{"id":81563,"date":"2025-07-31T05:00:21","date_gmt":"2025-07-31T12:00:21","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=81563"},"modified":"2025-07-30T11:26:56","modified_gmt":"2025-07-30T18:26:56","slug":"housing-market-update-home-prices-drop-14-metros","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-drop-14-metros\/","title":{"rendered":"Home Prices Drop in 14 Major U.S. Metros, Including Parts of Florida and Texas, As Buyers Gain Upper Hand"},"content":{"rendered":"

Prices are declining in certain places as the supply of homes for sale outpaces demand, with high costs and economic uncertainty sidelining would-be buyers.\u00a0<\/span><\/i><\/p>\n

The median home-sale price fell in 14 of the 50 most populous U.S. metro areas this week. Oakland, CA saw the biggest drop, with a 6.8% year-over-year decline, followed by two Florida metros and two Texas metros: West Palm Beach (-4.9%), Jacksonville (-3.1%), Austin (-2.9%) and Houston (-2.8%).\u00a0<\/span><\/p>\n

Prices are falling in several metro areas because the housing market is slow due to high housing costs and economic uncertainty, with homes taking longer to sell than a year ago in every major metro, and <\/span>more home sellers<\/span><\/a> than buyers in much of the country. In West Palm Beach, for instance,\u00a0 the typical home that went under contract during the four weeks ending July 27 took 93 days to do so, the longest period of all the metros in this analysis and up 18 days from a year earlier. Pending home sales are down 1.4% year over year in West Palm Beach, and supply is up 7.7%.\u00a0<\/span><\/p>\n

Nationwide, the median sale price rose 2% year over year to just shy of its record high. But that uptick is small compared to the 5% and 6% increases that were common in late 2024 and early 2025, and Redfin economists expect national prices to <\/span>decline 1%<\/span><\/a> annually by the end of this year.\u00a0<\/span><\/p>\n

The median U.S. <\/span>asking <\/span><\/i>price has already lost steam, dipping to its lowest level in five months this week and posting its smallest increase since February (except the prior 4-week period). That signals that more and more sellers are pricing their home lower from the start to meet buyers where they are in terms of price expectations. Monthly mortgage payments have lost steam, too, dipping to a median of $2,671 this week, the lowest level since January.\u00a0<\/span><\/p>\n

\u201cSellers need to start coming to terms with two things: One, homes are more often going to sit on the market for longer than a week or two before they sell, and two, buyers are gaining the upper hand,\u201d said James Gulden, a Redfin Premier agent in Boston. \u201cI advise my sellers to be realistic about the price they\u2019re going to get based on the market research I provide, while also taking into account which direction the market is moving, especially if they want multiple offers. I\u2019m also reminding sellers to be patient and not panic. Sure, many homes have been selling within a week for the last several years, but that\u2019s not historically normal. They have to reorient themselves to the fact that it may take several weeks, or more, before receiving an acceptable offer.”<\/span><\/p>\n

Pending U.S. home sales are down 1.4% from a year ago, while total inventory is up 8.9%. <\/span>New <\/span><\/i>listings are stagnant, up 0.6% year over year, as some would-be sellers opt to stay put rather than enter the buyer\u2019s market.\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
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>\n6.75% (July 30)<\/span><\/td>\nUp from 6.67% three weeks earlier<\/span><\/td>\nDown from 6.86%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.74% (week ending July 24)<\/span><\/td>\nUp from a 3-month low of 6.67% hit 3 weeks earlier<\/span><\/td>\nDown from 6.78%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 6% from a week earlier (as of week ending July 25)<\/span><\/td>\nUp 17%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index<\/b><\/td>\n<\/td>\nDown 5%\u00a0 from a month earlier (as of week ending July 27)<\/span><\/td>\nDown 2%<\/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 35% from the start of the year (as of July 28)<\/span><\/td>\nAt this time last year, it was up 20% from the start of 2024<\/span><\/td>\nShowingTime<\/span><\/a>, a home touring technology company<\/span><\/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 27, 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 27, 2025<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$398,700<\/span><\/td>\n2%<\/span><\/td>\nRoughly $700 shy of all-time high<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$402,100<\/span><\/td>\n2.7%<\/span><\/td>\nSmallest increase since August\u00a0<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,671 at a 6.74% mortgage rate<\/span><\/td>\n2.8%<\/span><\/td>\nLowest level in 6 months<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n80,651<\/span><\/td>\n-1.4%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n90,699<\/span><\/td>\n0.6%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n1,146,144<\/span><\/td>\n8.9%<\/span><\/td>\nSmallest increase since February 2024<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4<\/span><\/td>\n+0.2 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>\n32.9%<\/span><\/td>\nDown from 36%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n40<\/span><\/td>\n+6 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n27.1%<\/span><\/td>\nDown from 30%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.9%<\/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 July 27, 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>\nNotes<\/b><\/th>\n<\/tr>\n
Median sale price<\/b><\/th>\nCleveland (15%)<\/span><\/p>\n

Montgomery County, PA (9.2%)<\/span><\/p>\n

Nassau County, NY (8.5%)<\/span><\/p>\n

Detroit (6.9%)<\/span><\/p>\n

Indianapolis (6.7%)<\/span><\/th>\n

Oakland, CA (-6.8%)<\/span><\/p>\n

West Palm Beach, FL (-4.9%)<\/span><\/p>\n

Jacksonville, FL (-3.1%)<\/span><\/p>\n

Austin, TX (-2.9%)<\/span><\/p>\n

Houston (-2.8%)<\/span><\/th>\n

\n

Declined in 14 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nPhoenix (13.3%)<\/span><\/p>\n

Austin, TX (11.5%)<\/span><\/p>\n

Virginia Beach, VA (9.4%)<\/span><\/p>\n

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

Milwaukee (7.9%)<\/span><\/td>\n

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

Tampa, FL (-13%)<\/span><\/p>\n

Orlando, FL (-12%)<\/span><\/p>\n

Portland, OR (-11.3%)<\/span><\/p>\n

Las Vegas (-11%)<\/span><\/td>\n

<\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSeattle (16.2%)<\/span><\/p>\n

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

Montgomery County, PA (10.1%)<\/span><\/p>\n

Cleveland (9.4%)<\/span><\/p>\n

Minneapolis (7.7%)<\/span><\/td>\n

Tampa, FL (-15.3%)<\/span><\/p>\n

Portland, OR (-12.8%)<\/span><\/p>\n

Jacksonville, FL (-12.1%)<\/span><\/p>\n

Sacramento, CA (-12.1%)<\/span><\/p>\n

Orlando, FL (-11%)<\/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":"

Prices are declining in certain places as the supply of homes for sale outpaces demand, with high costs and economic uncertainty sidelining would-be buyers.\u00a0 The median home-sale price fell in 14 of the 50 most populous U.S. metro areas this week. Oakland, CA saw the biggest drop, with a 6.8% year-over-year decline, followed by two […]<\/p>\n","protected":false},"author":13153,"featured_media":81580,"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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