{"id":82821,"date":"2025-11-06T05:00:05","date_gmt":"2025-11-06T13:00:05","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=82821"},"modified":"2025-11-05T14:28:56","modified_gmt":"2025-11-05T22:28:56","slug":"housing-market-update-pending-home-sales-barely-budge","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-pending-home-sales-barely-budge\/","title":{"rendered":"Pending Home Sales Barely Budge, As Buyers Stay Cautious Despite Lower Mortgage Rates"},"content":{"rendered":"

Homes are selling at the slowest pace for this time of year since 2019.\u00a0<\/span><\/i><\/p>\n

U.S. pending home sales ticked up 0.7% year over year during the four weeks ending November 2, the smallest increase in four months. Homes are also taking longer to sell: The typical home that sold in October went under contract in 48 days, the longest span for that month since 2019.\u00a0<\/span><\/p>\n

Home sales are slow despite declining mortgage rates. The weekly average mortgage rate has fallen to <\/span>6.17%<\/span><\/a>, its lowest level in a year, pushing the median monthly housing payment down to $2,508, down 2.1% from a year ago.\u00a0<\/span><\/p>\n

There are a few reasons homebuyers aren\u2019t biting on lower rates. Sale <\/span>prices <\/span><\/i>are still rising, posting their biggest increase in six months, and many house hunters are hesitant to make a major purchase amid widespread economic uncertainty. Additionally, mortgage rates have already started <\/span>ticking back up<\/span><\/a> as markets respond to the <\/span>Fed signaling<\/span><\/a> that a December rate cut is far from guaranteed.\u00a0<\/span><\/p>\n

\u201cMost house hunters aren\u2019t flat-out stopping their search; instead, they\u2019re being picky and looking for the perfect home,\u201d said <\/span>Rebecca Love<\/span><\/a>, a Redfin Premier agent in <\/span>Washington, D.C.<\/span><\/a> \u201cBuyers are ultra-cautious with their funds because they\u2019re worried about interest rates, the economy, and potentially losing their job. If they\u2019re going to spend money, they want to check every box\u2013and at the same time, they want a good deal. That means searches are taking longer than usual.\u201d<\/span><\/p>\n

On the selling side, listings are holding steady. New listings are up 4% year over year, similar to the increases we\u2019ve seen over the last several weeks.\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>\n6.37% (Nov. 5)<\/span><\/td>\nUp from 6.13% a week earlier<\/span><\/td>\nDown from 7.09%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.17% (week ending Oct. 30)<\/span><\/td>\nLowest level in over a year<\/span><\/td>\nDown from 6.95%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 1% from a week earlier (as of week ending Oct. 31)<\/span><\/td>\nUp 26%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index<\/b><\/td>\n<\/td>\nUp about 3% from a month earlier (as of week ending Nov. 2)<\/span><\/td>\nDown 9%<\/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 about 20% from a month earlier (as of Nov. 2)<\/span><\/td>\nUp more than 20%<\/span><\/td>\nGoogle Trends<\/span><\/a><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 7% from the start of the year (as of Nov. 2)<\/span><\/td>\nAt this time last year, it was down 4% 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 Nov. 2, 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 Nov. 2, 2025<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$392,375<\/span><\/td>\n2%<\/span><\/td>\nBiggest increase in 6 months<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$395,500<\/span><\/td>\n2.9%<\/span><\/td>\nBiggest increase in 5 months<\/span><\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,508 at a 6.17% mortgage rate<\/span><\/td>\n-2.1%<\/span><\/td>\nLowest level since start of the year, and biggest decline in nearly a year<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n76,431<\/span><\/td>\n0.7%<\/span><\/td>\nSmallest increase in 4 months\u00a0<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n83,408<\/span><\/td>\n4%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n1,198,934<\/span><\/td>\n6.7%<\/span><\/td>\nSmallest increase since Feb. 2024<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4.7<\/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>\n29%<\/span><\/td>\nDown from 31%<\/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>\n22.8%<\/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 Nov. 2, 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

\n

Metros with biggest year-over-year decreases<\/b><\/p>\n<\/th>\n

\n

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

Median sale price<\/b><\/th>\nDetroit (11.6%)<\/span><\/p>\n

Newark, NJ (9.8%)<\/span><\/p>\n

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

Milwaukee (7.4%)<\/span><\/p>\n

Philadelphia (6.9%)<\/span><\/th>\n

Jacksonville, FL (-3.5%)<\/span><\/p>\n

Dallas (-3.3%)<\/span><\/p>\n

San Antonio (-2.2%)<\/span><\/p>\n

Riverside, CA (-2.1%)<\/span><\/p>\n

San Diego (-2%)<\/span><\/th>\n

\n

Declined in 16 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 (16.2%)<\/span><\/p>\n

Fort Lauderdale, FL (12.2%)<\/span><\/p>\n

San Francisco (11.3%)<\/span><\/p>\n

Orlando, FL (10.2%)<\/span><\/td>\n

Seattle (-16.8%)<\/span><\/p>\n

San Jose, CA (-11.1%)<\/span><\/p>\n

San Antonio (-9.3%)<\/span><\/p>\n

Minneapolis (-9.1%)<\/span><\/p>\n

Denver (-8.3%)<\/span><\/td>\n

<\/td>\n<\/tr>\n
New listings<\/b><\/td>\nTampa, FL (16.4%)<\/span><\/p>\n

Phoenix (14.1%)<\/span><\/p>\n

Montgomery County, PA (13%)<\/span><\/p>\n

West Palm Beach, FL (12%)<\/span><\/p>\n

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

Sacramento, CA (-8.8%)<\/span><\/p>\n

Dallas (-8.6%)<\/span><\/p>\n

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

San Antonio (-7.6%)<\/span><\/p>\n

Anaheim, CA (-7.5%)<\/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":"

Homes are selling at the slowest pace for this time of year since 2019.\u00a0 U.S. pending home sales ticked up 0.7% year over year during the four weeks ending November 2, the smallest increase in four months. Homes are also taking longer to sell: The typical home that sold in October went under contract in […]<\/p>\n","protected":false},"author":13153,"featured_media":82836,"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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