Fewer Homeowners Are Listing as Spring Market Ends With a Whimper, Not a Bang

Key Terms

seasonally adjusted financial

Seasonally adjusted means that figures have been modified to remove the effects of regular and predictable changes that happen at specific times of the year, such as holidays or weather patterns. This adjustment helps reveal the true underlying trend by making comparisons across different periods more accurate. For investors, it provides a clearer picture of whether economic activity is genuinely improving or declining, without the noise of seasonal fluctuations.

mortgage-purchase applications financial

Mortgage-purchase applications are requests submitted by consumers to lenders for home loans used to buy properties, as opposed to loans for refinancing existing mortgages. Investors watch the number and trend of these applications because they act like a real-time thermometer of housing demand and consumer confidence—rising applications suggest stronger home sales, construction activity, and related spending, while falling applications can signal cooling in the housing market and pressure on companies tied to mortgages and homebuilding.

months of supply financial

Months of supply measures how long it would take to sell all available homes at the current sales rate. It is calculated by dividing the total number of homes for sale by the number of homes sold each month. A lower number suggests a faster market with high demand, while a higher number indicates a slower market with more choices for buyers.

sale-to-list price ratio financial

The sale-to-list price ratio measures how much of a property's asking price is actually paid by buyers, expressed as a percentage. For example, if a home is listed at $300,000 and sells for $285,000, the ratio is 95%. This figure helps investors gauge the strength of the market: a higher ratio suggests buyers are willing to pay close to asking prices, indicating high demand.

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Redfin reports the median U.S. home price hit a record high, one factor that’s pushing some prospective buyers away

SEATTLE--(BUSINESS WIRE)-- New listings of U.S. homes for sale fell 1.7% from a week earlier during the week ending June 21 to their lowest level since February. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket.

The total number of homes for sale dipped 0.4% week over week. This data is seasonally adjusted.

Prospective home sellers are backing off partly because they notice soft homebuying demand. Pending home sales fell 0.1% week over week, a small dip but the third straight week of slight declines from their May peak, and mortgage-purchase applications fell for the second straight week. But it’s worth noting that pending sales are holding up better than they were last year; they rose 4.2% on a year-over-year basis.

Homebuying demand is sluggish because housing payments are stubbornly high. The median home-sale price is up 2.5% year over year to a record-high $408,814, and the weekly average mortgage rate is 6.47%. Elevated rates are another reason new listings are declining; many would-be sellers are also buyers who are locked into a low rate. Buyers are also jittery due to widespread economic uncertainty, stemming partly from inflation and the back-and-forth on Iran peace talks.

For buyers, there’s a silver lining to the slow market. It’s a buyer’s market in much of the country, with hundreds of thousands more home sellers than buyers, which means house hunters are often able to negotiate prices down. Nearly half of U.S. home sellers gave concessions to buyers in May, the highest share on record for that month.

“Home inspectors are busy. Buyers are regularly including inspection contingencies in their offers, which is one sign that they have the negotiating power; when sellers have power, buyers often waive the inspection,” said Ben Ambroch, a Redfin Premier agent in Milwaukee. “They’re requesting repairs and money based on the inspection, and sellers often need to give buyers what they ask for in order to close the deal. Of course, some homes are still competitive: The ones that are in the most desirable neighborhoods and in tip-top condition inspire bidding wars.”

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	6.55% (June 24)	Essentially unchanged from one week earlier	Down from 6.86%	Mortgage News Daily
Weekly average 30-year fixed mortgage rate	6.47% (week ending June 18)	Down from 6.52% a week earlier	Down from 6.81%	Freddie Mac
Mortgage-purchase applications (seasonally adjusted)		Down 1% from a week earlier (as of week ending June 19)	Up 3%	Mortgage Bankers Association
Google searches of “homes for sale”		Down about 10% from a month earlier (as of June 20)	Down about 10%	Google Trends
Touring activity		Up 19% from the start of the year (as of June 22)	At this time last year, it was up 33% from the start of 2025	ShowingTime

Key housing-market data

U.S. highlights: Four weeks ending June 21, 2026 Redfin’s national metrics include data from 900+ U.S. metro areas and are based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2021. Subject to revision.
	Four weeks ending June 21, 2026	Year-over-year change	Week-over-week change (where applicable)	Notes
Median sale price	$408,814	2.5%		Record high
Median asking price (seasonally adjusted)	$404,396	2.6%
Median monthly mortgage payment (seasonally adjusted)	$2,628 at a 6.47% mortgage rate	-0.2%
Pending sales (seasonally adjusted)	332,018	4.2%	-0.1%
New listings (seasonally adjusted)	357,733	1.5%	-1.7%
Active listings (seasonally adjusted)	1,485,686	0.4%	-0.4%
Months of supply	3.5	-0.2 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	36.5%	Essentially unchanged
Median days on market	39	+1 day
Share of home listings with price drops	19.6%	Down from about 21%
Share of homes sold above list price	28.5%	Essentially unchanged
Average sale-to-list price ratio	99.1%	Essentially unchanged

Metro-level highlights: Four weeks ending June 21, 2026 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	San Francisco (11.5%) Detroit (9.7%) West Palm Beach, FL (9%) Pittsburgh (8.7%) St. Louis (8.5%)	San Jose, CA (-6.2%) Seattle (-4.8%) Portland, OR (-2.8%) Dallas (-1.8%) Orlando, FL (-1.5%)	Declined in 8 metros
Pending sales (seasonally adjusted)	West Palm Beach, FL (21.5%) San Francisco (17.9%) Austin, TX (15%) Milwaukee (14.8%) Boston (11.1%)	Houston (-12.7%) Seattle (-12%) Atlanta (-4.2%) Fort Worth, TX (-2.3%) Detroit (-1.2%)	Declined in 5 metros
New listings (seasonally adjusted)	Philadelphia (16.3%) St. Louis (11.2%) Boston (10.8%) Pittsburgh (10.5%) Montgomery County, PA (9.6%)	Dallas (-12.7%) Riverside, CA (-6.8%) Fort Worth, TX (-6.7%) Jacksonville, FL (-6.3%) Atlanta (-5.4%)

To view the full report, including charts, please visit:

https://www.redfin.com/news/housing-market-update-new-listings-decline-spring-2026

About Redfin

Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin’s clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.

You can find more information about Redfin and get the latest housing market data and research at https://www.redfin.com/news. For more information about Rocket Companies, visit https://www.rocketcompanies.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260625107443/en/

Contact Redfin Journalist Services:
Tana Kelley
press@redfin.com

Source: Redfin