Redfin Reports Monthly Payments Tick Up For First Time in 8 Months As Home Prices Hit Record High

Key Terms

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.

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.

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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Pending home sales increased 0.4% week over week

SEATTLE--(BUSINESS WIRE)-- The median U.S. housing payment posted its first year-over-year increase since October during the four weeks ending June 28 as home prices and mortgage rates rose. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket. Redfin’s analysis is condensed this week due to the July 4th holiday.

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	6.54% (June 30)	Down from 6.65% one week earlier	Down from 6.86%	Mortgage News Daily
Weekly average 30-year fixed mortgage rate	6.49% (week ending June 25)	Up slightly from 6.47% one week earlier	Down from 6.77%	Freddie Mac
Mortgage-purchase applications (seasonally adjusted)		Up 1% from a week earlier (as of week ending June 26)	Up 3%	Mortgage Bankers Association
Google searches of “homes for sale”		Up about 8% from a month earlier (as of June 29)	Up 8%	Google Trends
Touring activity		Up 18% from the start of the year (as of June 29)	At this time last year, it was up 32% from the start of 2025	ShowingTime

Key housing-market data

U.S. highlights: Four weeks ending June 28, 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 28, 2026	Year-over-year change	Week-over-week change (where applicable)	Notes
Median sale price	$408,838	2.5%		Record high
Median asking price (seasonally adjusted)	$404,414	3.7%
Median monthly mortgage payment (seasonally adjusted)	$2,633 at a 6.49% mortgage rate	1.4%
Pending sales (seasonally adjusted)	324,251	2%	0.4%
New listings (seasonally adjusted)	358,736	1.7%	1.1%
Active listings (seasonally adjusted)	1,476,146	-0.1%	-0.1%
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	35.8%	Essentially unchanged
Median days on market	39	+1 day
Share of home listings with price drops	20.2%	Down from about 21%
Share of homes sold above list price	28.8%	Essentially unchanged
Average sale-to-list price ratio	99.1%	Essentially unchanged

Metro-level highlights: Four weeks ending June 28, 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 (10.8%) West Palm Beach, FL (10.6%) Pittsburgh (9.1%) Philadelphia (8.7%) Detroit (8.2%)	Seattle (-5.3%) San Jose, CA (-4%) Riverside, CA (-1.8%) Portland, OR (-1%) Dallas (-0.6%)	Declined in 8 metros
Pending sales	San Francisco (17%) Austin, TX (14.2%) West Palm Beach, FL (10.9%) Milwaukee (10.8%) Cincinnati (9.5%)	Seattle (-14.7%) Houston (-14%) Detroit (-11.3%) Warren, MI (-8.6%) Atlanta (-5.3%)
New listings	Philadelphia (15.7%) Anaheim, CA (15.2%) St. Louis (12.4%) Pittsburgh (11.9%) Boston (11.4%)	Dallas (-11.8%) Fort Worth, TX (-8.2%) Jacksonville, FL (-7.3%) Atlanta (-5%) San Jose, CA (-4.2%)

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

https://www.redfin.com/news/housing-market-update-payments-rise-prices-record-high

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/20260702056358/en/

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

Source: Redfin