Pending home sales are up 1% from a year ago, and new listings are stagnant. Redfin agents say some house hunters are staying on the sidelines because they want mortgage rates to drop more significantly before jumping in.
The daily average mortgage rate declined to an 11-month low of 6.28% this week, upping homebuyers’ purchasing power by more than $20,000 since mid-summer.
Declining mortgage rates are one factor pushing the median U.S. monthly mortgage payment down to $2,604, more than $200 below May’s all-time high. But home-sale prices are still rising: The median sale price was roughly $393,000 during the four weeks ending September 7. That’s up 1.7% year over year, the second-biggest increase since April.
Sale prices are rising partly because new listings are losing steam. New listings are up 1.3% year over year, compared to double-digit increases in early spring. Some prospective sellers are staying put due to lackluster homebuying demand, and some because they don’t want to buy another home while costs are high.
Despite falling mortgage rates, many house hunters are staying on the sidelines. Pending home sales are up just 1.1% year over year, the smallest increase in two months, and Redfin’s Homebuyer Demand Index–a measure of tours and other buying services from Redfin agents–is declining.
Redfin agents say there are some buyers out there. But a lot of buyers are being picky with how they spend their money and are often trying to negotiate with sellers.
“There’s not a flood of buyers now that mortgage rates are coming down, but I am seeing a trickle as some house hunters do the math and realize rates have dropped enough to fit a monthly payment into their budget,” said Nashville, TN Redfin Premier agent Kristin Sanchez. “A lot of house hunters are waiting because they think mortgage rates will drop more when the Fed cuts interest rates in September. I’m trying to advise buyers that’s unlikely to happen, and that now is a good time to lock in a rate.”
The daily average mortgage rate fell from 6.85% a month ago to 6.28% at the start of this week partly because of two weaker-than-expected jobs reports, and partly because Fed Chair Jerome Powell indicated in his Jackson Hole speech that the Fed will cut rates at its September 17 meeting. Markets have already priced in the upcoming rate cuts; rates are unlikely to fall immediately following next week’s Fed meeting.
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 | 6.29% (Sept. 10) | Near lowest level in nearly a year | Up from 6.35% | Mortgage News Daily |
| Weekly average 30-year fixed mortgage rate | 6.5% (week ending Sept. 4) | 10-month low | Up from 6.35% | Freddie Mac |
| Mortgage-purchase applications (seasonally adjusted) | Up 7% from a week earlier (as of week ending Sept. 5) | Up 23% | Mortgage Bankers Association | |
| Redfin Homebuyer Demand Index | Down 2% from a month earlier (as of week ending Sept. 7) | Down 10% | A measure of tours and other homebuying services from Redfin agents | |
| Google searches of “homes for sale” | Unchanged from a month earlier (as of Sept. 8) | Up 4% | Google Trends | |
| Touring activity | Up 21% from the start of the year (as of Sept. 7) | At this time last year, it was up 4% from the start of 2024 | ShowingTime | |
Key housing-market data
| U.S. highlights: Four weeks ending Sept. 7, 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 Sept. 7, 2025 | Year-over-year change | Notes | |
| Median sale price | $392,976 | 1.7% | |
| Median asking price | $399,634 | 3.1% | |
| Median monthly mortgage payment | $2,604 at a 6.5% mortgage rate | 5.7% | Up $35 from a week earlier, but still near lowest level since January |
| Pending sales | 80,193 | 1.1% | Smallest increase in 2 months |
| New listings | 89,055 | 1.3% | |
| Active listings | 1,207,985 | 10.8% | Smallest increase since March 2024 |
| Months of supply | 4.4 | +0.5 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 | 30.5% | Down from 33% | |
| Median days on market | 45 | +7 days | |
| Share of homes sold above list price | 24.6% | Down from 28% | |
| Average sale-to-list price ratio | 98.5% | Down from 99% | |
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Metro-level highlights: Four weeks ending Sept. 7, 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 | Pittsburgh (11.1%)
Detroit (9.8%) New Brunswick, NJ (7.1%) Cleveland (6.9%) Milwaukee (5.4%) |
Las Vegas (-1.1%)
San Francisco (-1%) Portland, OR (-0.9%) San Antonio (-0.6%) Denver (-0.5%) |
Declined in 9 metros |
| Pending sales | Pittsburgh (10.9%)
West Palm Beach, FL (10.2%) Chicago (7.3%) Cleveland (7%) Columbus, OH (6.4%) |
Houston (-13.8%)
Las Vegas (-7.6%) Seattle (-7.5%) Denver (-7.2%) Orlando, FL (-6.1%) |
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| New listings | Pittsburgh (17.4%)
Baltimore (16.1%) Minneapolis (11.2%) Montgomery County, PA (10.2%) Boston (7.3%) |
Orlando, FL (-16.1%)
Tampa, FL (-14.7%) Fort Lauderdale, FL (-12.9%) Riverside, CA (-10.2%) West Palm Beach, FL (-9%) |
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Refer to our metrics definition page for explanations of all the metrics used in this report.
