{"id":80133,"date":"2025-06-20T05:00:14","date_gmt":"2025-06-20T12:00:14","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=80133"},"modified":"2025-06-18T10:01:40","modified_gmt":"2025-06-18T17:01:40","slug":"housing-market-update-home-sale-prices-hit-record-high","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-home-sale-prices-hit-record-high\/","title":{"rendered":"U.S. Home Prices Hit All-Time High"},"content":{"rendered":"

While the median home-sale price is sitting at a record high, it\u2019s notably lower than the median asking price. That\u2019s because sellers are open to negotiating in today\u2019s cooling housing market, in which sellers outnumber buyers.<\/span><\/i><\/p>\n

The median U.S. home-sale price hit a record $396,500 during the four weeks ending June 15, up 1% year over year. Prices are at an all-time high even though this spring\u2019s housing market is fairly cool because prices don\u2019t yet fully reflect the <\/span>historic imbalance<\/span><\/a> of sellers and buyers in today\u2019s market. Note that sale prices are seasonal and typically peak in June or July, and that price growth is cooling: The 1% year-over-year increase is in line with the last several weeks, but down from about 5% at the start of the year.\u00a0<\/span><\/p>\n

While the median <\/span>sale<\/span><\/i> price is at an all-time high, it\u2019s roughly $26,000 lower than the median <\/span>asking <\/span><\/i>price of $422,238. That 6% discount is similar to that of the last several weeks, but marks a reversal from 2021 and 2022, when the median sale price was typically much <\/span>higher <\/span><\/i>than the median list price because the market favored sellers.\u00a0<\/span><\/p>\n

Homes are selling for under asking price because there are <\/span>many more<\/span><\/a> sellers than buyers in today\u2019s market. That gives buyers the upper hand and often allows them to negotiate prices down, though it\u2019s still difficult for many people to afford homes because costs are so high. New listings of homes for sale are up 4.4% year over year, and <\/span>total <\/span><\/i>listings are up 14.5%. Meanwhile, pending sales are down 1.5% year over year, and mortgage-purchase applications are <\/span>down 3%<\/span><\/a> week over week.\u00a0<\/span><\/p>\n

Homebuying demand has been fairly weak this spring due to widespread <\/span>economic uncertainty<\/span><\/a> and high housing costs. In addition to sale prices sitting at an all-time high, the median <\/span>monthly <\/span><\/i>housing payment is just $53 shy of its own all-time high.\u00a0<\/span><\/p>\n

\u201cI\u2019m explaining to sellers more and more that we need to be strategic in our pricing strategy because homes that are overpriced, even slightly, are likely to sit on the market and invite buyers to negotiate,\u201d said <\/span>Kelly Connally<\/span><\/a>, a Redfin Premier agent in Tulsa, OK. \u201cPricing is most important, but with fewer buyers than usual out there, sellers should also make sure their home is in excellent condition and be ready to make repairs upon inspection. There are a few exceptions: Homes in desirable locations that are in perfect condition are still hot and typically sell at or above asking price.\u201d<\/span><\/p>\n

The mismatch between supply and demand is likely to lead to a nationwide <\/span>decline in home-sale prices<\/span><\/a> by the end of the year.\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>\n6.87% (June 18)<\/span><\/td>\nDown slightly from 6.93% one week earlier<\/span><\/td>\nDown from 7.04%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.81% (week ending June 18)<\/span><\/td>\nDown from 6.89% three weeks earlier, but still near the highest level since Feb.<\/span><\/td>\nDown from 6.95%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 3% from a week earlier (as of week ending June 13)<\/span><\/td>\nUp 14%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index<\/b><\/td>\n<\/td>\nDown 5% from a month earlier (as of week ending June 15)<\/span><\/td>\nUp 1%<\/span><\/td>\nA measure of tours and other homebuying services from Redfin agents<\/span><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 36% from the start of the year (as of June 16)<\/span><\/td>\nAt this time last year, it was up 28% 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 June 16)<\/span><\/td>\nUnchanged<\/span><\/td>\nGoogle Trends\u00a0<\/span><\/a><\/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 15, 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 15, 2025<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$396,500<\/span><\/td>\n1%<\/span><\/td>\nAll-time high<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$422,238<\/span><\/td>\n5%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,820 at a 6.81% mortgage rate<\/span><\/td>\n4.5%<\/span><\/td>\nDown $53 from May\u2019s record high\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n87,397<\/span><\/td>\n-1.5%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n102,784<\/span><\/td>\n4.4%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n1,160,350<\/span><\/td>\n14.5%<\/span><\/td>\nSmallest increase in 15 months<\/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>\n37.2%<\/span><\/td>\nDown from 41%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n36<\/span><\/td>\n+5 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n28.6%<\/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 99.6%<\/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 15, 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>\n\n

Philadelphia (5.5%)<\/span><\/p>\n

New Brunswick, NJ (5.4%)<\/span><\/p>\n

Pittsburgh (5.3%)<\/span><\/p>\n

Nassau County, NY (5%)<\/span><\/p>\n

New York (4%)<\/span><\/p>\n<\/th>\n

Oakland, CA (-5.9%)<\/span><\/p>\n

Jacksonville, FL (-3.9%)<\/span><\/p>\n

Dallas (-3.1%)<\/span><\/p>\n

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

Atlanta (-2%)<\/span><\/th>\n

\n

Declined in 12 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nCincinnati (5.2%)<\/span><\/p>\n

Chicago (5%)<\/span><\/p>\n

Dallas (4.1%)<\/span><\/p>\n

San Francisco (4%)<\/span><\/p>\n

Columbus, OH (4%)<\/span><\/td>\n

San Jose, CA (-18.5%)<\/span><\/p>\n

Fort Lauderdale, FL (-15.5%)<\/span><\/p>\n

Las Vegas (-14.9%)<\/span><\/p>\n

Miami (-14.6%)<\/span><\/p>\n

San Diego (-11.1%)<\/span><\/td>\n

<\/td>\n<\/tr>\n
New listings<\/b><\/td>\nWarren, MI (14%)<\/span><\/p>\n

Cincinnati (13.7%)<\/span><\/p>\n

Columbus, OH (11.3%)<\/span><\/p>\n

Cleveland (10.3%)<\/span><\/p>\n

Indianapolis (9.5%)<\/span><\/td>\n

Tampa, FL (-11.5%)<\/span><\/p>\n

Orlando, FL (-8.7%)<\/span><\/p>\n

Jacksonville, FL (-7.2%)<\/span><\/p>\n

San Jose, CA (-7%)<\/span><\/p>\n

Atlanta (-6.6%)<\/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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While the median home-sale price is sitting at a record high, it\u2019s notably lower than the median asking price. That\u2019s because sellers are open to negotiating in today\u2019s cooling housing market, in which sellers outnumber buyers. The median U.S. home-sale price hit a record $396,500 during the four weeks ending June 15, up 1% year […]<\/p>\n","protected":false},"author":13153,"featured_media":80147,"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-80133","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":"\nU.S. Home Prices Hit All-Time High<\/title>\n<meta name=\"description\" content=\"While the median home-sale price is sitting at a record high, it\u2019s notably lower than the median asking price. That\u2019s because sellers are open to negotiating in today\u2019s cooling housing market, in which sellers outnumber buyers.\" \/>\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-home-sale-prices-hit-record-high\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. Home Prices Hit All-Time High\" \/>\n<meta property=\"og:description\" content=\"While the median home-sale price is sitting at a record high, it\u2019s notably lower than the median asking price. 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