{"id":82233,"date":"2025-09-18T05:00:56","date_gmt":"2025-09-18T12:00:56","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=82233"},"modified":"2025-09-17T13:59:28","modified_gmt":"2025-09-17T20:59:28","slug":"housing-market-update-mortgage-rates-decline-homebuyer-decision","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-mortgage-rates-decline-homebuyer-decision\/","title":{"rendered":"With Mortgage Rates Declining, Homebuyers Must Decide: Buy Now With Little Competition, Or Bet on Rates Falling More?"},"content":{"rendered":"

Pending home sales are up just 0.8% from a year ago, with many house hunters hoping rates will drop substantially more. But if that were to happen, sellers would regain the upper hand and home prices would likely rise more.\u00a0<\/span><\/i><\/p>\n

The median U.S. home-sale price rose 2.2% year over year during the four weeks ending September 14, the biggest increase in five months.\u00a0<\/span><\/p>\n

This week\u2019s median monthly housing payment is $2,590, up slightly from last week\u2019s nine-month low but still near the lowest level of 2025. Payments increased despite the weekly average mortgage rate dropping to <\/span>6.35%<\/span><\/a>, the lowest level in nearly a year, because of rising prices.\u00a0<\/span><\/p>\n

Prices are rising despite slow sales because new listings are dwindling. Pending home sales are up just 0.8% from a year earlier, the smallest increase in two months. New listings are up just 1.1%, marking the third straight month they have increased or decreased by about 1% or less, and total <\/i>listings are up 9.9%, the smallest increase since March 2024. <\/span><\/p>\n

Mortgage rates have dropped to 6.35% from roughly 6.9% at the start of the summer because of <\/span>weaker-than-expected<\/span><\/a> jobs reports and anticipation of the Fed\u2019s first <\/span>interest-rate cut<\/span><\/a> of the year, which came this week. While falling mortgage rates and more<\/span> purchasing power<\/span><\/a> have brought some house hunters off the sidelines, many are hoping rates drop further before making a move, according to Redfin agents.\u00a0<\/span><\/p>\n

\u201cIt is definitely a buyer\u2019s market here,\u201d said <\/span>Tamara Mattox-Kabat<\/span><\/a>, a Redfin Senior Premier Agent in Denver. \u201cIf they\u2019re not priced and presented well from the outset, many homes are sitting on the market longer than usual, and many sellers are open to concessions. A lot of buyers are waiting for interest rates to drop further before making offers. The problem with that strategy is that if rates do fall again, more buyers will come off the sidelines, prices will rise, and sellers will regain their leverage. That means even with lower mortgage rates, buyers could end up with a higher monthly payment.\u201d<\/span><\/p>\n

The Fed <\/span>cut interest rates<\/span><\/a> this week, as expected, and signaled two more potential cuts before the end of the year. Redfin economists expect mortgage rates to <\/span>remain steady<\/span><\/a> as markets await further economic data, particularly the next jobs report, which comes out at the start of October. <\/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>\n6.22% (Sept. 17)<\/span><\/td>\nNear lowest level in a year<\/span><\/td>\nEssentially flat<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.35% (week ending Sept. 11)<\/span><\/td>\n11-month low<\/span><\/td>\nUp from 6.2%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 3% from a week earlier (as of week ending Sept. 12)<\/span><\/td>\nUp 20%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index<\/b><\/td>\n<\/td>\nDown 7% from a month earlier (as of week ending Sept. 14)<\/span><\/td>\nDown 13%<\/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 11% from a month earlier (as of Sept. 15)<\/span><\/td>\nUp nearly 30%<\/span><\/td>\nGoogle Trends<\/span><\/a><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 21% from the start of the year (as of Sept. 15)<\/span><\/td>\nAt this time last year, it was up 8% 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 Sept. 14, 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 Sept. 14, 2025<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$392,225<\/span><\/td>\n2.2%<\/span><\/td>\nBiggest increase in 5 months<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$402,475<\/span><\/td>\n2.9%<\/span><\/td>\nBiggest increase in 4 months<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,590 at a 6.35% mortgage rate<\/span><\/td>\n5.2%<\/span><\/td>\nUp $24 from a week earlier, but still near lowest level since January<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n79,437<\/span><\/td>\n0.8%<\/span><\/td>\nSmallest increase in 2 months<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n89,670<\/span><\/td>\n1.1%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n1,205,479<\/span><\/td>\n9.9%<\/span><\/td>\nSmallest increase since March 2024<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4.5<\/span><\/td>\n+0.4 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>\n30.7%<\/span><\/td>\nDown from 32%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n45<\/span><\/td>\n+6 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n24.4%<\/span><\/td>\nDown from 28%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.5%<\/span><\/td>\nDown from 99%<\/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 Sept. 14, 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>\n\n

Notes<\/b><\/p>\n<\/th>\n<\/tr>\n

Median sale price<\/b><\/th>\nDetroit (10.8%)<\/span><\/p>\n

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

Cleveland (7.9%)<\/span><\/p>\n

San Jose, CA (6%)<\/span><\/p>\n

Milwaukee (6%)<\/span><\/th>\n

San Francisco (-2.8%)<\/span><\/p>\n

Sacramento, CA (-1.3%)<\/span><\/p>\n

Portland, OR (-1%)<\/span><\/p>\n

Tampa, FL (-0.3%)<\/span><\/th>\n

\n

Declined in 4 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nSan Francisco (13.8%)<\/span><\/p>\n

Chicago (9.9%)<\/span><\/p>\n

West Palm Beach, FL (9.4%)<\/span><\/p>\n

Pittsburgh (8.6%)<\/span><\/p>\n

Riverside, CA (7.5%)<\/span><\/td>\n

Houston (-14.2%)<\/span><\/p>\n

Las Vegas (-11.2%)<\/span><\/p>\n

Seattle (-9%)<\/span><\/p>\n

Denver (-6.4%)<\/span><\/p>\n

Tampa, FL (-6%)<\/span><\/td>\n

<\/td>\n<\/tr>\n
New listings<\/b><\/td>\nPittsburgh (15%)<\/span><\/p>\n

Baltimore (12.7%)<\/span><\/p>\n

Milwaukee (10.5%)<\/span><\/p>\n

Montgomery County, PA (10.3%)<\/span><\/p>\n

Minneapolis (9.7%)<\/span><\/td>\n

Orlando, FL (-16.7%)<\/span><\/p>\n

Fort Lauderdale, FL (-14.2%)<\/span><\/p>\n

Tampa, FL (-13.9%)<\/span><\/p>\n

Houston (-10.1%)<\/span><\/p>\n

Anaheim, CA (-9.9%)<\/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 home sales are up just 0.8% from a year ago, with many house hunters hoping rates will drop substantially more. But if that were to happen, sellers would regain the upper hand and home prices would likely rise more.\u00a0 The median U.S. home-sale price rose 2.2% year over year during the four weeks ending […]<\/p>\n","protected":false},"author":13153,"featured_media":82253,"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-82233","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":"\nWith Mortgage Rates Declining, Homebuyers Must Decide: Buy Now With Little Competition, Or Wait For Rates to Fall More and Face Bidding Wars?<\/title>\n<meta name=\"description\" content=\"Pending home sales are up just 0.8% from a year ago, with many house hunters hoping rates will drop more. 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