{"id":81997,"date":"2025-08-28T05:00:08","date_gmt":"2025-08-28T12:00:08","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=81997"},"modified":"2025-08-27T16:35:01","modified_gmt":"2025-08-27T23:35:01","slug":"housing-market-update-homebuying-demand-ticks-up","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-homebuying-demand-ticks-up\/","title":{"rendered":"Pending Home Sales Rise 2% As Mortgage Rates Sit At Lowest Level in 10 Months"},"content":{"rendered":"

Declining mortgage rates have pushed monthly payments down to their lowest level since the start of the year, leading to a modest improvement in demand. But Redfin agents report that many prospective buyers are waiting for rates to drop lower before making a move.\u00a0<\/span><\/i><\/p>\n

The weekly average mortgage rate is sitting at <\/span>6.58%<\/span><\/a>, its lowest level in 10 months. Falling mortgage rates have pushed the median U.S. monthly mortgage payment down to $2,616, its lowest level since the start of the year.<\/span><\/p>\n

Lower housing costs are bringing some house hunters off the sidelines<\/b>. Pending home sales rose 1.6% year over year during the four weeks ending August 27. That marks two straight months of increases in pending sales after they fell for most of 2025. (It\u2019s worth noting that sales were especially slow at this time last year as buyers waited for the Fed to cut interest rates amid election uncertainty.) Redfin\u2019s Homebuyer Demand Index\u2013a seasonally adjusted measure of tours and other buying services from Redfin agents\u2013is up about 3% from a month ago, and home tours are rising <\/span>much faster<\/span><\/a> this year than the same time last year.<\/span><\/p>\n

\u201cBuyers are circling,\u201d said <\/span>Ali Mafi<\/span><\/a>, a Redfin Premier agent in San Francisco. \u201cHouse hunters are feeling more confident about buying a home now that mortgage rates have started to decline. Some are making offers now, though others are sitting tight, betting that rates will fall further. I\u2019m telling buyers to act now because it\u2019s still a buyer\u2019s market and most sellers are willing to negotiate. If rates <\/span>do<\/span><\/i> plummet, the market will get competitive.\u201d<\/span><\/p>\n

But many buyers are still waiting on the sidelines. <\/b>It\u2019s worth noting that Redfin agents in places including Seattle and Nashville didn\u2019t see a bump in demand over the weekend. They say a lot of prospective buyers are waiting until the Fed cuts interest rates in September to buy. But Redfin economists say today\u2019s mortgage rates likely <\/span>already reflect<\/span><\/a> the upcoming rate cut.\u00a0<\/span><\/p>\n

On the selling side, new listings are up 1.9% year over year. Though that\u2019s a small uptick, it\u2019s the biggest increase in over two months. Sellers had been pulling\u00a0 back in response to slow homebuying demand, but some on-the-fence sellers may be moving forward now that rates have come down a bit.\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>\n6.51% (Aug. 27)<\/span><\/td>\nLowest level in nearly a year<\/span><\/td>\nUp from 6.43%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.58% (week ending Aug. 21)<\/span><\/td>\n10-month low<\/span><\/td>\nUp from 6.49%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 2%from a week earlier (as of week ending Aug. 22)<\/span><\/td>\nUp 25%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index<\/b><\/td>\n<\/td>\nUp 3% from a month earlier (as of week ending Aug. 24)<\/span><\/td>\nDown 3%<\/span><\/td>\nA measure of tours and other homebuying services from Redfin agents<\/span><\/td>\n<\/tr>\n
Google searches of \u201chomes for sale\u201d<\/b><\/td>\n<\/td>\nUp 5% from a month earlier (as of Aug. 25)<\/span><\/td>\nUp 15%<\/span><\/td>\nGoogle Trends<\/span><\/a><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 27% from the start of the year (as of Aug. 18)<\/span><\/td>\nAt this time last year, it was up 10% from the start of 2024<\/span><\/td>\nShowingTime<\/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 Aug. 24, 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 Aug. 24, 2025<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$395,500<\/span><\/td>\n2%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$398,975<\/span><\/td>\n3.3%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,616 at a 6.58% mortgage rate<\/span><\/td>\n5.2%<\/span><\/td>\nLowest level since January<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n83,666<\/span><\/td>\n1.6%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n91,756<\/span><\/td>\n1.9%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n1,216,627<\/span><\/td>\n12.1%<\/span><\/td>\nSmallest increase since March 2024<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4.3<\/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>\n31.1%<\/span><\/td>\nDown from 34%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n44<\/span><\/td>\n+8 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n25.3%<\/span><\/td>\nDown from 29%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.6%<\/span><\/td>\nDown from 99.2%<\/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 Aug. 24, 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>\nDetroit (12.4%)<\/span><\/p>\n

Pittsburgh (9.6%)<\/span><\/p>\n

Cleveland (8.2%)<\/span><\/p>\n

Virginia Beach, VA (8.1%)<\/span><\/p>\n

New Brunswick, NJ (6.6%)<\/span><\/th>\n

\n

Dallas (-3.4%)<\/span><\/p>\n

Oakland, CA (-2.7%)<\/span><\/p>\n

Orlando, FL (-2.2%)<\/span><\/p>\n

Portland, OR (-1.9%)<\/span><\/p>\n

Denver (-0.9%)<\/span><\/th>\n

\n

Declined in 10 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nPittsburgh (12.1%)<\/span><\/p>\n

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

Columbus, OH (8.9%)<\/span><\/p>\n

Phoenix\u00a0 (8.1%)<\/span><\/p>\n

Austin, TX (5.6%)<\/span><\/td>\n

Houston (-9.4%)<\/span><\/p>\n

Seattle (-8.5%)<\/span><\/p>\n

Miami (-8.2%)<\/span><\/p>\n

Orlando, FL (-8%)<\/span><\/p>\n

Detroit (-8%)<\/span><\/td>\n

<\/td>\n<\/tr>\n
New listings<\/b><\/td>\nPittsburgh (14.5%)<\/span><\/p>\n

Montgomery County, PA (10.9%)<\/span><\/p>\n

Baltimore (7.8%)<\/span><\/p>\n

New Brunswick, NJ (6.4%)<\/span><\/p>\n

Cleveland (6%)<\/span><\/td>\n

Orlando, FL (-14%)<\/span><\/p>\n

Tampa, FL (-10.7%)<\/span><\/p>\n

West Palm Beach, FL (-10.4%)<\/span><\/p>\n

Fort Lauderdale, FL (-9.3%)<\/span><\/p>\n

Miami (-8.6%)<\/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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Declining mortgage rates have pushed monthly payments down to their lowest level since the start of the year, leading to a modest improvement in demand. But Redfin agents report that many prospective buyers are waiting for rates to drop lower before making a move.\u00a0 The weekly average mortgage rate is sitting at 6.58%, its lowest […]<\/p>\n","protected":false},"author":13153,"featured_media":82010,"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-81997","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":"\nPending Home Sales Rise 2% As Mortgage Rates Sit At Lowest Level in 10 Months<\/title>\n<meta name=\"description\" content=\"Declining mortgage rates have pushed monthly payments down to their lowest level since the start of the year, leading to a modest improvement in demand. 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