{"id":83235,"date":"2025-12-11T05:00:50","date_gmt":"2025-12-11T13:00:50","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=83235"},"modified":"2025-12-10T09:39:57","modified_gmt":"2025-12-10T17:39:57","slug":"housing-market-update-housing-supply-tightens-new-listings-decline","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-housing-supply-tightens-new-listings-decline\/","title":{"rendered":"New Listings Post Sharpest Drop in 2 Years, Tightening Housing Supply"},"content":{"rendered":"

Would-be home sellers and buyers are retreating as we enter the holiday season, with both new listings and pending sales falling.<\/span><\/i><\/p>\n

New listings of U.S. homes for sale fell 1.7% year over year during the four weeks ending December 7, the biggest decline in over two years.<\/span><\/p>\n

Would-be home sellers are pulling back partly because it\u2019s the end of the year, typically a slow season for the housing market, and partly because they\u2019re reacting to lackluster homebuying demand. Pending home sales are down 4.1% from a year ago, the biggest decline in 10 months. The homes that <\/span>are <\/span><\/i>selling are taking a long time to do so: The typical home that goes under contract is doing so in 51 days, roughly a week longer than last year.\u00a0<\/span><\/p>\n

Prospective homebuyers have been hesitant for many months, spooked by widespread <\/span>economic uncertainty<\/span><\/a> and high housing costs. The median home-sale price is up 2%, with prices rising despite slow demand partly because of tightening inventory. The weekly average mortgage rate has fallen to its <\/span>lowest level<\/span><\/a> in over a year, but it\u2019s still well above 6%.\u00a0<\/span><\/p>\n

\u201cSome would-be sellers are sitting tight because the market is flat,\u201d said <\/span>Josh Felder<\/span><\/a>, a Redfin Premier agent in San Francisco. \u201cThat\u2019s partly because we\u2019re heading into the normal seasonal slowdown, and partly because prospective sellers and house hunters are watching and waiting to see what\u2019s going to happen next year with rates, the stock market, and tariffs. Some homeowners will put their home on the market in 2026 when they have a better idea of how the economy will shape up.\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>\n6.36% (Dec. 10)<\/span><\/td>\nUp from 6.2% two weeks earlier<\/span><\/td>\nDown from 6.78%<\/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 Dec. 4)<\/span><\/td>\nNear lowest level in 14 months<\/span><\/td>\nDown from 6.69%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 2% from a week earlier (as of week ending Dec. 5)<\/span><\/td>\nUp 19%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp slightly from two weeks earlier (as of week ending Dec. 7)<\/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 4% from a month earlier (as of Nov. 30)<\/span><\/td>\nUp more than 20%<\/span><\/td>\nGoogle Trends<\/span><\/a><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nDown 11% from the start of the year (as of Dec. 7)<\/span><\/td>\nAt this time last year, it was down 16% 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 Dec. 7, 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 Dec. 7, 2025<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$389,123<\/span><\/td>\n2%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$382,535<\/span><\/td>\n2.6%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,430 at a 6.19% mortgage rate<\/span><\/td>\n-0.7%<\/span><\/td>\nLowest level of 2025<\/span><\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n63,959<\/span><\/td>\n-4.1%<\/span><\/td>\nBiggest decline in 10 months<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n62,674<\/span><\/td>\n-1.7%<\/span><\/td>\nBiggest decline of 2025<\/span><\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n1,127,934<\/span><\/td>\n4.6%<\/span><\/td>\nSmallest increase since Jan. 2024<\/span><\/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>\n24.9%<\/span><\/td>\nDown from 27%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n51<\/span><\/td>\n+6 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n21.8%<\/span><\/td>\nDown from 25%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.2%<\/span><\/td>\nDown from 98.5%<\/span><\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\n\n\n\n\n\n\n\n\n
\n

Metro-level highlights: Four weeks ending Dec. 7, 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 (12.6%)<\/span><\/p>\n

Pittsburgh (11.6%)<\/span><\/p>\n

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

New Brunswick, NJ (8.4%)<\/span><\/p>\n

Nassau County, NY (8.4%)<\/span><\/th>\n

Dallas (-5.1%)<\/span><\/p>\n

Fort Worth, TX (-4.9%)<\/span><\/p>\n

Jacksonville, FL (-4.8%)<\/span><\/p>\n

Seattle (-4.5%)<\/span><\/p>\n

Sacramento, CA (-4.4%)<\/span><\/th>\n

\n

Declined in 15 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nWest Palm Beach, FL (15.2%)\u00a0<\/span><\/p>\n

Miami (9.3%)<\/span><\/p>\n

Virginia Beach, VA (7.8%)<\/span><\/p>\n

Boston (7.6%)<\/span><\/p>\n

Phoenix (3.3%)<\/span><\/td>\n

San Jose, CA (-30.1%)<\/span><\/p>\n

Houston (-18.6%)<\/span><\/p>\n

Tampa, FL (-16.8%)<\/span><\/p>\n

Denver (-15%)<\/span><\/p>\n

Oakland, CA (-13.4%)<\/span><\/td>\n

<\/td>\n<\/tr>\n
New listings<\/b><\/td>\nBoston (10.2%)<\/span><\/p>\n

Philadelphia (8%)<\/span><\/p>\n

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

Montgomery County, PA (5.9%)<\/span><\/p>\n

Baltimore (5.5%)<\/span><\/td>\n

San Antonio (-22.8%)<\/span><\/p>\n

Tampa, FL (-19.3%)<\/span><\/p>\n

Jacksonville, FL (-15.8%)<\/span><\/p>\n

Fort Lauderdale, FL (-13.7%)<\/span><\/p>\n

West Palm Beach, FL (-11.8%)<\/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":"

Would-be home sellers and buyers are retreating as we enter the holiday season, with both new listings and pending sales falling. New listings of U.S. homes for sale fell 1.7% year over year during the four weeks ending December 7, the biggest decline in over two years. Would-be home sellers are pulling back partly because […]<\/p>\n","protected":false},"author":13153,"featured_media":83258,"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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