Redfin Reports Inventory Growth Loses Steam As Would-Be Sellers React to Lackluster Homebuying Demand
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30-year fixed mortgage ratefinancial
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.
mortgage-purchase applicationsfinancial
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.
seasonally adjustedtechnical
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.
Redfin Homebuyer Demand Indextechnical
The Redfin Homebuyer Demand Index measures how many people are actively looking to buy homes, based on online searches and home tour requests. It serves as a gauge of overall interest in the housing market, helping investors understand whether demand is increasing or decreasing. A rise in this index typically indicates stronger buyer activity, which can signal potential increases in home prices and market momentum.
Google Trendstechnical
An online tool that shows how often particular words or topics are searched over time, across regions and related queries; think of it as a public thermometer for what people are curious about. Investors use it as a real‑time, indirect signal of consumer interest, brand attention or emerging trends—helping gauge demand, spot momentum shifts, or flag potential risks before traditional sales or earnings data arrive.
months of supplytechnical
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 ratiofinancial
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.
Even though mortgage rates have come down from their peak, housing costs are still too high for many would-be buyers
SEATTLE--(BUSINESS WIRE)--
Housing inventory is losing momentum, with growth in total supply slowing down, new listings stalling and delistings becoming more common. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket.
The supply of U.S. homes for sale rose 5.1% year over year during the four weeks ending November 30, the smallest increase in nearly two years.
New listings rose just 0.9%, the smallest uptick in two months, with many homeowners opting to stay put rather than put their home on the market when demand is slow.
Some of the homes that are listed are eventually pulled from the market without being sold. Delistings have jumped in recent months, with many sellers unwilling to sell for a lower price.
Pending home sales fell 2.6% from a year earlier, the biggest decline in eight months. The typical home that does sell sits on the market for 50 days before going under contract, about a week longer than last year.
Prospective buyers are backing off because even though monthly mortgage payments are down 1.2% year over year, housing costs are still high. Sale prices are up 2.2%, the biggest increase in nearly eight months, and mortgage rates are still sitting above 6%. Additionally, many Americans are hesitant to make a major purchase while the economic outlook is cloudy.
“The pool of buyers is small partly because we’re entering the slow season for real estate, but it’s also because houses are expensive, rates are elevated, and people are feeling cautious about their pocketbooks,” said Carlos Castillo, a Redfin Premier agent in Los Angeles. “House hunters may be able to find a deal because there are more sellers than buyers, but I’m advising buyers to be strategic. For instance, buyers can ask for concessions and offer less than the asking price, but don’t lowball too much. Around 4% less than list price is pretty standard in the Los Angeles area right now.”
For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page.
Up 3% from a week earlier (as of week ending Nov. 28)
Up 17%
Mortgage Bankers Association
Redfin Homebuyer Demand Index (seasonally adjusted)
Near lowest level in 2 months (as of week ending Nov. 30)
Down 12%
A measure of tours and other homebuying services from Redfin agents
Google searches of “homes for sale”
Unchanged from a month earlier (as of Nov. 30)
Up 10%
Google Trends
Touring activity
Down 32% from the start of the year (as of Nov. 30)
At this time last year, it was down 35% from the start of 2024
ShowingTime
Key housing-market data
U.S. highlights: Four weeks ending Nov. 30, 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 Nov. 30, 2025
Year-over-year change
Notes
Median sale price
$388,625
2.2%
Biggest increase in nearly 8 months
Median asking price
$383,450
2.5%
Median monthly mortgage payment
$2,444 at a 6.23% mortgage rate
-1.2%
Lowest level of the year
Pending sales
67,538
-2.6%
Biggest decline in 8 months
New listings
66,432
0.9%
Active listings
1,146,482
5.1%
Smallest increase since Feb 2024
Months of supply
4.8
+0.4 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
26.8%
Down marginally from 27%
Median days on market
50
+6 days
Share of homes sold above list price
22.2%
Down from 25%
Average sale-to-list price ratio
98.2%
Down from 98.5%
Metro-level highlights: Four weeks ending Nov. 30, 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.
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.
