The typical home is taking 67 days to go under contract, the longest span in seven years.
U.S pending home sales fell 5.8% from a year earlier during the four weeks ending February 15, the biggest decline in a year. The typical home that does go under contract is taking 67 days to do so–a week longer than last year and the longest span since early 2019.
Would-be buyers are sitting on the sidelines largely because it’s expensive to purchase a home. The median home-sale price rose 1.1% year over year, the biggest uptick in two months, and the weekly average mortgage rate is 6.09%–near the lowest level in three years, but double pandemic-era lows. The median monthly mortgage payment is $2,601, down 2.9% from a year ago, but only about $200 shy of the all-time high.
Additionally, severe winter weather across much of the country kept house hunters at home over the last several weeks. And some prospective buyers are wary due to economic uncertainty, especially for lower-income Americans. But there are recent signals painting a more positive picture of the economy: The most recent jobs report was stronger than expected, and inflation is easing.
On the selling side, new listings dropped 3.1% year over year and the total number of homes for sale fell 1.5%, the second straight decline after roughly two years of increases. Potential sellers are backing off because they’re noticing that demand is tepid; many only want to sell for top dollar.
“There are a few things keeping buyers at home, like snowy weather and 6%-plus mortgage rates,” said Aaron Glicken, a Redfin Premier agent in Nashville, TN. “But for the house hunters who are venturing out, it’s the strongest buyer’s market I can remember. Buyers are able to be picky, ask for concessions, and come in below asking price. Some sellers won’t budge because they bought at the height of the market a few years ago and prices have corrected a bit. But some need to offload their homes–and in those cases, buyers have leverage. I’m advising buyers who are serious about moving to take advantage of the slow market; it should pick up in the spring, especially if rates come down.”
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 | 6.05% (Feb. 18) | Near 3-year low | Down from 7.01% | Mortgage News Daily |
| Weekly average 30-year fixed mortgage rate | 6.09% (week ending Feb. 12) | Near 3-year low | Down from 6.87% | Freddie Mac |
| Mortgage-purchase applications (seasonally adjusted) | Down 3% from a week earlier (as of week ending Feb. 13) | Up 8% | Mortgage Bankers Association | |
| Redfin Homebuyer Demand Index (seasonally adjusted) | Down about 1% from a month earlier (as of week ending Feb. 15) | Down 10% | A measure of tours and other homebuying services from Redfin agents | |
| Google searches of “homes for sale” | Down about 4% from a month earlier (as of Feb. 14) | Essentially unchanged | Google Trends | |
| Touring activity | Up 3% from the start of the year (as of Feb. 16) | At this time last year, it was up 11% from the start of 2025 | ShowingTime | |
Key housing-market data
| U.S. highlights: Four weeks ending Feb. 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. |
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| Four weeks ending Feb. 15, 2025 | Year-over-year change | Notes | |
| Median sale price | $379,176 | 1.1% | |
| Median asking price | $412,735 | 3.3% | |
| Median monthly mortgage payment | $2,601at a 6.09% mortgage rate | -2.9% | |
| Pending sales | 70,206 | -5.8% | Biggest decline since Jan. 2025 |
| New listings | 78,635 | -3.1% | |
| Active listings | 997,176 | -3.2% | Biggest decline since Nov. 2023 |
| Months of supply | 5.6 | +0.4 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 | 30.7% | Essentially unchanged | |
| Median days on market | 67 | +7 days | Longest in nearly 7 years |
| Share of homes sold above list price | 19.3% | Down from 21% | |
| Average sale-to-list price ratio | 97.8% | Down from 98% | |
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Metro-level highlights: Four weeks ending Feb. 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. |
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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 | Milwaukee (10.4%)
Warren, MI (6.9%) San Francisco (5.9%) Columbus, OH (5.7%) Philadelphia (5.5%) |
Dallas (-3.7%)
San Jose, CA (-3.6%) Fort Lauderdale, FL (-3.4%) Oakland, CA (-3.2%) San Antonio (-2.9%) |
Declined in 20 metros |
| Pending sales | West Palm Beach, FL (10.2%)
Jacksonville, FL (5.9%) Portland, OR (1.7%) Denver (1%) Sacramento, CA (0.9%) |
Oakland, CA (-24.1%)
Nashville, TN (-18.3%) Houston (-16.7%) Nassau County, NY (-15.9%) Minneapolis (-15.5%) |
Increased in 7 metros |
| New listings | San Jose, CA (20.8%)
Seattle (12.1%) Portland, OR (8.8%) Phoenix (8.5%) Denver (7.1%) |
Nassau County, NY (-21.8%)
Nashville, TN (-19.8%) Indianapolis (-16%) Dallas (-13.6%) Philadelphia (-12.2%) |
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Refer to our metrics definition page for explanations of all the metrics used in this report.
