US Home Prices Hit Record $396,500 as Buyers Gain Negotiating Power

While the median home-sale price is sitting at a record high, it’s notably lower than the median asking price. That’s because sellers are open to negotiating in today’s cooling housing market, in which sellers outnumber buyers.

SEATTLE--(BUSINESS WIRE)-- (NASDAQ: RDFN) — The median U.S. home-sale price hit a record $396,500 during the four weeks ending June 15, up 1% year over year, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

Prices are at an all-time high even though this spring’s housing market is fairly cool because prices don’t yet fully reflect the historic imbalance of sellers and buyers in today’s market. Note that sale prices are seasonal and typically peak in June or July, and that price growth is cooling: The 1% year-over-year increase is in line with the last several weeks, but down from about 5% at the start of the year.

While the median sale price is at an all-time high, it’s roughly $26,000 lower than the median asking price of $422,238. That 6% discount is similar to that of the last several weeks, but marks a reversal from 2021 and 2022, when the median sale price was typically much higher than the median list price because the market favored sellers.

Homes are selling for under asking price because there are many more sellers than buyers in today’s market. That gives buyers the upper hand and often allows them to negotiate prices down, though it’s still difficult for many people to afford homes because costs are so high. New listings of homes for sale are up 4.4% year over year, and total listings are up 14.5%. Meanwhile, pending sales are down 1.5% year over year, and mortgage-purchase applications are down 3% week over week.

Homebuying demand has been fairly weak this spring due to widespread economic uncertainty and high housing costs. In addition to sale prices sitting at an all-time high, the median monthly housing payment is just $53 shy of its own all-time high.

“I’m explaining to sellers more and more that we need to be strategic in our pricing strategy because homes that are overpriced, even slightly, are likely to sit on the market and invite buyers to negotiate,” said Kelly Connally, a Redfin Premier agent in Tulsa, OK. “Pricing is most important, but with fewer buyers than usual out there, sellers should also make sure their home is in excellent condition and be ready to make repairs upon inspection. There are a few exceptions: Homes in desirable locations that are in perfect condition are still hot and typically sell at or above asking price.”

The mismatch between supply and demand is likely to lead to a nationwide decline in home-sale prices by the end of the 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	6.87% (June 18)	Down slightly 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)		Down 3% from a week earlier (as of week ending June 13)	Up 14%	Mortgage Bankers Association
Redfin Homebuyer Demand Index		Down 5% from a month earlier (as of week ending June 15)	Up 1%	A measure of tours and other homebuying services from Redfin agents
Touring activity		Up 36% from the start of the year (as of June 16)	At this time last year, it was up 28% from the start of 2024	ShowingTime, a home touring technology company
Google searches for “home for sale”		Up 10% from a month earlier (as of June 16)	Unchanged	Google Trends

Key housing-market data

U.S. highlights: Four weeks ending June 15, 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 15, 2025	Year-over-year change	Notes
Median sale price	$396,500	1%	All-time high
Median asking price	$422,238	5%
Median monthly mortgage payment	$2,820 at a 6.81% mortgage rate	4.5%	Down $53 from May’s record high
Pending sales	87,397	-1.5%
New listings	102,784	4.4%
Active listings	1,160,350	14.5%	Smallest increase in 15 months
Months of supply	4	+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	37.2%	Down from 41%
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 15, 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 (5.5%) New Brunswick, NJ (5.4%) Pittsburgh (5.3%) Nassau County, NY (5%) New York (4%)	Oakland, CA (-5.9%) Jacksonville, FL (-3.9%) Dallas (-3.1%) San Diego (-2.4%) Atlanta (-2%)	Declined in 12 metros
Pending sales	Cincinnati (5.2%) Chicago (5%) Dallas (4.1%) San Francisco (4%) Columbus, OH (4%)	San Jose, CA (-18.5%) Fort Lauderdale, FL (-15.5%) Las Vegas (-14.9%) Miami (-14.6%) San Diego (-11.1%)
New listings	Warren, MI (14%) Cincinnati (13.7%) Columbus, OH (11.3%) Cleveland (10.3%) Indianapolis (9.5%)	Tampa, FL (-11.5%) Orlando, FL (-8.7%) Jacksonville, FL (-7.2%) San Jose, CA (-7%) Atlanta (-6.6%)

To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-home-sale-prices-hit-record-high

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.