Even though mortgage rates have come down from their peak, housing costs are still too high for many would-be buyers.
Housing inventory is losing momentum, with growth in total supply slowing down, new listings stalling, and delistings becoming more common.
- The supply of U.S. homes for sale rose 5.1% year over year during the four weeks ending November 30, the smallest increase in nearly two years.
- New listings rose just 0.9%, the smallest uptick in two months, with many homeowners opting to stay put rather than put their home on the market when demand is slow.
- Some of the homes that are listed are eventually pulled from the market without being sold. Delistings have jumped in recent months, with many sellers unwilling to sell for a lower price.
Pending home sales fell 2.6% from a year earlier, the biggest decline in eight months. The typical home that does sell sits on the market for 50 days before going under contract, about a week longer than last year.
Prospective buyers are backing off because even though monthly mortgage payments are down 1.2% year over year, housing costs are still high. Sale prices are up 2.2%, the biggest increase in nearly eight months, and mortgage rates are still sitting above 6%. Additionally, many Americans are hesitant to make a major purchase while the economic outlook is cloudy.
“The pool of buyers is small partly because we’re entering the slow season for real estate, but it’s also because houses are expensive, rates are elevated, and people are feeling cautious about their pocketbooks,” said Carlos Castillo, a Redfin Premier agent in Los Angeles. “House hunters may be able to find a deal because there are more sellers than buyers, but I’m advising buyers to be strategic. For instance, buyers can ask for concessions and offer less than the asking price, but don’t lowball too much. Around 4% less than list price is pretty standard in the Los Angeles area right now.”
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 | 6.23% (Dec. 3) | Up marginally from 6.2% a week earlier | Down from 6.86% | Mortgage News Daily |
| Weekly average 30-year fixed mortgage rate | 6.23% (week ending Nov. 26) | Near lowest level in a year | Down from 6.84% | Freddie Mac |
| Mortgage-purchase applications (seasonally adjusted) | Up 3% from a week earlier (as of week ending Nov. 28) | Up 17% | Mortgage Bankers Association | |
| Redfin Homebuyer Demand Index (seasonally adjusted) | Near lowest level in 2 months (as of week ending Nov. 30) | Down 12% | A measure of tours and other homebuying services from Redfin agents | |
| Google searches of “homes for sale” | Unchanged from a month earlier (as of Nov. 30) | Up 10% | Google Trends | |
| Touring activity | Down 32% from the start of the year (as of Nov. 30) | At this time last year, it was down 35% from the start of 2024 | ShowingTime | |
Key housing-market data
| U.S. highlights: Four weeks ending Nov. 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 Nov. 30, 2025 | Year-over-year change | Notes | |
| Median sale price | $388,625 | 2.2% | Biggest increase in nearly 8 months |
| Median asking price | $383,450 | 2.5% | |
| Median monthly mortgage payment | $2,444 at a 6.23% mortgage rate | -1.2% | Lowest level of the year |
| Pending sales | 67,538 | -2.6% | Biggest decline in 8 months |
| New listings | 66,432 | 0.9% | |
| Active listings | 1,146,482 | 5.1% | Smallest increase since Feb 2024 |
| Months of supply | 4.8 | +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 | 26.8% | Down marginally from 27% | |
| Median days on market | 50 | +6 days | |
| Share of homes sold above list price | 22.2% | Down from 25% | |
| Average sale-to-list price ratio | 98.2% | Down from 98.5% | |
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Metro-level highlights: Four weeks ending Nov. 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 |
|
| Median sale price | Cleveland (11%)
Pittsburgh (10.9%) Detroit (10.3%) Cincinnati (9.9%) Nassau County, NY (9.5%) |
Jacksonville, FL (-5.1%)
Oakland, CA (-4.7%) Dallas (-4.2%) Fort Worth, TX (-3.9%) Seattle (-3.5%) |
Declined in 15 metros |
| Pending sales | West Palm Beach, FL (17.9%)
Miami (12.3%) Phoenix (7.9%) Milwaukee (6.4%) Pittsburgh (4.2%) |
San Jose, CA (-28.6%)
Houston (-16.6%) Tampa, FL (-16.4%) Seattle (-15.9%) San Diego (-13.4%) |
|
| New listings | Boston (10.7%)
Minneapolis (10.1%) Virginia Beach, VA (9.8%) Cincinnati (9.4%) Pittsburgh (7.5%) |
Tampa, FL (-19.6%)
Jacksonville, FL (-12.5%) San Antonio (-12.2%) Riverside, CA (-11.8%) Fort Lauderdale, FL (-11.1%) |
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Refer to our metrics definition page for explanations of all the metrics used in this report.
