{"id":82749,"date":"2025-10-30T05:00:49","date_gmt":"2025-10-30T12:00:49","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=82749"},"modified":"2025-10-29T14:53:40","modified_gmt":"2025-10-29T21:53:40","slug":"housing-market-update-monthly-payments-biggest-decline-in-year","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-monthly-payments-biggest-decline-in-year\/","title":{"rendered":"Median Monthly Housing Payment Posts Biggest Decline in Nearly a Year"},"content":{"rendered":"

Many would-be buyers are still spooked by rising sale prices and economic instability, but some are creeping off the sidelines.<\/em><\/p>\n

The median U.S. monthly housing payment was $2,530 during the four weeks ending October 26, down 1.4% year over year. That\u2019s the biggest decline since November 2024.<\/span><\/p>\n

Monthly payments fell mainly because mortgage rates declined last week. The weekly average mortgage rate dropped to 6.19% this week, its <\/span>lowest level<\/span><\/a> in over a year, amid a <\/span>cooler-than-expected<\/span><\/a> inflation report and the Fed\u2019s rate cut<\/a>.<\/span> Falling mortgage rates are enough to push monthly payments down despite rising sale prices; the median U.S. home-sale price rose 1.9% year over year, the second-biggest increase in six months.\u00a0<\/span><\/p>\n

It\u2019s worth noting that Redfin economists don\u2019t expect this week\u2019s interest-rate cut to drive mortgage rates down further, as it is already <\/span>priced into<\/span><\/a> markets. In fact, the daily average mortgage rate <\/span>ticked up<\/span><\/a> on Thursday because <\/span>the Fed indicated<\/span><\/a> it may <\/span>not<\/span><\/i> cut rates in December, running counter to expectations.<\/span><\/p>\n

Homebuying demand is still lackluster, but some house hunters are creeping off the sidelines. Pending home sales are up 1% year over year, and mortgage-purchase applications are <\/span>up 5%<\/span><\/a> week over week. Redfin agents report some would-be buyers are hoping rates drop below 6% before moving forward, and others are\u00a0 spooked about widespread economic uncertainty.\u00a0<\/span><\/p>\n

On the selling side, more people are putting their homes up for sale. New listings are up 4.6% year over year, the biggest uptick in five months, as sellers hope buyers will pounce on lower rates. Redfin agents advise sellers who want to offload their home as soon as possible to price fairly from the start, and be open to negotiations.\u00a0<\/span><\/p>\n

\u201cDo your research and price correctly from the beginning. The longer your house sits on the market, the lower the sale price is likely to be,\u201d said <\/span>Matt Purdy<\/span><\/a>, a Redfin Premier agent in the <\/span>Denver<\/span><\/a> area. \u201cSellers who price too high will watch their home linger on the market for several months, and they\u2019ll be forced to cut their price\u2013unless their home is in perfect condition and located in a highly desirable neighborhood. With <\/span>more sellers than buyers<\/span><\/a> out there, buyers are picky and have negotiating power, especially if their purchase isn\u2019t contingent on selling their previous home.\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<\/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>\n6.27% (Oct. 29)<\/span><\/td>\nUp from 6.13% earlier in the week\u00a0<\/span><\/td>\nDown from 6.9%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.19% (week ending Oct. 23)<\/span><\/td>\nLowest level in over a year<\/span><\/td>\nDown from 6.54%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 5% from a week earlier (as of week ending Oct. 24)<\/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>\nUp about 5% from a month earlier (as of week ending Oct. 26)<\/span><\/td>\nDown 10%<\/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 more than 10% from a month earlier (as of Oct. 26)<\/span><\/td>\nUp more than 20%<\/span><\/td>\nGoogle Trends<\/span><\/a><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 8% from the start of the year (as of Oct. 26)<\/span><\/td>\nAt this time last year, it was up 1% 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 Oct. 26, 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 Oct. 26, 2025<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$391,750<\/span><\/td>\n1.9%<\/span><\/td>\nBiggest increase in 6 months, except the 4 weeks ending Sept. 28, when the increase was 2%<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$398,225<\/span><\/td>\n2.9%<\/span><\/td>\nBiggest increase in 5 months<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,530 at a 6.19% mortgage rate<\/span><\/td>\n-1.4%<\/span><\/td>\nLowest level since start of the year, and biggest decline in a year<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n77,682<\/span><\/td>\n1%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n86,993<\/span><\/td>\n4.6%<\/span><\/td>\nBiggest increase in 5 months<\/span><\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n1,203,768<\/span><\/td>\n6.9%<\/span><\/td>\n<\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4.6<\/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>\n29.5%<\/span><\/td>\nDown from 32%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n48<\/span><\/td>\n+6 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n23%<\/span><\/td>\nDown from 26%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.3%<\/span><\/td>\nDown from 98.7%<\/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 Oct. 26, 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 (14.1%)<\/span><\/p>\n

Detroit (12.9%)<\/span><\/p>\n

Newark, NJ (9.7%)<\/span><\/p>\n

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

Philadelphia (7.8%)<\/span><\/th>\n

Dallas (-4.4%)<\/span><\/p>\n

Jacksonville, FL (-3.3%)<\/span><\/p>\n

Atlanta (-2.1%)<\/span><\/p>\n

Fort Lauderdale, FL (-1.8%)<\/span><\/p>\n

Tampa, FL (-1.4%)<\/span><\/th>\n

\n

Declined in 13 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nWest Palm Beach, FL (22.8%)<\/span><\/p>\n

Tampa, FL (22%)<\/span><\/p>\n

Fort Lauderdale, FL (11.7%)<\/span><\/p>\n

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

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

Seattle (-14.8%)<\/span><\/p>\n

San Antonio (-13%)<\/span><\/p>\n

Denver (-9.5%)<\/span><\/p>\n

Sam Jose, CA (-9.3%)<\/span><\/p>\n

Virginia Beach, VA (-8.3%)<\/span><\/td>\n

\n

Pending sales rose significantly in coastal Florida largely because <\/span>two major hurricanes<\/span><\/a> stalled the state\u2019s housing market at this time last year<\/span><\/p>\n<\/td>\n<\/tr>\n

New listings<\/b><\/td>\nTampa, FL (22.7%)<\/span><\/p>\n

Montgomery County, PA (14.3%)<\/span><\/p>\n

West Palm Beach, FL (13.4%)<\/span><\/p>\n

Philadelphia (11.9%)<\/span><\/p>\n

Phoenix (10.4%)<\/span><\/td>\n

Denver (-11.5%)<\/span><\/p>\n

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

Jacksonville, FL (-7.5%)<\/span><\/p>\n

San Antonio (-7.3%)<\/span><\/p>\n

Anaheim, CA (-6.8%)<\/span><\/td>\n

New listings rose significantly in coastal Florida largely because <\/span>two major hurricanes<\/span><\/a> stalled the state\u2019s housing market at this time last year<\/span><\/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":"

Many would-be buyers are still spooked by rising sale prices and economic instability, but some are creeping off the sidelines. The median U.S. monthly housing payment was $2,530 during the four weeks ending October 26, down 1.4% year over year. That\u2019s the biggest decline since November 2024. Monthly payments fell mainly because mortgage rates declined […]<\/p>\n","protected":false},"author":13153,"featured_media":82762,"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":"","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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