Would-be homebuyers are sitting on the sidelines, wary of economic uncertainty and still-high housing costs. A dwindling pool of supply is propping up prices.
The median U.S. home-sale price rose 2.3% during the four weeks ending November 16, the biggest increase in seven months, according to a new report from Redfin, the real estate brokerage powered by Rocket.
Sale prices are rising despite slow homebuying demand because total inventory is dwindling. Still, it’s important to note that home prices are growing slower than wages and inflation, meaning homebuying is becoming slightly more affordable.
Pending home sales fell 0.8% year over year, a modest decline but the biggest in four months. Many would-be buyers are staying on the sidelines due to economic instability and high housing costs; in addition to still-rising home prices, mortgage rates are ticking up after dropping to their lowest level in a year. Homes are also taking longer to sell; the typical home that goes under contract does so in 49 days, the longest span for this time of year since 2019.
At the same time, total supply is losing steam. Active listings rose 6.1% year over year, the smallest increase since February 2024. The shrinking pool of homes is propping up prices.
Sale Prices Dropped in 18 of the 50 Most Populous U.S. Metros
Sale prices aren’t rising everywhere, though. The median home-sale price declined in 18 of the 50 most populous U.S. metros, the most in over two years (tied with the 4 weeks ending November 2).
Prices fell most in Fort Worth, TX (-3.9% year over year), Dallas (-3.3%) and Jacksonville, FL (-3.3%). The next-biggest drops were in Miami (-2.5%) and Seattle (-2.2%).
“Buyers may be able to find a deal,” said Jonathan Buch, a Redfin Premier agent in West Palm Beach, FL. “In today’s slow market, the people who are selling are typically the ones who have to because of a divorce or job relocation. Many of those people are willing to sell at a lower price than they could get if they waited for demand to pick up. Still, homes that are fairly priced and move-in ready—especially the ones with pools—are selling quickly, with bidding wars.”
Sale prices rose most in the Rust Belt and Midwest, with prices increasing most in Cincinnati (10.5%), Pittsburgh (9.5%), Detroit (8.4%), Milwaukee (8.3%) and Cleveland (8%).
For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page.
Leading indicators
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 |
6.36% (Nov. 19) |
Up from 6.13% two weeks earlier |
Down from 7.02% |
Mortgage News Daily |
Weekly average 30-year fixed mortgage rate |
6.24% (week ending Nov. 13) |
Up slightly from the week before, but near lowest level in a year |
Down from 6.79% |
Freddie Mac |
Mortgage-purchase applications (seasonally adjusted) |
|
Down 2% from a week earlier (as of week ending Nov. 14) |
Up 26% |
Mortgage Bankers Association |
Redfin Homebuyer Demand Index (seasonally adjusted) |
|
Near highest level since August (as of week ending Nov. 16) |
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. 16) |
Up 12% |
Google Trends |
Touring activity |
|
Up 7% from the start of the year (as of Nov. 16) |
At this time last year, it was down 3% from the start of 2024 |
ShowingTime |
Key housing-market data
U.S. highlights: Four weeks ending Nov. 16, 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. 16, 2025 |
Year-over-year change |
Notes |
Median sale price |
$393,411 |
2.3% |
Biggest increase in 7 months |
Median asking price |
$389,748 |
2.4% |
|
Median monthly mortgage payment |
$2,486 at a 6.24% mortgage rate |
-2.4% |
Lowest level since start of the year |
Pending sales |
74,407 |
-0.8% |
Biggest decline in 4 months |
New listings |
79,043 |
3.4% |
|
Active listings |
1,182,671 |
6.1% |
Smallest increase since Feb. 2024 |
Months of supply |
4.6 |
+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 |
28% |
Down from 29% |
|
Median days on market |
49 |
+6 days |
|
Share of homes sold above list price |
22.6% |
Down from 25% |
|
Average sale-to-list price ratio |
98.2% |
Down from 98.6% |
|
Metro-level highlights: Four weeks ending Nov. 16, 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 |
Cincinnati (10.5%) Pittsburgh (9.5%) Detroit (8.4%) Milwaukee (8.3%) Cleveland (8%) |
Fort Worth, TX (-3.9%) Jacksonville, FL (-3.3%) Dallas (-3.3%) Miami (-2.5%) Seattle (-2.2%) |
Declined in 18 metros, the most in over 2 years (tied with the 4 weeks ending Nov. 2) |
Pending sales |
West Palm Beach, FL (21.2%) Cleveland (9.7%) Miami (9.4%) Phoenix (8.6%) Riverside, CA (6.7%) |
San Jose, CA (-18.2%) Seattle (-17.7%) Tampa, FL (-14.2%) Las Vegas (-12.5%) San Diego (-9.7%) |
|
New listings |
Montgomery County, PA (14.2%) Minneapolis (13.9%) Cincinnati (11.9%) Phoenix (11.4%) Pittsburgh (11.1%)
|
Tampa, FL (-15.6%) Orlando, FL (-9.9%) Fort Lauderdale, FL (-9.2%)
Sacramento, CA (-8.6%)
|
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To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-home-prices-grow-slow-demand
About Redfin
Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin’s clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.
You can find more information about Redfin and get the latest housing market data and research at Redfin.com/news. For more information about Rocket Companies, visit RocketCompanies.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20251120438522/en/
Contacts
Contact Redfin Journalist Services:
Tana Kelley
press@redfin.com