Home Prices Are Falling in 11 of the 50 Most Populous U.S. Metros, the Most in 19 Months

Written by Posted On Friday, 25 April 2025 06:14

Nationwide, home prices are up 2.1% year over year, the slowest growth rate in nearly two years

The median home-sale price declined year over year in 11 of the 50 most populous U.S. metro areas during the four weeks ending April 20, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The last time home prices dropped in that many metros was over a year and a half ago, in September 2023. Prices declined most in San Antonio (-3.7%), Oakland, CA (-3.5%), and Jacksonville, FL (-2.2%). The other places where prices fell were Phoenix, Austin, TX, Dallas, Orlando, Sacramento, CA, Fort Worth, TX, Portland, OR and Nashville, TN.

Nationwide, the median home-sale price rose 2.1% year over year, the slowest growth rate since July 2023.

Home prices are falling in many major metros—and price growth is decelerating nationally—because many house hunters are backing off, but the number of homes for sale is holding up. Home tours are slowing, mortgage-purchase applications are falling, and Redfin agents in many parts of the country report that would-be buyers are ultra-cautious amid high housing costs and widespread economic uncertainty. Pending home sales are down slightly year over year (-0.3%).

The median U.S. monthly housing payment is $2,848, just $8 shy of the all-time high, as weekly average mortgage rates jumped to 6.83% from 6.62% in just one week. Mortgage rates are rising for the same reason many buyers are backing off: Economic instability and the increasing chances of a recession, largely stemming from new tariffs.

Meanwhile, new listings are up 9.6% year over year, and Redfin agents report that much of the activity they’re seeing in the market is from sellers.

“There are always people who need to buy homes or sell homes, no matter what’s going on in the world. But with so much uncertainty in the economy, now is a time for those buyers and sellers to be more strategic than ever,” said Chen Zhao, Redfin's Economic Research Lead. “My advice to sellers is to price your home fairly for the shifting market; you may need to price lower than your initial instinct to sell quickly and avoid giving concessions. On the flip side, buyers should negotiate on price and terms and shop around even more than usual for the best mortgage rates.”

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

6.94% (April 23)

Down from 7.07% a week earlier

Down from 7.41%

Mortgage News Daily

Weekly average 30-year fixed mortgage rate

6.83% (week ending April 17)

Up from 6.62% a week earlier

Down from 7.1%

Freddie Mac

Mortgage-purchase applications (seasonally adjusted)

Down 7% from a week earlier (as of week ending April 18)

Up 6%

Mortgage Bankers Association

Touring activity

Up 16% from the start of the year (as of April 21)

At this time last year, it was up 35% from the start of 2024

ShowingTime, a home touring technology company

Google searches for “home for sale”

Up 6% from a month earlier (as of April 21)

Unchanged

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 April 20, 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 April 20, 2025

Year-over-year change

Notes

Median sale price

$388,562

2.1%

Slowest growth since July 2023 (tied with the prior 4-week period, the 4 weeks ending April 13, 2025)

Median asking price

$425,752

5.8%

Median monthly mortgage payment

$2,848 at a 6.83% mortgage rate

3%

$8 shy of record high

Pending sales

88,576

-0.3%

New listings

105,074

9.6%

Active listings

1,046,344

14.7%

Smallest increase in over a year

Months of supply

4

+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

40%

Down from 42%

Median days on market

40

+5 days

Share of homes sold above list price

26.4%

Down from 30%

Average sale-to-list price ratio

98.8%

Down from 99.3%

Metro-level highlights: Four weeks ending April 20, 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

Milwaukee (11.7%)

Newark, NJ (11.2%)

Cleveland (9.5%)

Chicago (7.7%)

Baltimore (7%)

San Antonio (-3.7%)

Oakland, CA (-3.5%)

Jacksonville, FL (-2.2%)

Phoenix (-2%)

Austin, TX (-1.3%)

Declined in 11 metros

Pending sales

Columbus, OH (16.4%)

Boston (14.3%)

Cincinnati (12.3%)

Indianapolis (12.1%)

San Francisco (8.5%)

Miami (-25.6%)

Fort Lauderdale, FL (-17.9%)

West Palm Beach, FL (-15.3%)

Las Vegas (-14.7%)

Houston (-11.8%)

Declined in roughly half the metros

New listings

Phoenix (24.9%)

Boston (20.4%)

Washington, D.C. (20%)

Baltimore (18.9%)

Cleveland (17.2%)

Nassau County, NY (-6.2%)

West Palm Beach, FL (-2.6%)

Fort Lauderdale, FL (-2.3%)

New York (-2.3%)

San Antonio (-2.3%)

Newark, NJ (-0.4%)

Declined in 6 metros

To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-home-prices-falling-in-11-metros

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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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