Redfin Reports Pending Home Sales Slip As Would-Be Buyers Wait For Lower Rates and Economic Clarity

The homes that do sell are taking a long time to find buyers, who are wary of high housing costs and economic instability

SEATTLE--(BUSINESS WIRE)--U.S. pending home sales fell 0.3% from a year earlier during the four weeks ending November 9, a tiny decline but the first in four months, according to a new report from Redfin, the real estate brokerage powered by Rocket.

The homes that are selling are staying on the market longer: Homes are taking a median of 49 days to go under contract, the longest span for this time of year since 2019.

House hunters are hesitant because costs are high and the economy is uncertain:

• The weekly average mortgage rate rose to 6.22% after dropping to a year-low of 6.17% a week earlier after the Fed indicated it may not cut interest rates in December.
• The median home-sale price increased 2.4% year over year, the biggest jump in six months.
• Many would-be buyers are wary of purchasing a home while the U.S. economy feels unstable. More than 20% of Americans are delaying a major purchase like a home or car due to the government shutdown, and another 15% have canceled a major purchase altogether, per a recent Redfin survey.

The selling side is holding up better, with hundreds of thousands more sellers than buyers in the market nationwide. Redfin agents recommend sellers price their home realistically from the start to attract buyers. This week, new listings of homes for sale are up 3.4% year over year, similar to the increases Redfin has seen over the last month.

Agents also report that some would-be buyers are waiting for mortgage rates to dip below 6% before making a move.

“House hunters are sensitive to rates and prices; many are waiting for one or both to drop before buying,” said W.J. Eulberg, a Redfin Premier agent in Milwaukee. “But that’s not always a great strategy. If mortgage rates come down significantly, there will be more bidding wars. And if prices drop, it will probably be because the economy has weakened and people are losing their jobs. For people who can afford a home now, they may consider jumping into the market while competition is low and many sellers are willing to negotiate on price or offer concessions like funds to cover closing costs.”

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	6.29% (Nov. 12)	Up from 6.13% two weeks earlier	Down from 7.02%	Mortgage News Daily
Weekly average 30-year fixed mortgage rate	6.22% (week ending Nov. 6)	Up slightly from the week before, but near lowest level in a year	Down from 6.79%	Freddie Mac
Mortgage-purchase applications (seasonally adjusted)		Up 6% from a week earlier (as of week ending Nov. 7)	Up 31%	Mortgage Bankers Association
Redfin Homebuyer Demand Index		Highest level since June (as of week ending Nov. 9)	Down 6%	A measure of tours and other homebuying services from Redfin agents
Google searches of “homes for sale”		Up about 20% from a month earlier (as of Nov. 9)	Up more than 20%	Google Trends
Touring activity		Up 10% from the start of the year (as of Nov. 9)	At this time last year, it was down 5% from the start of 2024	ShowingTime

Key housing-market data

U.S. highlights: Four weeks ending Nov. 9, 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 Nov. 9, 2025	Year-over-year change	Notes
Median sale price	$393,700	2.4%	Biggest increase in 6 months
Median asking price	$391,750	2.6%	Biggest increase in 5 months
Median monthly mortgage payment	$2,495 at a 6.22% mortgage rate	-1.9%	Lowest level since start of the year
Pending sales	75,287	-0.3%	First decline in over 4 months
New listings	81,265	3.4%
Active listings	1,189,896	6.3%	Smallest increase since Feb. 2024
Months of supply	4.6	+0.5 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	28.5%	Down from 31%
Median days on market	49	+6 days
Share of homes sold above list price	22.8%	Down from 25%
Average sale-to-list price ratio	98.3%	Down from 98.7%

Metro-level highlights: Four weeks ending Nov. 9, 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	Philadelphia (9.8%) Detroit (9.7%) Newark, NJ (8%) Cincinnati (7.9%) Cleveland (7.7%)	Dallas (-4.5%) Jacksonville, FL (-3.5%) San Jose, CA (-2.1%) Fort Worth, TX (-1.9%) San Diego (-1.7%)	Declined in 15 metros
Pending sales	West Palm Beach, FL (21.8%) Cleveland (11.7%) Phoenix (8.8%) Miami (8.5%) Fort Lauderdale, FL (7%)	Seattle (-19.2%) San Jose, CA (-16.7%) Minneapolis (-11%) Detroit (-10.7%) Virginia Beach, VA (-10.4%)
New listings	Minneapolis (13.4%) Montgomery County, PA (13%) Phoenix (12.5%) Cincinnati (12.2%) Detroit (11.6%)	Orlando, FL (-12.1%) Tampa, FL (-9.5%) Sacramento, CA (-9.2%) San Antonio (-8.9%) Jacksonville, FL (-8.2%)

To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-pending-sales-decline-buyers-waiting-for-lower-rates

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.