A new report from Redfin, a technology-powered real estate brokerage, indicates that new listings of U.S. homes for sale increased by 2.5% from a year ago during the four weeks ending June 22, marking the smallest rise in five months. This trend suggests a market shift, with new listings declining in 20 of the 50 most populous U.S. metro areas. Notable declines include Tampa, FL (-15.2%), San Antonio (-14.4%), and Orlando, FL (-11.1%).
While home sellers still outnumber buyers nationwide, some prospective sellers are delaying their plans as the market increasingly favors buyers. Kathy Scott, a Redfin Premier agent in Phoenix, noted that homeowners who do not have an urgent need to sell are often holding off, either remaining in their current homes or opting to rent them out. She advises those who must sell to engage with their agents to understand local market conditions, including average time on market, common sale-to-list price ratios, and typical concessions or repairs.
Pending home sales decreased by 2.3% year-over-year during the same four-week period, representing the largest decline in three months. This slowdown is attributed to two primary factors: ongoing high housing costs, with home-sale prices up 1.6% year-over-year to a record high of $400,266, and mortgage rates near 7%; and widespread economic uncertainty contributing to buyer hesitancy. Despite these trends, early-stage homebuying demand has shown a slight uptick, with Redfin’s Homebuyer Demand Index, which measures tours and buying services from Redfin agents, increasing by 6% over the preceding two weeks. ShowingTime data also indicates that house tours are rising at a faster rate this year compared to last year, with touring activity up 33% from the start of the year as of June 25, 2025.
Key indicators reflect the current market dynamics. As of June 25, the daily average 30-year fixed mortgage rate was 6.79%, down from 6.93% one week prior. Weekly average rates for the week ending June 18 were 6.81%, according to Freddie Mac. Mortgage-purchase applications remained largely flat, with a -0.4% change from the prior week as of June 20, though up 12% year-over-year. Google searches for “home for sale” reached their highest level in 10 months as of June 23, despite a 4% year-over-year decrease.
Overall U.S. housing market highlights for the four weeks ending June 22, 2025, include a median asking price of $422,250 (up 4.9% year-over-year) and a median monthly mortgage payment of $2,820 (up 4.5% year-over-year, but down $42 from May’s record high). Active listings saw a 14.3% increase year-over-year, reaching 1,171,760, the smallest increase in 15 months. Months of supply increased by 0.7 percentage points to 4.1, indicating a move towards a balanced market. The share of homes off market in two weeks decreased from 40% to 36.6%, and the median days on market increased by 5 days to 36. Additionally, the share of homes sold above list price fell from 32% to 28.6%, with the average sale-to-list price ratio declining from 99.6% to 99.1%.
Metro-level data from the 50 most populous U.S. metros shows varying trends. Median sale prices saw the biggest year-over-year increases in Newark, NJ (6.1%), Montgomery County, PA (5.5%), and Miami (5.2%), while experiencing declines in Oakland, CA (-4.9%), San Diego (-4.4%), and Atlanta (-3.1%). Pending sales increased most significantly in Dallas (8.6%) and Cincinnati (5.8%), but declined sharply in Fort Lauderdale, FL (-18.6%) and San Jose, CA (-18.3%). For new listings, Montgomery County, PA (13.6%) and Warren, MI (13.2%) saw the largest increases, contrasting with declines in Tampa, FL (-15.2%) and San Antonio (-14.4%).
