New listings are down 1% year over year, the first decline in nearly six months, with would-be sellers taking notice of slow demand. The weekly average mortgage rate also fell to 6.67%, its lowest level since early April.
(NASDAQ: RDFN) — The median U.S. home-sale price hit a record high during the four weeks ending June 29, but buyers are getting a bit of cost relief as mortgage rates decline. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.
Redfin is taking a break from full analysis this week, but please see the tables and charts below for this week’s housing-market data.
For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page.
Leading indicators
Indicators of homebuying demand and activity |
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|
Value (if applicable) |
Recent change |
Year-over-year change |
Source |
Daily average 30-year fixed mortgage rate |
6.75% (July 3) |
Near lowest level since early April |
Down from 7.07% |
Mortgage News Daily |
Weekly average 30-year fixed mortgage rate |
6.67% (week ending July 3) |
Lowest level since early April |
Down from 6.86% |
Freddie Mac |
Mortgage-purchase applications (seasonally adjusted) |
|
Essentially flat (+0.1%) from a week earlier (as of week ending June 27) |
Up 16% |
Mortgage Bankers Association |
Touring activity |
|
Up 32% from the start of the year (as of July 2) |
At this time last year, it was up 21% 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 2) |
Essentially flat
|
Google Trends |
The Redfin Homebuyer Demand Index has been excluded this week to ensure data accuracy. |
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Key housing-market data
U.S. highlights: Four weeks ending June 29, 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. |
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|
Four weeks ending June 29, 2025 |
Year-over-year change |
Notes |
Median sale price |
$400,125 |
1.4% |
All-time high |
Median asking price |
$415,174 |
3.9% |
|
Median monthly mortgage payment |
$2,742 at a 6.67% mortgage rate |
1.6% |
Lowest level in 4 months |
Pending sales |
86,718 |
-3.2% |
Biggest decline in nearly 4 months |
New listings |
99,921 |
-0.7% |
First decline in nearly 6 months |
Active listings |
1,184,250 |
14.1% |
Smallest increase in over a year |
Months of supply |
4.1 |
+0.8 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 |
36.3% |
Down from 40% |
|
Median days on market |
37 |
+5 days |
|
Share of homes sold above list price |
28.4% |
Down from 32% |
|
Average sale-to-list price ratio |
99.1% |
Down from 99.6% |
|
Metro-level highlights: Four weeks ending June 29, 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. |
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|
Metros with biggest year-over-year increases |
Metros with biggest year-over-year decreases |
Notes |
Median sale price |
Detroit (10.1%) Newark, NJ (9.4%) Cleveland (7.3%) Nassau County, NY(6.3%) New York (6%) |
Oakland, CA (-3.7%) San Diego (-3.4%) West Palm Beach, FL (-3.4%) Atlanta (-3.2%) Tampa, FL (-2.7%) |
Declined in 11 metros |
Pending sales |
Virginia Beach, VA (7.4%) Dallas (3.6%) Columbus, OH (2.4%) Pittsburgh (2.2%) Warren, MI (1.9%) |
San Jose, CA (-16.6%) Las Vegas (-16.6%) Miami (-14.8%) Orlando, FL (-14.6%) Tampa, FL (-13.4%) |
Declined in all but 10 metros |
New listings |
Warren, MI (9.5%) Cleveland (7.4%) Montgomery County, PA (6%) Milwaukee (5%) Boston (5%) |
Tampa, FL (-17.6%) Orlando, FL (-15.8%) Anaheim, CA (-14.3%) San Diego (-12.1%) Riverside, CA (-12%) |
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To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-new-listings-post-first-decline-six-months
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.
Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and Walk Score®.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250703570425/en/
Contacts
Contact Redfin
Redfin Journalist Services:
Tana Kelley
press@redfin.com
