Redfin Reports Pending Home Sales Decline in All But 5 Major U.S. Metros
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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.
homebuyer demand indextechnical
An index that measures how many people are actively trying to buy homes by combining signals such as property searches, mortgage inquiries, and homes going under contract. It matters to investors because it acts like a weather vane for the housing market—rising demand suggests stronger home prices, more construction and loan activity, while falling demand warns of slower sales and potential price pressure, which affects builders, lenders and real-estate investors.
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.
The typical home that sells takes 66 days to do so—the longest span in seven years—as buyers take their time looking at their options and negotiating with sellers
SEATTLE--(BUSINESS WIRE)--
U.S. pending home sales fell 5.1% year over year during the four weeks ending February 8, the biggest decline in over a year. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket.
On a local level, pending sales dropped in all but five of the 50 most populous U.S. metro areas—the most in over two years. The only metros where pending sales increased were West Palm Beach, FL (9.1%), Jacksonville, FL (7.7%), Columbus, OH (1.4%) and Chicago (0.1%). They were flat in Austin, TX.
The biggest declines were in Oakland, CA, where pending sales dropped 21.6% year over year, and Minneapolis (-17.5%). This separate Redfin report delves into why homebuying demand is slow in Minneapolis.
Homes are also taking a long time to sell. The typical U.S. home that sold took 66 days to go under contract, a week longer than a year earlier and the longest span since early 2019. There are 5.5 months of supply, the most in seven years. Months of supply is the length of time it would take for homes for sale to be bought at the market’s current pace of sales; a higher number indicates more of a buyer’s market.
Would-be buyers are hesitant partly because housing costs are high. The median sale price is up 1.2% year over year, and while mortgage rates have come down from their peak, they’re still double pandemic-era lows. Additionally, some house hunters are backing off amid concerns about job security, and in certain parts of the country, they stayed home in recent weeks due to severe winter weather.
There are also slightly fewer homes to choose from. New listings fell 1.8% year over year, and the total number of homes for sale dropped about 1%, the first decline since 2023.
There are bright spots in the housing market: Buyers have power, and housing payments are declining. Even though new listings are coming down, there are still hundreds of thousands more home sellers than buyers in the market, giving the buyers who are out there an edge in negotiations. Some buyers are able to get homes for under asking price. And while costs are still high, the median monthly housing payment is down 3.8% year over year while wages are up roughly 4%, improving affordability. Redfin agents in several parts of the country say home tours are picking up and house hunters are getting more serious, even if the increased interest isn’t yet showing up in the data.
“It’s still a buyer’s market, but it might not be for long,” said Sue Dhillon, a Redfin Premier agent in Seattle. “House hunters are getting a jump start on the spring selling season because they’re doing the math and realizing that a few things are working in their favor: Sellers are pricing lower, mortgage rates have come down slightly and aren’t likely to drop further any time soon, and rents just keep climbing. If buyers wait any longer, competition is likely to pick up.”
For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page.
Down 2% from a week earlier (as of week ending Feb. 6)
Up 4%
Mortgage Bankers Association
Redfin Homebuyer Demand Index (seasonally adjusted)
Down about 6% from a month earlier (as of week ending Feb. 8)
Down 16%
A measure of tours and other homebuying services from Redfin agents
Google searches of “homes for sale”
Down about 14% from a month earlier (as of Feb. 10)
Down about 5%
Google Trends
Touring activity
Up 1% from the start of the year (as of Feb. 10)
At this time last year, it was up 14.1% from the start of 2025
ShowingTime
Key housing-market data
U.S. highlights: Four weeks ending Feb. 8, 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 Feb. 8, 2025
Year-over-year change
Notes
Median sale price
$378,725
1.2%
Median asking price
$408,725
2.3%
Median monthly mortgage payment
$2,580 at a 6.11% mortgage rate
-3.8%
Pending sales
69,060
-5.1%
Biggest decline since Jan. 2025
New listings
78,634
-1.8%
Active listings
994,257
-0.8%
First decline since Dec. 2023
Months of supply
5.5
+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
30%
Unchanged
Median days on market
66
+7 days
Longest in 6 years
Share of homes sold above list price
19%
Down from 20%
Average sale-to-list price ratio
97.7%
Unchanged
Metro-level highlights: Four weeks ending Feb. 8, 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
Milwaukee (10.9%)
Providence, RI (8.2%)
Philadelphia (7.8%)
Cleveland (7.7%)
Warren, MI (6.3%)
Fort Lauderdale, FL (-6.4%)
Austin, TX (-4.3%)
Jacksonville, FL (-3.9%)
San Antonio (-3.5%)
San Jose, CA (-3.4%)
Declined in 19 metros
Pending sales
West Palm Beach, FL (9.1%)
Jacksonville, FL (7.7%)
Columbus, OH (1.4%)
Chicago (0.1%)
Oakland, CA (-21.6%)
Minneapolis (-17.5%)
Houston (-17.3%)
Nashville, TN (-16.4%)
Warren, MI (-15.4%)
Increased in 4 metros; the last time pending sales increased in 4 or fewer regions was the end of 2023
New listings
San Jose, CA (24.3%)
Phoenix (11.4%)
Montgomery County, PA (9.5%)
Denver (8.4%)
Detroit (7.4%)
Nashville, TN (-19.5%)
Nassau County, NY (-15.7%)
Dallas (-13.9%)
Indianapolis (-13.2%)
San Antonio (-11.7%)
To view the full report, including charts, please visit:
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.
