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 we enter spring.
Housing costs are at an all-time high. 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. 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, but there’s also a holiday effect: 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 | |
| We excluded the Redfin Homebuyer Demand Index 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. |
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| 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% | |
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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. |
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|---|---|---|---|
| Metros with biggest year-over-year increases | Metros with biggest year-over-year decreases |
Notes |
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| 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 |
Refer to our metrics definition page for explanations of all the metrics used in this report.
Written by: Dana Anderson