Pending home sales are up just 0.8% from a year ago, with many house hunters hoping rates will drop substantially more. But if that were to happen, sellers would regain the upper hand and home prices would likely rise more.
The median U.S. home-sale price rose 2.2% year over year during the four weeks ending September 14, the biggest increase in five months.
This week’s median monthly housing payment is $2,590, up slightly from last week’s nine-month low but still near the lowest level of 2025. Payments increased despite the weekly average mortgage rate dropping to 6.35%, the lowest level in nearly a year, because of rising prices.
Prices are rising despite slow sales because new listings are dwindling. Pending home sales are up just 0.8% from a year earlier, the smallest increase in two months. New listings are up just 1.1%, marking the third straight month they have increased or decreased by about 1% or less, and total listings are up 9.9%, the smallest increase since March 2024.
Mortgage rates have dropped to 6.35% from roughly 6.9% at the start of the summer because of weaker-than-expected jobs reports and anticipation of the Fed’s first interest-rate cut of the year, which came this week. While falling mortgage rates and more purchasing power have brought some house hunters off the sidelines, many are hoping rates drop further before making a move, according to Redfin agents.
“It is definitely a buyer’s market here,” said Tamara Mattox-Kabat, a Redfin Senior Premier Agent in Denver. “If they’re not priced and presented well from the outset, many homes are sitting on the market longer than usual, and many sellers are open to concessions. A lot of buyers are waiting for interest rates to drop further before making offers. The problem with that strategy is that if rates do fall again, more buyers will come off the sidelines, prices will rise, and sellers will regain their leverage. That means even with lower mortgage rates, buyers could end up with a higher monthly payment.”
The Fed cut interest rates this week, as expected, and signaled two more potential cuts before the end of the year. Redfin economists expect mortgage rates to remain steady as markets await further economic data, particularly the next jobs report, which comes out at the start of October.
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 | 6.22% (Sept. 17) | Near lowest level in a year | Essentially flat | Mortgage News Daily |
| Weekly average 30-year fixed mortgage rate | 6.35% (week ending Sept. 11) | 11-month low | Up from 6.2% | Freddie Mac |
| Mortgage-purchase applications (seasonally adjusted) | Up 3% from a week earlier (as of week ending Sept. 12) | Up 20% | Mortgage Bankers Association | |
| Redfin Homebuyer Demand Index | Down 7% from a month earlier (as of week ending Sept. 14) | Down 13% | A measure of tours and other homebuying services from Redfin agents | |
| Google searches of “homes for sale” | Up 11% from a month earlier (as of Sept. 15) | Up nearly 30% | Google Trends | |
| Touring activity | Up 21% from the start of the year (as of Sept. 15) | At this time last year, it was up 8% from the start of 2024 | ShowingTime | |
Key housing-market data
| U.S. highlights: Four weeks ending Sept. 14, 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. 14, 2025 | Year-over-year change | Notes | |
| Median sale price | $392,225 | 2.2% | Biggest increase in 5 months |
| Median asking price | $402,475 | 2.9% | Biggest increase in 4 months |
| Median monthly mortgage payment | $2,590 at a 6.35% mortgage rate | 5.2% | Up $24 from a week earlier, but still near lowest level since January |
| Pending sales | 79,437 | 0.8% | Smallest increase in 2 months |
| New listings | 89,670 | 1.1% | |
| Active listings | 1,205,479 | 9.9% | Smallest increase since March 2024 |
| Months of supply | 4.5 | +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% | Down from 32% | |
| Median days on market | 45 | +6 days | |
| Share of homes sold above list price | 24.4% | 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. 14, 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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|---|---|---|---|
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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 | Detroit (10.8%)
Pittsburgh (9.4%) Cleveland (7.9%) San Jose, CA (6%) Milwaukee (6%) |
San Francisco (-2.8%)
Sacramento, CA (-1.3%) Portland, OR (-1%) Tampa, FL (-0.3%) |
Declined in 4 metros |
| Pending sales | San Francisco (13.8%)
Chicago (9.9%) West Palm Beach, FL (9.4%) Pittsburgh (8.6%) Riverside, CA (7.5%) |
Houston (-14.2%)
Las Vegas (-11.2%) Seattle (-9%) Denver (-6.4%) Tampa, FL (-6%) |
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| New listings | Pittsburgh (15%)
Baltimore (12.7%) Milwaukee (10.5%) Montgomery County, PA (10.3%) Minneapolis (9.7%) |
Orlando, FL (-16.7%)
Fort Lauderdale, FL (-14.2%) Tampa, FL (-13.9%) Houston (-10.1%) Anaheim, CA (-9.9%) |
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Refer to our metrics definition page for explanations of all the metrics used in this report.
