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U.S. Home Prices Hit All-Time High

Written by Posted On Friday, 20 June 2025 06:07
U.S. Home Prices Hit All-Time High

While the median home-sale price is sitting at a record high, it’s notably lower than the median asking price. That’s because sellers are open to negotiating in today’s cooling housing market, in which sellers outnumber buyers.

The median U.S. home-sale price hit a record $396,500 during the four weeks ending June 15, up 1% year over year, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

Prices are at an all-time high even though this spring’s housing market is fairly cool because prices don’t yet fully reflect the historic imbalance of sellers and buyers in today’s market. Note that sale prices are seasonal and typically peak in June or July, and that price growth is cooling: The 1% year-over-year increase is in line with the last several weeks, but down from about 5% at the start of the year.

While the median sale price is at an all-time high, it’s roughly $26,000 lower than the median asking price of $422,238. That 6% discount is similar to that of the last several weeks, but marks a reversal from 2021 and 2022, when the median sale price was typically much higher than the median list price because the market favored sellers.

Homes are selling for under asking price because there are many more sellers than buyers in today’s market. That gives buyers the upper hand and often allows them to negotiate prices down, though it’s still difficult for many people to afford homes because costs are so high. New listings of homes for sale are up 4.4% year over year, and total listings are up 14.5%. Meanwhile, pending sales are down 1.5% year over year, and mortgage-purchase applications are down 3% week over week.

Homebuying demand has been fairly weak this spring due to widespread economic uncertainty and high housing costs. In addition to sale prices sitting at an all-time high, the median monthly housing payment is just $53 shy of its own all-time high.

“I’m explaining to sellers more and more that we need to be strategic in our pricing strategy because homes that are overpriced, even slightly, are likely to sit on the market and invite buyers to negotiate,” said Kelly Connally, a Redfin Premier agent in Tulsa, OK. “Pricing is most important, but with fewer buyers than usual out there, sellers should also make sure their home is in excellent condition and be ready to make repairs upon inspection. There are a few exceptions: Homes in desirable locations that are in perfect condition are still hot and typically sell at or above asking price.”

The mismatch between supply and demand is likely to lead to a nationwide decline in home-sale prices by the end of the year.

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

6.87% (June 18)

Down slightly from 6.93% one week earlier

Down from 7.04%

Mortgage News Daily

Weekly average 30-year fixed mortgage rate

6.81% (week ending June 18)

Down from 6.89% three weeks earlier, but still near the highest level since Feb.

Down from 6.95%

Freddie Mac

Mortgage-purchase applications (seasonally adjusted)

Down 3% from a week earlier (as of week ending June 13)

Up 14%

Mortgage Bankers Association

Redfin Homebuyer Demand Index

Down 5% from a month earlier (as of week ending June 15)

Up 1%

A measure of tours and other homebuying services from Redfin agents

Touring activity

Up 36% from the start of the year (as of June 16)

At this time last year, it was up 28% from the start of 2024

ShowingTime, a home touring technology company

Google searches for “home for sale”

Up 10% from a month earlier (as of June 16)

Unchanged

Google Trends

Key housing-market data

U.S. highlights: Four weeks ending June 15, 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 15, 2025

Year-over-year change

Notes

Median sale price

$396,500

1%

All-time high

Median asking price

$422,238

5%

Median monthly mortgage payment

$2,820 at a 6.81% mortgage rate

4.5%

Down $53 from May’s record high

Pending sales

87,397

-1.5%

New listings

102,784

4.4%

Active listings

1,160,350

14.5%

Smallest increase in 15 months

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

37.2%

Down from 41%

Median days on market

36

+5 days

Share of homes sold above list price

28.6%

Down from 32%

Average sale-to-list price ratio

99.1%

Down from 99.6%

Metro-level highlights: Four weeks ending June 15, 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

Philadelphia (5.5%)

New Brunswick, NJ (5.4%)

Pittsburgh (5.3%)

Nassau County, NY (5%)

New York (4%)

Oakland, CA (-5.9%)

Jacksonville, FL (-3.9%)

Dallas (-3.1%)

San Diego (-2.4%)

Atlanta (-2%)

Declined in 12 metros

Pending sales

Cincinnati (5.2%)

Chicago (5%)

Dallas (4.1%)

San Francisco (4%)

Columbus, OH (4%)

San Jose, CA (-18.5%)

Fort Lauderdale, FL (-15.5%)

Las Vegas (-14.9%)

Miami (-14.6%)

San Diego (-11.1%)

New listings

Warren, MI (14%)

Cincinnati (13.7%)

Columbus, OH (11.3%)

Cleveland (10.3%)

Indianapolis (9.5%)

Tampa, FL (-11.5%)

Orlando, FL (-8.7%)

Jacksonville, FL (-7.2%)

San Jose, CA (-7%)

Atlanta (-6.6%)

To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-home-sale-prices-hit-record-high

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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.

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