New Listings, Pending Sales Fall As Home Prices Hit Another All-Time High

Written by Posted On Thursday, 03 July 2025 12:44

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.

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

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.

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.

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.

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%)

To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-new-listings-post-first-decline-six-months

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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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