{"id":81367,"date":"2025-07-17T05:00:40","date_gmt":"2025-07-17T12:00:40","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=81367"},"modified":"2025-07-17T12:13:21","modified_gmt":"2025-07-17T19:13:21","slug":"housing-market-update-sellers-price-lower","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-sellers-price-lower\/","title":{"rendered":"Good News For Homebuyers: Sellers Start Pricing Lower, Monthly Mortgage Payments Dip to 4-Month Low"},"content":{"rendered":"

The median U.S. asking price posted its smallest increase since the start of 2025 as more sellers come to terms with the reality of today\u2019s buyer\u2019s market.\u00a0<\/span><\/i><\/p>\n

The median U.S. asking price was $407,000 during the four weeks ending July 13, up 2.9% year over year, the smallest increase in over four months. That\u2019s just slightly higher than the median home-sale<\/i> price of $401,120; the small size of that gap is a sign that sellers are starting to price their homes lower as they realize it\u2019s a buyer\u2019s market. The median sale price is up just 1.7% year over year; given that the average U.S. wage has increased by more than 4%<\/a>, homes are more affordable than they were last year. <\/span><\/p>\n

The housing market has been tilting in buyers\u2019 favor for months, with buyers getting <\/span>concessions from sellers<\/span><\/a> and often successfully <\/span>negotiating sale prices down<\/span><\/a>. The slowdown in asking-price growth, along with the shrinking gap between the prices sellers want for their homes and the prices buyers are willing to pay, is a sign that sellers are coming to terms with the reality of today\u2019s buyer\u2019s market.\u00a0<\/span><\/p>\n

Another sign that homeowners have caught onto today\u2019s market conditions: Listings are losing steam. New listings are down nearly 1% year over year, the biggest decline since the start of 2025. Still, there are hundreds of thousands <\/span>more home sellers<\/span><\/a> than buyers in the U.S. The <\/span>total <\/span><\/i>number of homes for sale is up 12%, while pending sales are down 2%.\u00a0<\/span><\/p>\n

Sale prices are still at a record high, but they may decline soon; Redfin forecasts that the median U.S. home-sale price will <\/span>fall 1% year over year<\/span><\/a> by the end of 2025. And homebuyers\u2019 median monthly housing payment is coming down, dropping to a four-month low this week as the <\/span>weekly average<\/span><\/a> mortgage rate sits near its lowest level since early spring.\u00a0<\/span><\/p>\n

The combination of a buyer\u2019s market and falling monthly payments is encouraging some buyers to return to the market. Home tours are rising <\/span>much faster<\/span><\/a> this year than the same period last year, and Google searches of \u201chomes for sale\u201d are at their highest level in over a year.\u00a0<\/span><\/p>\n

\u201cBuyers should look at a lot of homes and make a lot of offers\u2013even if they\u2019re low or below market value\u2013as more and more sellers are willing to make a deal,\u201d said Jim Fletcher<\/a>, a Redfin Premier agent in Tampa, FL.<\/a> \u201cThere\u2019s a backlog of inventory, especially when it comes to condos, townhouses and newly built homes. Builders are giving all sorts of incentives, like mortgage-rate buydowns and covering closing costs, to get homes off their books. The one exception: desirable, move-in ready homes in the center of town where there aren\u2019t as many new construction homes to compete with. Buyers will usually pick those up relatively quickly if they\u2019re priced right.\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><\/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>\n6.83% (July 16)<\/span><\/td>\nUp from 6.67% two weeks earlier<\/span><\/td>\nUnchanged<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.72% (week ending July 10)<\/span><\/td>\nUp from the prior week\u2019s 3-month low of 6.67%<\/span><\/td>\nDown from 6.89%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 12% from a week earlier (as of week ending July 11)<\/span><\/td>\nUp 13%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 14% from the start of the year (as of July 14)<\/span><\/td>\nAt this time last year, it was up 4% 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 nearly 2 years (as of July 14)<\/span><\/td>\nUp 9%<\/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<\/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 July 13, 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 13, 2025<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$401,120<\/span><\/td>\n1.7%<\/span><\/td>\nAll-time high<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$407,000<\/span><\/td>\n2.9%<\/span><\/td>\nSmallest increase in 5 months<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,699 at a 6.72% mortgage rate<\/span><\/td>\n2.4%<\/span><\/td>\nLowest level in 4 months<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n81,906<\/span><\/td>\n-1.9%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n93,164<\/span><\/td>\n-0.3%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n1,171,312<\/span><\/td>\n11.9%<\/span><\/td>\nSmallest increase since March 2024<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4.1<\/span><\/td>\n+0.5 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>\n34%<\/span><\/td>\nDown from 38%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n38<\/span><\/td>\n+5 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n27.9%<\/span><\/td>\nDown from 32%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99%<\/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 July 13, 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>\nCleveland (11.8%)<\/span><\/p>\n

Newark, NJ (10.2%)<\/span><\/p>\n

Detroit (7.7%)<\/span><\/p>\n

Nassau County, NY(7.7%)<\/span><\/p>\n

Cincinnati (7.6%)<\/span><\/th>\n

\n

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

West Palm Beach, FL (-5.1%)<\/span><\/p>\n

Tampa, FL (-2.6%)<\/span><\/p>\n

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

Austin, TX (-2.4%)<\/span><\/p>\n<\/th>\n

\n

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

Pending sales<\/b><\/td>\nVirginia Beach, VA (12.1%)<\/span><\/p>\n

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

Warren, MI (8.2%)<\/span><\/p>\n

Montgomery County, PA (5.1%)<\/span><\/p>\n

Milwaukee (4.6%)<\/span><\/td>\n

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

Tampa, FL (-13.3%)<\/span><\/p>\n

Las Vegas (-12.8%)<\/span><\/p>\n

Orlando, FL (-12.7%)<\/span><\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/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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Editor’s note: A previous version of this report included San Jose, CA in the list of metro areas where pending home sales declined most. We have removed it to ensure data accuracy.\u00a0<\/em><\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

The median U.S. asking price posted its smallest increase since the start of 2025 as more sellers come to terms with the reality of today\u2019s buyer\u2019s market.\u00a0 The median U.S. asking price was $407,000 during the four weeks ending July 13, up 2.9% year over year, the smallest increase in over four months. That\u2019s just […]<\/p>\n","protected":false},"author":13153,"featured_media":81379,"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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