{"id":84245,"date":"2026-03-05T05:00:54","date_gmt":"2026-03-05T13:00:54","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=84245"},"modified":"2026-03-25T14:43:25","modified_gmt":"2026-03-25T21:43:25","slug":"housing-market-update-homebuyers-mortgage-rates-unease","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-homebuyers-mortgage-rates-unease\/","title":{"rendered":"House Hunters Stayed on Sidelines As Rates Dipped Below 6%, Iran War Adds to Market Uncertainty"},"content":{"rendered":"

High prices and economic uncertainty kept demand muted; now, rates are already rising again and global tensions could add to homebuyer hesitation.\u00a0<\/strong><\/em><\/p>\n

The median monthly housing payment was $2,591 during the four weeks ending March 1, down 2.8% year over year.\u00a0<\/span><\/p>\n

Payments are falling largely thanks to the weekly average mortgage rate dropping to <\/span>5.98%<\/span><\/a> last week, down from 6.76% a year earlier and the first time it has dipped below 6% in three and a half years. (The <\/span>daily <\/span><\/i>average mortgage has risen from 5.99% last week to <\/span>6.07%<\/span><\/a> on March 4.) On the other side of the housing payment equation, the median home-sale price rose<\/span> 1% year over year to $381,750.<\/span><\/p>\n

Prices are rising because despite slow homebuying demand, inventory is declining. Pending home sales fell 2.8% year over year. Meanwhile, new listings declined 1.2% and the <\/span>total <\/span><\/i>number of homes for sale dropped 1.9%, the biggest decline in over two years. While there are <\/span>more home sellers<\/span><\/a> than buyers in the market, there are still a limited number of desirable homes for sale, which creates competition for those desirable homes and modestly pushes up prices.\u00a0<\/span><\/p>\n

\u201cNeighborhoods that have always been popular are just as popular with homebuyers,\u201d said <\/span>Mike DeMello<\/span><\/a>, a Redfin Premier agent in <\/span>Oahu, HI<\/span><\/a>. \u201cMove-in ready, single-family homes in those popular areas are attracting multiple offers, just like they always have. But neighborhoods that are typically slow are extra slow, and average neighborhoods are slower than usual. My advice for sellers in those places that aren\u2019t red-hot: Don\u2019t overprice, because if your home sits on the market for longer than a few weeks, it\u2019ll probably sit on the market for months and eventually sell for a lower price.\u201d<\/span><\/p>\n

Overall, homebuying demand in much of the country is tepid because even though housing payments have declined, they\u2019re still historically high; mortgage rates are still double pandemic-era lows. Some would-be buyers are also hesitant due to economic uncertainty, with many feeling jittery about stock-market volatility and the back-and-forth on tariffs.\u00a0<\/span><\/p>\n

Redfin Economists, Agents Say Impact of Iran War Likely to Be Small<\/b><\/h3>\n

 <\/p>\n

The evolving <\/span>conflict in Iran<\/span><\/a> may also affect homebuying sentiment, though it\u2019s too soon to tell how much.\u00a0<\/span><\/p>\n

\u201cLast week, Americans were hit with headlines about mortgage rates dropping below 6%, which provided some hope. But over the weekend, those headlines were replaced with ones about the war in the Middle East,\u201d said <\/span>Chen Zhao<\/span><\/a>, Redfin\u2019s head of economics research. \u201cThe war could make some would-be buyers think twice, much in the same way economic and global uncertainty have been turning off buyers for the last year, and it\u2019s likely to <\/span>cause short-term volatility<\/span><\/a> in mortgage rates. But the war\u2019s impact on the economy will mostly be felt in <\/span>oil markets<\/span><\/a>, which are unlikely to have a big impact on mortgage rates or demand unless the conflict goes on much longer than expected.\u201d\u00a0\u00a0\u00a0<\/span><\/p>\n

A Washington, D.C. Redfin agent reports one buyer is putting purchasing plans on hold due to uneasiness about tensions in Iran. But Redfin agents in several other places with large military populations, including San Diego and San Antonio, haven\u2019t yet heard homebuyers or sellers bring up the Iran conflict.\u00a0<\/span><\/p>\n

There are a few bright spots this week when it comes to demand. Mortgage-purchase applications are <\/span>up 6%<\/span><\/a> week over week. And many Redfin agents, including DeMello in Oahu, expect this spring\u2019s homebuying season to be stronger than last year\u2019s.\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.\u00a0<\/span><\/i><\/p>\n

Leading indicators\u00a0<\/b><\/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>\n6.07% (March 4)<\/span><\/td>\nUp from 4-year low of 5.99% a week earlier<\/span><\/td>\nDown from 6.74%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n5.98% (week ending Feb. 26)<\/span><\/td>\nLowest level in 3.5 years<\/span><\/td>\nDown from 6.76%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 6% from a week earlier (as of week ending Feb. 27)<\/span><\/td>\nUp 10%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp about 3%\u00a0 from a month earlier (as of week ending March 1)<\/span><\/td>\nDown 14%<\/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>\nHighest level since July (as of March 2)<\/span><\/td>\nUp 26%<\/span><\/td>\nGoogle Trends<\/span><\/a><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 15% from the start of the year (as of March 2)<\/span><\/td>\nAt this time last year, it was up 25% from the start of 2025<\/span><\/td>\nShowingTime<\/span><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Key housing-market data<\/b><\/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 March 1, 2026<\/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 March 1, 2026<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$381,750<\/span><\/td>\n1%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$414,875<\/span><\/td>\n2.5%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,591 at a 5.98% mortgage rate<\/span><\/td>\n-2.8%<\/span><\/td>\n<\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n75,684<\/span><\/td>\n-2.8%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings<\/b><\/td>\n84,841<\/span><\/td>\n-1.2%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n1,014,149<\/span><\/td>\n-1.9%<\/span><\/td>\nBiggest decline since Dec. 2023<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4.8<\/span><\/td>\n+0.1 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>\n31.8%<\/span><\/td>\nEssentially unchanged<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n66<\/span><\/td>\n+8 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n20.5%<\/span><\/td>\nDown from 22%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98%<\/span><\/td>\nDown from 98.2%<\/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 March 1, 2026<\/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>\nNewark, NJ (7.6%)<\/span><\/p>\n

