Housing Market Shift: New Listings Slow as Home Prices Hit Record High

Would-be sellers are pulling back as it becomes more clear the housing market is tilting in buyers’ favor in much of the country

SEATTLE--(BUSINESS WIRE)-- (NASDAQ: RDFN) — New listings of U.S. homes for sale are up 2.5% from a year ago, the smallest increase in five months, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. On a local level, new listings are falling in 20 of the 50 most populous U.S. metro areas, with the biggest declines in Tampa, FL (-15.2%), San Antonio (-14.4%), and Orlando, FL (-11.1%).

There are still hundreds of thousands more home sellers than buyers nationwide. But some would-be sellers are sitting on the sidelines as the market tilts more and more in buyers’ favor in much of the country.

“Understandably, sellers want to get as much money as they can. Some homeowners feel they missed the prime selling window; many people who don’t need to sell right now are holding off, either staying put or trying to rent out their house,” said Kathy Scott, a Redfin Premier agent in Phoenix. “The advice for people who do need to sell—I’m working with one couple that’s moving out of the country, for example—is to set realistic expectations. Talk to your agent about the market in your exact neighborhood: How long are homes taking to sell, are they typically selling below asking price, and what are sellers doing in terms of repairs and concessions to get deals done? Price fairly based on those numbers.”

Pending home sales fell 2.3% year over year during the four weeks ending June 22, the biggest decline in three months. There are two key reasons why home sales are slow. One, housing costs are still soaring, with home-sale prices up 1.6% year over year to a record high and mortgage rates sitting near 7%. Two, many would-be buyers are holding off due to widespread economic uncertainty and recession jitters.

It’s worth noting that early-stage homebuying demand ticked up slightly this week. Redfin’s Homebuyer Demand Index—a seasonally adjusted measure of tours and other buying services from Redfin agents—has increased 6% over the last two weeks, and ShowingTime data illustrates that house tours are rising faster this year than last year.

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	6.79% (June 25)	Down from 6.93% one week earlier	Down from 7.04%	Mortgage News Daily
Weekly average 30-year fixed mortgage rate	6.81% (week ending June 18)	Down from 6.89% three weeks earlier, but still near the highest level since Feb.	Down from 6.95%	Freddie Mac
Mortgage-purchase applications (seasonally adjusted)		Essentially flat (-0.4%) from a week earlier (as of week ending June 20)	Up 12%	Mortgage Bankers Association
Redfin Homebuyer Demand Index		Essentially unchanged from one month earlier (as of week ending June 22)	Down 1%	A measure of tours and other homebuying services from Redfin agents
Touring activity		Up 33% from the start of the year (as of June 25)	At this time last year, it was up 27% from the start of 2024	ShowingTime, a home touring technology company
Google searches for “home for sale”		Highest level in 10 months (as of June 23)	Down 4%	Google Trends

Key housing-market data

U.S. highlights: Four weeks ending June 22, 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 June 22, 2025	Year-over-year change	Notes
Median sale price	$400,266	1.6%	All-time high
Median asking price	$422,250	4.9%
Median monthly mortgage payment	$2,820 at a 6.81% mortgage rate	4.5%	Down $42 from May’s record high
Pending sales	85,537	-2.3%
New listings	102,593	2.5%	Smallest increase in 5 months
Active listings	1,171,760	14.3%	Smallest increase in 15 months
Months of supply	4.1	+0.7 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	36.6%	Down from 40%
Median days on market	36	+5 days
Share of homes sold above list price	28.6%	Down from 32%
Average sale-to-list price ratio	99.1%	Down from 99.6%

Metro-level highlights: Four weeks ending June 22, 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	Newark, NJ (6.1%) Montgomery County, PA (5.5%) Miami (5.2%) New York (4.9%) New Brunswick, NJ (4.8%)	Oakland, CA (-4.9%) San Diego (-4.4%) Atlanta (-3.1%) Austin, TX (-2.2%) Tampa, FL (-2%))	Declined in 12 metros
Pending sales	Dallas (8.6%) Cincinnati (5.8%) Montgomery County, PA (5.1%) Warren, MI (5%) Virginia Beach, VA (4.3%)	Fort Lauderdale, FL (-18.6%) San Jose, CA (-18.3%) Las Vegas (-17.7%) Miami (-13.8%) Houston (-12.9%)
New listings	Montgomery County, PA (13.6%) Warren, MI (13.2%) Cincinnati (11.4%) Baltimore (10.4%) Cleveland (10.2%)	Tampa, FL (-15.2%) San Antonio (-14.4%) Orlando, FL (-11.1%) Atlanta (-10.3%) San Jose, CA (-8.7%)

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

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.