{"id":81353,"date":"2025-07-10T05:00:41","date_gmt":"2025-07-10T12:00:41","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=81353"},"modified":"2025-07-09T16:31:19","modified_gmt":"2025-07-09T23:31:19","slug":"pending-sales-fall-as-home-prices-hit-record-high","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/pending-sales-fall-as-home-prices-hit-record-high\/","title":{"rendered":"Pending Sales Fall as U.S. Home Prices Hit Another Record High"},"content":{"rendered":"

Pending sales fell 3.5% year over year during the four weeks ending July 6. That was the second biggest decline since early February, trailing only last week\u2019s 4.1% fall. The median U.S. home sale price hit a record $399,633, up 1% year over year. <\/i><\/b>\u00a0<\/span><\/p>\n

There were some encouraging signs for sellers with mortgage purchase applications rising 9% from a week ago as the weekly average mortgage rate dropped to 6.67%, the lowest level since early April. Touring activity is up 25% from the start of the year and Google searches for \u201chomes for sale\u201d are at the highest level in a year.<\/span><\/p>\n

\u201cSome homes are moving fast, others are seeing multiple price reductions,\u201d said <\/span>James Gulden<\/span><\/a>, a Redfin Premier agent in Boston. \u201cIt\u2019s not location or price-tier specific; the mixed results permeate in every corner of the market. Prices are still as high as they have ever been, but with homes sitting longer, the market is slowly turning in buyers\u2019 favor.\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\u00a0<\/b><\/h3>\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>\n6.77% (July 9)<\/span><\/td>\nUp slightly from 6.73% a week earlier<\/span><\/td>\nDown from 7.01%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.67% (week ending July 3)<\/span><\/td>\nLowest level since early April<\/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>\nUp 9% from a week earlier (as of week ending July 4)<\/span><\/td>\nUp 25%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 26% from the start of the year (as of July 3)<\/span><\/td>\nAt this time last year, it was up 16% 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>\nHighest level in a year (as of July 9)<\/span><\/td>\nUp 11%<\/span><\/td>\nGoogle Trends\u00a0<\/span><\/a><\/td>\n<\/tr>\n
We excluded the Redfin Homebuyer Demand Index this week to ensure data accuracy.<\/span><\/i><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Key housing-market data<\/b><\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
U.S. highlights: Four weeks ending July 6, 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 July 6, 2025<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$399,633<\/span><\/td>\n1.0%<\/span><\/td>\nAll-time high<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$409,973<\/span><\/td>\n3.6%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,708 at a 6.67% mortgage rate<\/span><\/td>\n1.8%<\/span><\/td>\nLowest level since early March<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n82,218<\/span><\/td>\n-3.5%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n92,347<\/span><\/td>\n-0.3%<\/span><\/td>\nThird consecutive week with a decline<\/span><\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n1,163,431<\/span><\/td>\n12.3%<\/span><\/td>\nSmallest increase since February 2024<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4.0<\/span><\/td>\n+0.3 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>\n35.9%<\/span><\/td>\nDown from 39.8%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n37<\/span><\/td>\n+5 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n28.2%<\/span><\/td>\nDown from 31.9%<\/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

 <\/p>\n\n\n\n\n\n\n\n\n
\n

Metro-level highlights: Four weeks ending July 6, 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>\n\n

Metros with biggest year-over-year increases<\/b><\/p>\n<\/th>\n

Metros with biggest year-over-year decreases<\/b><\/th>\nNotes<\/b><\/th>\n<\/tr>\n
Median sale price<\/b><\/th>\nDetroit (11.4%)<\/span><\/p>\n

Cleveland (11.0%)<\/span><\/p>\n

Newark, NJ (8.8%)<\/span><\/p>\n

Nassau County, NY(7.9%)<\/span><\/p>\n

Cincinnati (6.9%)<\/span><\/th>\n

\n

Oakland, CA (-6.2%)<\/span><\/p>\n

West Palm Beach, FL (-5.2%)<\/span><\/p>\n

Austin, TX (-4.2%)<\/span><\/p>\n

Tampa, FL (-3.4%)<\/span><\/p>\n

Atlanta (-3.2%)<\/span><\/p>\n<\/th>\n

Declined in 14 metros<\/span><\/th>\n<\/tr>\n<\/thead>\n
Pending sales<\/b><\/td>\nVirginia Beach, VA (8.5%)<\/span><\/p>\n

Warren, MI (6.5%)<\/span><\/p>\n

San Francisco (6.3%)<\/span><\/p>\n

Columbus, OH (2.9%)<\/span><\/p>\n

Milwaukee (2.9%)<\/span><\/td>\n

Las Vegas (-18.0%)<\/span><\/p>\n

Orlando, FL (-16.2%)<\/span><\/p>\n

Houston (-15.6%)<\/span><\/p>\n

San Jose, CA (-15.2%)<\/span><\/p>\n

Tampa, FL (-15.1%)<\/span><\/td>\n

Declined in all but 11 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nBaltimore, MD (10.6%)<\/span><\/p>\n

Montgomery County, PA (10.5%)<\/span><\/p>\n

Cleveland (8.9%)<\/span><\/p>\n

Warren, MI (8.4%)<\/span><\/p>\n

Phoenix (6.6%)<\/span><\/td>\n

Tampa, FL (-18%)<\/span><\/p>\n

Orlando, FL (-17%)<\/span><\/p>\n

Riverside, CA (-16.5%)<\/span><\/p>\n

San Diego (-15.1%)<\/span><\/p>\n

Jacksonville, FL (-15.1%)<\/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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Pending sales fell 3.5% year over year during the four weeks ending July 6. That was the second biggest decline since early February, trailing only last week\u2019s 4.1% fall. The median U.S. home sale price hit a record $399,633, up 1% year over year. \u00a0 There were some encouraging signs for sellers with mortgage purchase […]<\/p>\n","protected":false},"author":13568,"featured_media":73664,"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":[625,623,655],"dashboard":[],"coauthors":[682],"class_list":["post-81353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-weekly-market-update","tag-housing-market-update","tag-national","tag-weekly-market-tracker"],"acf":[],"yoast_head":"\nPending Sales Fall as U.S. Home Prices Hit Another Record High<\/title>\n<meta name=\"description\" content=\"Pending sales fell 3.5% year over year during the four weeks ending July 6. 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