Philadelphia (5.7%)<\/span><\/p>\n

San Francisco (4.6%)<\/span><\/p>\n

Baltimore (4%)<\/span><\/p>\n

Chicago (4%)<\/span><\/th>\n

Oakland, CA (-6.2%)<\/span><\/p>\n

Dallas\u00a0 (-3.7%)<\/span><\/p>\n

Boston (-3.5%)<\/span><\/p>\n

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

San Jose, CA (-2.6%)<\/span><\/th>\n

\n

Declined in 18 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nMilwaukee (12%)<\/span><\/p>\n

Portland, OR (7.4%)<\/span><\/p>\n

West Palm Beach, FL (6.9%)<\/span><\/p>\n

San Francisco (6.4%)<\/span><\/p>\n

Austin, TX (4.7%)<\/span><\/td>\n

Nassau County, NY (-22.%)<\/span><\/p>\n

Oakland, CA (-19.5%)<\/span><\/p>\n

Houston (-15.4%)<\/span><\/p>\n

New Brunswick, NJ (-13.9%)<\/span><\/p>\n

Providence, RI (-12.8%)<\/span><\/td>\n

<\/td>\n<\/tr>\n
New listings<\/b><\/td>\nMilwaukee (21.9%)<\/span><\/p>\n

Portland, OR (15.1%)<\/span><\/p>\n

Seattle (14.9%)<\/span><\/p>\n

Washington, D.C. (7.9%)<\/span><\/p>\n

Austin, TX (6.3%)<\/span><\/td>\n

Nassau County, NY (-27%)<\/span><\/p>\n

Providence, RI (-22%)<\/span><\/p>\n

New York (-17.7%)<\/span><\/p>\n

New Brunswick, NJ (-15.8%)<\/span><\/p>\n

Newark, NJ (-13.9%)<\/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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High prices and economic uncertainty kept demand muted; now, rates are already rising again and global tensions could add to homebuyer hesitation.\u00a0 The median monthly housing payment was $2,591 during the four weeks ending March 1, down 2.8% year over year.\u00a0 Payments are falling largely thanks to the weekly average mortgage rate dropping to 5.98% […]<\/p>\n","protected":false},"author":13153,"featured_media":84268,"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 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-84245","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":"\nHouse Hunters Stayed on Sidelines As Rates Dipped Below 6%<\/title>\n<meta name=\"description\" content=\"High prices and economic uncertainty kept demand muted; now, rates are already rising again and global tensions could add to homebuyer hesitation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/housing-market-update-homebuyers-mortgage-rates-unease\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House Hunters Stayed on Sidelines As Rates Dipped Below 6%, Iran War Adds to Market Uncertainty\" \/>\n<meta property=\"og:description\" content=\"High prices and economic uncertainty kept demand muted; now, rates are already rising again and global tensions could add to homebuyer hesitation.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/housing-market-update-homebuyers-mortgage-rates-unease\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2026-03-05T13:00:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-03-25T21:43:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2026\/03\/PDM25_SanAnt_28003-Amalfi-San-Antonio-TX_RGB.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1800\" \/>\n\t<meta property=\"og:image:height\" content=\"1200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dana Anderson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dana Anderson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-homebuyers-mortgage-rates-unease\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-homebuyers-mortgage-rates-unease\\\/\"},\"author\":{\"name\":\"Dana Anderson\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/309385292bf91585d2e0a130b0a2566b\"},\"headline\":\"House Hunters Stayed on Sidelines As Rates Dipped Below 6%, Iran War Adds to Market Uncertainty\",\"datePublished\":\"2026-03-05T13:00:54+00:00\",\"dateModified\":\"2026-03-25T21:43:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-homebuyers-mortgage-rates-unease\\\/\"},\"wordCount\":1011,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-homebuyers-mortgage-rates-unease\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/PDM25_SanAnt_28003-Amalfi-San-Antonio-TX_RGB.jpg\",\"keywords\":[\"national\",\"weekly market tracker\",\"weekly market update\"],\"articleSection\":[\"Housing Market News\",\"Weekly Market Update\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2026\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-homebuyers-mortgage-rates-unease\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-homebuyers-mortgage-rates-unease\\\/\",\"name\":\"House Hunters Stayed on Sidelines As Rates Dipped Below 6%\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-homebuyers-mortgage-rates-unease\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/housing-market-update-homebuyers-mortgage-rates-unease\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/PDM25_SanAnt_28003-Amalfi-San-Antonio-TX_RGB.jpg\",\"datePublished\":\"2026-03-05T13:00:54+00:00\",\"dateModified\":\"2026-03-25T21:43:25+00:00\",\"description\":\"High prices and economic uncertainty kept demand muted; 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