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
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Indicators of homebuying demand and activity |
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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 |
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Mortgage-purchase applications (seasonally adjusted) |
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Essentially flat (+0.1%) from a week earlier (as of week ending June 27) |
Up 16% |
Mortgage Bankers Association |
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Touring activity |
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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 |
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Google searches for “home for sale” |
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Highest level in a year (as of July 2) |
Essentially flat
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Google Trends |
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The Redfin Homebuyer Demand Index has been excluded this week to ensure data accuracy. |
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Key housing-market data
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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. |
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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 |
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Share of homes off market in two weeks |
36.3% |
Down from 40% |
|
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Median days on market |
37 |
+5 days |
|
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Share of homes sold above list price |
28.4% |
Down from 32% |
|
|
Average sale-to-list price ratio |
99.1% |
Down from 99.6% |
|
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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. |
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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 |
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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%) |
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To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-new-listings-post-first-decline-six-months
