Home Sellers Retreat, With Supply Posting Biggest Decline Since 2023

Pending home sales fell the most in nearly a year, and the typical home that did sell sat on the market for 53 days—the slowest November pace in nearly a decade

SEATTLE--(BUSINESS WIRE)--Active listings of homes for sale fell 1.4% month over month in November—the biggest drop since June 2023 on a seasonally adjusted basis. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket. New listings dropped 2.2% month over month to the lowest level since April 2024 on a seasonally adjusted basis.

Home sellers are retreating in part because buyers are retreating. Buyers are skittish due to high mortgage rates and economic jitters, which means many sellers aren’t getting the list price they hoped for. As a result, some are opting to delist their homes or not list at all.

The typical home that sold last month went for 1.6% less than its final list price—the steepest November discount in six years. The median U.S. home sale price rose slightly (+0.7% year over year to $433,222), but that was the slowest growth since June 2023 aside from this past May, when home prices grew at a slightly slower clip.

“Sellers have to price their homes very reasonably to attract interest,” said Carlos Castillo, a Redfin Premier real estate agent in Los Angeles. “I recently advised a seller in the Valley to drop their price because we weren’t getting much interest. Cutting the price drummed up four separate offers and helped the home sell above the original asking price. The challenge is that most sellers are also buyers, and homes are expensive, so they often need to get a certain amount for their house to afford the next one. Another client plans to pull their home off the market for the holidays if they don’t get an offer within a month.”

Pending Sales Posted Biggest Decline in Almost a Year; Homes That Did Sell Moved at Slowest November Pace in Nearly a Decade

Pending home sales fell 2.5% month over month on a seasonally adjusted basis in November—the largest decline since December 2024—amid stubbornly high housing costs and widespread uncertainty about the U.S. economy.

Existing-home sales were flat month over month (0%) and virtually flat year over year (0.8%), coming in at a seasonally adjusted annual rate of 4.27 million in November. Redfin economists expect existing-home sales to end the year roughly flat with 2024, which was the worst year for sales since 1995.

The typical home that went under contract last month spent 53 days on the market. That’s seven days longer than a year earlier and the slowest November pace since 2016.

Both buyers and sellers have been retreating from the housing market, but buyers have backed off faster over the past couple of years. As a result, sellers far outnumber buyers, which means the buyers who are in the market hold negotiating power. Many buyers are successfully negotiating concessions and/or lower prices from sellers, and homes are taking a long time to sell in part because buyers feel they can take their time.

While mortgage rates have ticked down in recent months, they remain much higher than they were in 2020 and 2021, and Redfin agents say many house hunters are waiting to jump into the market until rates fall further.

November 2025 Housing Market Highlights: United States

	November 2025	Month-over-month change	Year-over-year change
Median sale price	$433,222	-1.5%	0.7%
Existing-home sales, seasonally adjusted annual rate	4,272,868	0.0%	0.8%
Pending home sales, seasonally adjusted	485,805	-2.5%	-3.5%
Homes sold, seasonally adjusted	433,655	0.9%	-0.7%
New listings, seasonally adjusted	526,666	-2.2%	-3.5%
Total homes for sale, seasonally adjusted (active listings)	1,954,870	-1.4%	6.2%
Months of supply	3.8	0.4	0.4
Median days on market	53	2	7
Share of homes that sold above final list price	24.1%	-1.2 ppts	-2.5 ppts
Average sale-to-final-list-price ratio	98.4%	-0.1 ppts	-0.4 ppts
Pending sales that fell out of contract, as % of overall pending sales	15.0%	0.6 ppts	0.8 ppts
Monthly average 30-year fixed mortgage rate	6.24%	-0.01 ppts	-0.57 ppts
Note: Data are subject to revision

November 2025 Metro-Level Highlights

• Prices: Median sale prices rose most from a year earlier in Cleveland (12.5%), Detroit (10.6%) and Pittsburgh (9%). They fell most in Jacksonville, FL (-5.6%), Oakland, CA (-5.5%) and Dallas, TX (-4.2%).
• Pending home sales: Pending sales rose most in West Palm Beach, FL (15.7%), Miami (9.4%) and Phoenix (6.8%). They fell most in San Jose, CA (-29.6%), Tampa, FL (-16.7%) and Seattle (-13.9%).
• Closed home sales: Home sales rose most in West Palm Beach (13.3%), Phoenix (2.1%) and Fort Lauderdale, FL (1.5%). They fell most in San Antonio (-24.8%), San Jose (-19.8%) and Detroit (-17.4%).
• New listings: New listings rose most in Boston (5.8%), Nashville (4.1%) and Kansas City, MO (4%). They fell most in Tampa (-22.7%), Jacksonville (-20.1%) and San Antonio (-17.8%).
• Active listings: Active listings rose most in Detroit (16.2%), Boston (15.6%) and Las Vegas (15.6%). They fell most in San Francisco (-17.6%), San Jose (-12.8%) and Jacksonville (-6.8%).
• Sold above list price: In San Francisco, 57.1% of homes sold above their final list price, the highest share among the metros analyzed. Next came Newark, NJ (57%) and San Jose (52.2%). The lowest shares were in West Palm Beach (6.3%), Miami (7.2%) and Fort Lauderdale (7.4%).
• Days on market: In Las Vegas, the typical home that went under contract did so in 70 days, which was 20 days longer than a year earlier—the biggest increase among the metros analyzed. Next came Fort Lauderdale (+18 days), followed by San Antonio, Houston and Nashville (+17 days for all three). Three metros saw a decrease in days on market: San Francisco (-7), San Jose (-3) and Kansas City, MO (-2).

To view the full report, including charts and more metro-level data, please visit: https://www.redfin.com/news/housing-supply-falls-november-2025

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 https://www.redfin.com/news. For more information about Rocket Companies, visit https://www.rocketcompanies.com.