Redfin Reports New Listings Hit Highest Level in Nearly 3 Years

Would-be buyers are sidelined by record-high housing costs and economic instability, allowing inventory to pile up

SEATTLE--(BUSINESS WIRE)-- (NASDAQ: RDFN) — New listings of U.S. homes for sale rose 8.4% year over year to their highest level in nearly three years during the four weeks ending May 18. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

But buyers aren’t biting: pending sales fell 2.2%, dropping to their lowest level for this time of year in Redfin’s records, which date back to 2015, and mortgage purchase applications are down 5% week over week.

The uptick in listings and decline in sales are causing inventory to pile up. The total number of homes for sale rose 14.3% year over year to their highest level in nearly five years.

Fewer Americans are buying homes because it’s more expensive to buy than it’s ever been, and economic unease is making people nervous about making such a big purchase. The median monthly housing payment hit an all-time high of $2,882, with a 1.7% year-over-year increase in home prices and near-7% mortgage rates contributing to high costs. Many of the people who can afford to buy are hesitant to do so, with consumer sentiment sitting at a near-record low amid fears of a trade war and potential recession.

On the supply side, high costs and the uncertain economy are also contributing to the increase in listings. Some sellers are listing because they want to save money by moving to a smaller home or a less expensive area. Some are listing because they believe home prices will start declining soon, and some see the surge in inventory and want to get their home on the market before there’s more competition. Additionally, there are the people who need to sell, regardless of timing, due to a major event like divorce or a job relocation.

“Clients are asking me to call them when we’re at a tipping point, because they want to sell before prices drop,” said Hazel Shakur, a Redfin Premier agent in Maryland. “My advice to homeowners: if you’re planning to sell in the next year or two, do it now because we don’t know what’s going to happen with home values or the larger economy. Buyers should know that because of the uncertainty in the air, they may be able to get a home for under asking price, or get concessions from the seller.”

For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page.

Leading indicators

Indicators of homebuying demand and activity
	Value (if applicable)	Recent change	Year-over-year change	Source
Daily average 30-year fixed mortgage rate	7.05% (May 21)	Up from 6.92% one week earlier	Down from 7.09%	Mortgage News Daily
Weekly average 30-year fixed mortgage rate	6.81% (week ending May 15)	Up from 6.76% one week earlier	Down from 7.02%	Freddie Mac
Mortgage-purchase applications (seasonally adjusted)		Down 5% from a week earlier (as of week ending May 16)	Up 13%	Mortgage Bankers Association
Redfin Homebuyer Demand Index		Up 4% from a month earlier (as of week ending May 18)	Down 1%
Touring activity		Up 13% from the start of the year (as of May 19)	At this time last year, it was up 23% from the start of 2024	ShowingTime, a home touring technology company
Google searches for “home for sale”		Up 6% from a month earlier (as of May 19)	Up 6%	Google Trends

Key housing-market data

U.S. highlights: Four weeks ending May 18, 2025 Redfin’s 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.
	Four weeks ending May 18, 2025	Year-over-year change	Notes
Median sale price	$391,725	1.7%
Median asking price	$431,450	6%
Median monthly mortgage payment	$2,882 at a 6.81% mortgage rate	4.9%	Record high
Pending sales	89,277	-2.2%
New listings	110,637	8.4%
Active listings	1,106,575	14.3%	Smallest increase in over a year
Months of supply	3.9	+0.6 pts.	4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions
Share of homes off market in two weeks	39.7%	Down from 44%
Median days on market	37	+4 days
Share of homes sold above list price	28.2%	Down from 31%
Average sale-to-list price ratio	99.1%	Down from 99.4%

Metro-level highlights: Four weeks ending May 18, 2025 Redfin’s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.
	Metros with biggest year-over-year increases	Metros with biggest year-over-year decreases	Notes
Median sale price	Philadelphia (13.8%) Miami (10.2%) Detroit (9.5%) Pittsburgh (9.2%) Providence, RI (8.8%)	Oakland, CA (-5%) Dallas (-3.4%) Austin, TX (-3.1%) Tampa, FL (-2.4%) Houston (-1.2%)	Declined in 10 metros
Pending sales	Cincinnati (5.6%) Indianapolis (4.7%) Milwaukee (3.1%) Virginia Beach, VA (3%) Chicago (2.7%)	Miami (-18%) Fort Lauderdale, FL (-17.1%) Las Vegas (-12.6%) San Jose, CA (-11.3%) Detroit (-11.1%)	Increased in 12 metros
New listings	Washington, D.C. (20.1%) Houston (17%) Boston (15.4%) Baltimore (15%) Seattle (14.5%)	Orlando (-8.4%) Fort Lauderdale, FL (-7.5%) San Antonio (-6.9%) San Jose, CA (-6.4%) Tampa, FL (-4.2%) West Palm Beach, FL (-4%)	Declined in 6 metros

To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-new-listings-soar

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.

Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250522666457/en/

Contact Redfin

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Tana Kelley

press@redfin.com

Source: Redfin