Spring Brings Record-High Monthly Housing Costs, Keeping Pending Home Sales at Bay

Written by Posted On Friday, 04 April 2025 06:41

Soaring housing payments are keeping many homebuyers on the sidelines, but new listings are ticking up and there are signs some house hunters are emerging as spring begins

The typical U.S. homebuyer’s monthly payment hit a record high for the second week in a row, reaching $2,802 during the four weeks ending March 30. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Sale prices are up 3.4% year over year, and the weekly average mortgage rate is 6.65%, near its lowest level since December but more than double pandemic-era lows.

Pending home sales are declining. High costs are keeping a lid on sales; pending home sales fell 2.3% year over year.

But there are signs more house hunters are hitting the pavement. Mortgage-purchase applications are at their highest level in over two months. Home tours are rising twice as fast this year than they were at this time last year (though that’s partly because Easter fell into last year’s comparable period). Finally, Google searches of “homes for sale” are up to their highest level since August. Redfin agents report many prospective buyers have made peace with elevated rates and prices, and those who can afford to buy are moving forward before costs increase more.

New listings are rising. New listings of homes for sale rose 12.7% year over year during the four weeks ending March 30, the biggest increase in 11 months. That’s partly because some sellers are hoping to cash in on high prices and some are noticing increased interest from house hunters: Easter fell into the comparable period in 2024, while the holiday hasn’t yet hit this year.

“Supply is picking up; a lot of people I’ve spoken to over the last year or two are calling, saying they’re ready to list their house,” said Matt Ferris, a Redfin Premier agent in northern Virginia. “Some believe we’re at the top of the market, and they want to get top dollar for their house. Some are moving for the usual reasons: They need a bigger home, they’re retiring, or they’re relocating to a different area. And here in the D.C. area, some people are selling because they’re worried about losing their government job, or because they want to buy closer to the city due to in-office policies.”

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

6.72% (April 2)

Down from 6.82% a week earlier; near lowest level since early December

Down from 7.07%

Mortgage News Daily

Weekly average 30-year fixed mortgage rate

6.65% (week ending March 27)

Down marginally from the week before; near lowest level since mid-December

Down from 6.79%

Freddie Mac

Mortgage-purchase applications (seasonally adjusted)

 

Up 2% from a week earlier (as of week ending March 28)

Up 9%

Mortgage Bankers Association

Touring activity

 

Up 37% from the start of the year (as of March 31)

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”

 

Up 17% from a month earlier (as of March 31)

Up 4%

 

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 March 30, 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 March 30, 2025

Year-over-year change

Notes

Median sale price

$386,019

3.4%

 

Median asking price

$424,975

6.7%

 

Median monthly mortgage payment

$2,802 at a 6.65% mortgage rate

5.2%

Record high

Pending sales

85,402

-2.3%

Smallest decline since start of 2025

New listings

100,366

12.7%

Biggest increase in 11 months

Active listings

981,872

11.7%

 

Months of supply

4.1

+0.7 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

38.5%

Down from 42%

 

Median days on market

45

+6 days

 

Share of homes sold above list price

24.6%

Down from 28%

 

Average sale-to-list price ratio

98.6%

Down from 98.9%

 

Metro-level highlights: Four weeks ending March 30, 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

Cleveland (10.4%)

Nassau County, NY (10%)

Newark, NJ (9%)

Chicago (7.8%)

New Brunswick, NJ (7.3%)

 

Jacksonville, FL (-4.6%)

Tampa, FL (-1.7%)

Dallas (-1.4%)

Atlanta (-0.6%)

Orlando, FL (-0.4%)

Portland, OR (-0.3%)

Declined in 6 metros

Pending sales

Montgomery County, PA (10.1%)

Pittsburgh (4.6%)

Cincinnati (3.7%)

Denver (3%)

Phoenix (2%)

Fort Lauderdale, FL (-15.8%)

Miami (-15.1%)

Las Vegas (-13.7%)

Columbus, OH (-12.3%)

Houston (-11.4%)

 

Increased in 11 metros

New listings

Denver (29.1%)

Montgomery County, PA (28.1%)

Phoenix (26%)

Washington, D.C. (26%)

Boston (23.1%)

 

 

San Antonio (-4.8%)

Columbus, OH (-1.6%)

 

Declined in 2 metros

 

To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-costs-record-high-new-listings-increase.

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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.

https://www.redfin.com

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