Redfin Reports Pending Sales Fall as U.S. Home Prices Hit Another Record High

The median U.S. home sale price hit a record $399,633, up 1% year over year

SEATTLE--(BUSINESS WIRE)--Pending sales fell 3.5% year over year during the four weeks ending July 6, according to a new report from Redfin, the real estate brokerage powered by Rocket. That was the second biggest decline since early February, trailing only last week’s 4.1% fall.

There were some encouraging signs for sellers with mortgage purchase applications rising 9% from a week ago as the weekly average mortgage rate dropped to 6.67%, the lowest level since early April. Touring activity is up 25% from the start of the year, and Google searches for “homes for sale” are at the highest level in a year.

“Some homes are moving fast, others are seeing multiple price reductions,” said James Gulden, a Redfin Premier agent in Boston. “It’s not location or price-tier specific; the mixed results permeate in every corner of the market. Prices are still as high as they have ever been, but with homes sitting longer, the market is slowly turning in buyers’ favor.”

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	6.77% (July 9)	Up slightly from 6.73% a week earlier	Down from 7.01%	Mortgage News Daily
Weekly average 30-year fixed mortgage rate	6.67% (week ending July 3)	Lowest level since early April	Down from 6.95%	Freddie Mac
Mortgage-purchase applications (seasonally adjusted)		Up 9% from a week earlier (as of week ending July 4)	Up 25%	Mortgage Bankers Association
Touring activity		Up 26% from the start of the year (as of July 3)	At this time last year, it was up 16% from the start of 2024	ShowingTime, a home touring technology company
Google searches for “home for sale”		Highest level in a year (as of July 9)	Up 11%	Google Trends
The Redfin Homebuyer Demand Index has been excluded this week to ensure data accuracy.

Key housing-market data
U.S. highlights: Four weeks ending July 6, 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 July 6, 2025	Year-over-year change	Notes
Median sale price	$399,633	1.0%	All-time high
Median asking price	$409,973	3.6%
Median monthly mortgage payment	$2,708 at a 6.67% mortgage rate	1.8%	Lowest level since early March
Pending sales	82,218	-3.5%
New listings	92,347	-0.3%	Third consecutive week with a decline
Active listings	1,163,431	12.3%	Smallest increase since February 2024
Months of supply	4.0	+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	35.9%	Down from 39.8%
Median days on market	37	+5 days
Share of homes sold above list price	28.2%	Down from 31.9%
Average sale-to-list price ratio	99.1%	Down from 99.5%

Metro-level highlights: Four weeks ending July 6, 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 (11.4%) Cleveland (11.0%) Newark, NJ (8.8%) Nassau County, NY (7.9%) Cincinnati (6.9%)	Oakland, CA (-6.2%) West Palm Beach, FL (-5.2%) Austin, TX (-4.2%) Tampa, FL (-3.4%) Atlanta (-3.2%)	Declined in 14 metros
Pending sales	Virginia Beach, VA (8.5%) Warren, MI (6.5%) San Francisco (6.3%) Columbus, OH (2.9%) Milwaukee (2.9%)	Las Vegas (-18.0%) Orlando, FL (-16.2%) Houston (-15.6%) San Jose, CA (-15.2%) Tampa, FL (-15.1%)	Declined in all but 11 metros
New listings	Baltimore, MD (10.6%) Montgomery County, PA (10.5%) Cleveland (8.9%) Warren, MI (8.4%) Phoenix (6.6%)	Tampa, FL (-18%) Orlando, FL (-17%) Riverside, CA (-16.5%) San Diego (-15.1%) Jacksonville, FL (-15.1%)

To view the full report, including charts, please visit:
https://www.redfin.com/news/pending-sales-fall-as-home-prices-hit-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 Redfin.com/news. For more information about Rocket Companies, visit RocketCompanies.com.