Redfin Reports More Home Sellers Test the Market, but Buyers Aren’t Budging

Pending home sales are declining, with some house hunters waiting for mortgage rates to drop lower and some feeling jittery about the economy

SEATTLE--(BUSINESS WIRE)-- New listings of U.S. homes for sale rose 2.3% year over year during the four weeks ending October 5, the biggest increase in over three months, according to a new report from Redfin, the real estate brokerage powered by Rocket. Some sellers listed their homes in September as the weekly average mortgage rate dipped to 6.26%, a 10-month low, in hopes that lower rates would lure buyers.

But buyers aren’t budging. Pending sales fell 1.3% from a year ago, the biggest decline in five months, and the typical home that sells is taking 48 days to go under contract, a week longer than last year and the longest September span since 2019.

Redfin agents in much of the country say house hunters are waiting for rates to drop more before making a move. Mortgage rates, which have ticked up to 6.34% from last month’s low point, are still more than double pandemic-era lows, and rising home prices are exacerbating high costs. The median sale price is up 2.1% year over year, the biggest increase in six months.

Some prospective buyers are also wary of making a big purchase while the economy is uncertain, with the government shutdown and recent weak jobs reports making some Americans insecure about their finances.

For buyers who are motivated to move and have the means to afford today’s still-high home prices, the silver lining of the slow market is that they have negotiating power.

“It’s a buyer’s market, with house hunters asking for price reductions, doing inspections, and requesting concessions,” said Jesse Landin, a Redfin Premier agent in San Antonio. “In terms of making offers, buyers are throwing spaghetti at the wall to see what sticks. Sellers who want to make it stick, will. For example, one of my sellers, who needed to move, was getting desperate after her house had been on the market for over 100 days. She sold for $15,000 under asking price and included the furniture and outdoor amenities like the barbecue and fire pit.”

Buyers looking for a deal may want to consider condos, as there are 72% more condo sellers than buyers nationwide, a bigger gap than other home types. Another option is new construction; agents say some builders are offering mortgage-rate buydowns and other incentives in parts of the country with a lot of new homes.

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% (Oct. 8)	Up from 12-month low of 6.13% three weeks earlier	Up from 6.26%	Mortgage News Daily
Weekly average 30-year fixed mortgage rate	6.34% (week ending Oct. 2)	Up from 6.26% two weeks earlier	Up from 6.12%	Freddie Mac
Mortgage-purchase applications (seasonally adjusted)		Down 1% from a week earlier (as of week ending Oct. 3)	Up 14%	Mortgage Bankers Association
Redfin Homebuyer Demand Index		Down about 1% from a month earlier (as of week ending Oct. 5)	Down 13%	A measure of tours and other homebuying services from Redfin agents
Google searches of “homes for sale”		Up 6% from a month earlier (as of Oct. 6)	Up roughly 20%	Google Trends
Touring activity		Up 18% from the start of the year (as of Oct. 3)	At this time last year, it was up 3% from the start of 2024	ShowingTime

Key housing-market data

U.S. highlights: Four weeks ending Oct. 5, 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 Oct. 5, 2025	Year-over-year change	Notes
Median sale price	$389,350	2.1%	Biggest increase in 6 months
Median asking price	$401,242	2%
Median monthly mortgage payment	$2,580 at a 6.34% mortgage rate	2.1%	Down slightly from a week earlier
Pending sales	79,690	-1.3%	Biggest decline in 5 months
New listings	91,338	2.3%	Biggest increase in about 4 months
Active listings	1,212,765	8%	Smallest increase since Feb. 2024
Months of supply	4.4	+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	31.2%	Down from 32%
Median days on market	48	+7 days
Share of homes sold above list price	23.2%	Down from 26%
Average sale-to-list price ratio	98.4%	Down from 98.8%

Metro-level highlights: Four weeks ending Oct. 5, 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 (11.6%) Cleveland (9.7%) Providence, RI (6.9%) San Jose, CA (6.4%) Cincinnati (5.7%)	Dallas (-2.8%) Austin, TX (-1.9%) Houston (-1.7%) Atlanta (-1.6%) Tampa, FL (-1.2%)	Declined in 11 metros
Pending sales	San Francisco (17%) West Palm Beach, FL (10.1%) Cleveland (6.7%) Riverside, CA (6.2%) Columbus, OH (5.6%)	Houston (-15.5%) Seattle (-13.8%) San Antonio (-13%) Denver (-12.6%) Las Vegas (-12.1%)
New listings	Washington, D.C. (10.7%) Pittsburgh (10.4%) Philadelphia (9.8%) Detroit (8.6%) Montgomery County, PA (8.1%)	Orlando, FL (-13.5%) San Antonio (-12.1%) Anaheim, CA (-11.2%) Denver (-10.5%) Fort Lauderdale, FL (-10.3%)

To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-more-sellers-list-homes

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/20251009885734/en/

Contact Redfin

Redfin Journalist Services:

Kenneth Applewhaite

press@redfin.com

Source: Redfin