 June 1, 2025<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$393,750<\/span><\/td>\n1.2%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$425,975<\/span><\/td>\n4.9%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,863 at a 6.89% mortgage rate<\/span><\/td>\n4%<\/span><\/td>\n$20 shy of record high<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n88,141<\/span><\/td>\n-0.4%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n104,380<\/span><\/td>\n6.3%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n1,132,818<\/span><\/td>\n14.4%<\/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>\n38.7%<\/span><\/td>\nDown from 42%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n36<\/span><\/td>\n+4 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n28.4%<\/span><\/td>\nDown from 32%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99.1%<\/span><\/td>\nDown from 99.5%<\/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 June 1, 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>\nPhiladelphia (11.4%)<\/span><\/p>\n

Detroit (10.6%)<\/span><\/p>\n

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

Miami (7.1%)<\/span><\/p>\n

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

Oakland, CA (-8.5%)<\/span><\/p>\n

Dallas (-4.5%)<\/span><\/p>\n

Jacksonville, FL (-3.6%)<\/span><\/p>\n

Houston (-2.4%)<\/span><\/p>\n

Austin, TX (-1.6%)<\/span><\/th>\n

\n

Declined in 9 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nCincinnati (10.9%)<\/span><\/p>\n

Chicago (6.5%)<\/span><\/p>\n

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

Montgomery County, PA (4.7%)<\/span><\/p>\n

Indianapolis (4.2%)<\/span><\/td>\n

Miami (-19.6%)<\/span><\/p>\n

San Jose, CA (-16.2%)<\/span><\/p>\n

Fort Lauderdale, FL (-15.9%)<\/span><\/p>\n

Las Vegas (-15.4%)<\/span><\/p>\n

San Diego (-12.2%)<\/span><\/td>\n

<\/td>\n<\/tr>\n
New listings<\/b><\/td>\nHouston (13.9%)<\/span><\/p>\n

Washington, D.C. (13.5%)<\/span><\/p>\n

Montgomery County, PA (13.2%)<\/span><\/p>\n

Seattle (12%)<\/span><\/p>\n

Cincinnati (11.4%)<\/span><\/td>\n

San Jose, CA (-9%)<\/span><\/p>\n

Orlando, FL (-8.3%)<\/span><\/p>\n

Fort Lauderdale, FL (-6.8%)<\/span><\/p>\n

Tampa, FL (-6.8%)<\/span><\/p>\n

West Palm Beach, FL (-5.5%)<\/span><\/td>\n

\n

Declined in 11 metros<\/span><\/p>\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":"

Many prospective homebuyers are sidelined by near-record costs and economic uncertainty, creating a buyer\u2019s market in many parts of the country. That\u2019s deterring some would-be sellers.\u00a0 New listings of U.S. homes for sale rose 6.3% year over year during the four weeks ending June 1, one of the smallest increases of the last three months. […]<\/p>\n","protected":false},"author":13153,"featured_media":80025,"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],"coauthors":[124],"class_list":["post-80012","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":"\nSome Would-Be Home Sellers Are Stepping Back As Market Tilts Toward Buyers<\/title>\n<meta name=\"description\" content=\"Many prospective homebuyers are sidelined by near-record costs and economic uncertainty, creating a buyer\u2019s market in many parts of the country. 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