New Listings Post Sharpest Drop in 2 Years, Tightening Housing Supply

Key Terms

30-year fixed mortgage rate financial

The 30-year fixed mortgage rate is the interest rate charged on a home loan that is paid back over 30 years with consistent monthly payments. Because the rate stays the same throughout the loan period, it provides stability and predictability for homeowners. This rate influences borrowing costs and can impact the overall housing market and consumer spending.

months of supply technical

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 technical

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.

Redfin reports would-be home sellers and buyers are retreating, with both new listings and pending sales falling

SEATTLE--(BUSINESS WIRE)-- New listings of U.S. homes for sale fell 1.7% year over year during the four weeks ending December 7, the biggest decline in over two years. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket.

Would-be home sellers are pulling back partly because it’s the end of the year, typically a slow season for the housing market, and partly because they’re reacting to lackluster homebuying demand. Pending home sales are down 4.1% from a year ago, the biggest decline in 10 months. The homes that are selling are taking a long time to do so: The typical home that goes under contract is doing so in 51 days, roughly a week longer than last year.

Prospective homebuyers have been hesitant for many months, spooked by widespread economic uncertainty and high housing costs. The median home-sale price is up 2%, with prices rising despite slow demand partly because of tightening inventory. The weekly average mortgage rate has fallen to its lowest level in over a year, but it’s still well above 6%.

“Some would-be sellers are sitting tight because the market is flat,” said Josh Felder, a Redfin Premier agent in San Francisco. “That’s partly because we’re heading into the normal seasonal slowdown, and partly because prospective sellers and house hunters are watching and waiting to see what’s going to happen next year with rates, the stock market and tariffs. Some homeowners will put their home on the market in 2026 when they have a better idea of how the economy will shape up.”

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	6.36% (Dec. 10)	Up from 6.2% two weeks earlier	Down from 6.78%	Mortgage News Daily
Weekly average 30-year fixed mortgage rate	6.19% (week ending Dec. 4)	Near lowest level in 14 months	Down from 6.69%	Freddie Mac
Mortgage-purchase applications (seasonally adjusted)		Down 2% from a week earlier (as of week ending Dec. 5)	Up 19%	Mortgage Bankers Association
Redfin Homebuyer Demand Index (seasonally adjusted)		Up slightly from two weeks earlier (as of week ending Dec. 7)	Down 13%	A measure of tours and other homebuying services from Redfin agents
Google searches of “homes for sale”		Up 4% from a month earlier (as of Nov. 30)	Up more than 20%	Google Trends
Touring activity		Down 11% from the start of the year (as of Dec. 7)	At this time last year, it was down 16% from the start of 2024	ShowingTime

Key housing-market data

U.S. highlights: Four weeks ending Dec. 7, 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 Dec. 7, 2025	Year-over-year change	Notes
Median sale price	$389,123	2%
Median asking price	$382,535	2.6%
Median monthly mortgage payment	$2,430 at a 6.19% mortgage rate	-0.7%	Lowest level of 2025
Pending sales	63,959	-4.1%	Biggest decline in 10 months
New listings	62,674	-1.7%	Biggest decline of 2025
Active listings	1,127,934	4.6%	Smallest increase since Jan. 2024
Months of supply	4.6	+0.3 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	24.9%	Down from 27%
Median days on market	51	+6 days
Share of homes sold above list price	21.8%	Down from 25%
Average sale-to-list price ratio	98.2%	Down from 98.5%

Metro-level highlights: Four weeks ending Dec. 7, 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	Detroit (12.6%) Pittsburgh (11.6%) Cleveland (9.6%) New Brunswick, NJ (8.4%) Nassau County, NY (8.4%)	Dallas (-5.1%) Fort Worth, TX (-4.9%) Jacksonville, FL (-4.8%) Seattle (-4.5%) Sacramento, CA (-4.4%)	Declined in 15 metros
Pending sales	West Palm Beach, FL (15.2%) Miami (9.3%) Virginia Beach, VA (7.8%) Boston (7.6%) Phoenix (3.3%)	San Jose, CA (-30.1%) Houston (-18.6%) Tampa, FL (-16.8%) Denver (-15%) Oakland, CA (-13.4%)
New listings	Boston (10.2%) Philadelphia (8%) Minneapolis (6.9%) Montgomery County, PA (5.9%) Baltimore (5.5%)	San Antonio (-22.8%) Tampa, FL (-19.3%) Jacksonville, FL (-15.8%) Fort Lauderdale, FL (-13.7%) West Palm Beach, FL (-11.8%)

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

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 Redfin.com/news. For more information about Rocket Companies, visit RocketCompanies.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251211306685/en/

Contact Redfin Journalist Services:

Tana Kelley

press@redfin.com

Source: Redfin