Redfin reports many would-be buyers are still spooked by rising sale prices and economic instability, but some are creeping off the sidelines
The median U.S. monthly housing payment was $2,530 during the four weeks ending October 26, down 1.4% year over year. That’s the biggest decline since November 2024, according to a new report from Redfin, the real estate brokerage powered by Rocket.
Monthly payments fell mainly because mortgage rates declined last week. The weekly average mortgage rate dropped to 6.19% this week, its lowest level in over a year, amid a cooler-than-expected inflation report and the Fed’s rate cut. Falling mortgage rates are enough to push monthly payments down despite rising sale prices; the median U.S. home-sale price rose 1.9% year over year, the second-biggest increase in six months.
It’s worth noting that Redfin economists don’t expect this week’s interest-rate cut to drive mortgage rates down further, as it is already priced into markets. In fact, the daily average mortgage rate ticked up on Thursday because the Fed indicated it may not cut rates in December, running counter to expectations.
Homebuying demand is still lackluster, but some house hunters are creeping off the sidelines. Pending home sales are up 1% year over year, and mortgage-purchase applications are up 5% week over week. Redfin agents report some would-be buyers are hoping rates drop below 6% before moving forward, and others are spooked about widespread economic uncertainty.
On the selling side, more people are putting their homes up for sale. New listings are up 4.6% year over year, the biggest uptick in five months, as sellers hope buyers will pounce on lower rates. Redfin agents advise sellers who want to offload their home as soon as possible to price fairly from the start, and be open to negotiations.
“Do your research and price correctly from the beginning. The longer your house sits on the market, the lower the sale price is likely to be,” said Matt Purdy, a Redfin Premier agent in the Denver area. “Sellers who price too high will watch their home linger on the market for several months, and they’ll be forced to cut their price—unless their home is in perfect condition and located in a highly desirable neighborhood. With more sellers than buyers out there, buyers are picky and have negotiating power, especially if their purchase isn’t contingent on selling their previous home.”
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 |
6.27% (Oct. 29) |
Up from 6.13% earlier in the week |
Down from 6.9% |
Mortgage News Daily |
Weekly average 30-year fixed mortgage rate |
6.19% (week ending Oct. 23) |
Lowest level in over a year |
Down from 6.54% |
Freddie Mac |
Mortgage-purchase applications (seasonally adjusted) |
|
Up 5% from a week earlier (as of week ending Oct. 24) |
Up 20% |
Mortgage Bankers Association |
Redfin Homebuyer Demand Index |
|
Up about 5% from a month earlier (as of week ending Oct. 26) |
Down 10% |
A measure of tours and other homebuying services from Redfin agents |
Google searches of “homes for sale” |
|
Up more than 10% from a month earlier (as of Oct. 26) |
Up more than 20% |
Google Trends |
Touring activity |
|
Up 8% from the start of the year (as of Oct. 26) |
At this time last year, it was up 1% from the start of 2024 |
ShowingTime |
Key housing-market data
U.S. highlights: Four weeks ending Oct. 26, 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 Oct. 26, 2025 |
Year-over-year change |
Notes |
Median sale price |
$391,750 |
1.9% |
Biggest increase in 6 months, except the 4 weeks ending Sept. 28, when the increase was 2% |
Median asking price |
$398,225 |
2.9% |
Biggest increase in 5 months |
Median monthly mortgage payment |
$2,530 at a 6.19% mortgage rate |
-1.4% |
Lowest level since start of the year, and biggest decline in a year |
Pending sales |
77,682 |
1% |
|
New listings |
86,993 |
4.6% |
Biggest increase in 5 months |
Active listings |
1,203,768 |
6.9% |
|
Months of supply |
4.6 |
+0.3 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 |
29.5% |
Down from 32% |
|
Median days on market |
48 |
+6 days |
|
Share of homes sold above list price |
23% |
Down from 26% |
|
Average sale-to-list price ratio |
98.3% |
Down from 98.7% |
|
Metro-level highlights: Four weeks ending Oct. 26, 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. |
|||
|
Metros with biggest year-over-year increases |
Metros with biggest year-over-year decreases |
Notes |
Median sale price |
Cleveland (14.1%) Detroit (12.9%) Newark, NJ (9.7%) Milwaukee (7.8%) Philadelphia (7.8%) |
Dallas (-4.4%) Jacksonville, FL (-3.3%) Atlanta (-2.1%) Fort Lauderdale, FL (-1.8%) Tampa, FL (-1.4%) |
Declined in 13 metros |
Pending sales |
West Palm Beach, FL (22.8%) Tampa, FL (22%) Fort Lauderdale, FL (11.7%) Orlando (10.5%) Pittsburgh (9.7%) |
Seattle (-14.8%) San Antonio (-13%) Denver (-9.5%) San Jose, CA (-9.3%) Virginia Beach, VA (-8.3%) |
Pending sales rose significantly in coastal Florida largely because two major hurricanes stalled the state’s housing market at this time last year |
New listings |
Tampa, FL (22.7%) Montgomery County, PA (14.3%) West Palm Beach, FL (13.4%) Philadelphia (11.9%) Phoenix (10.4%) |
Denver (-11.5%) San Francisco (-8.5%) Jacksonville, FL (-7.5%) San Antonio (-7.3%) Anaheim, CA (-6.8%) |
New listings rose significantly in coastal Florida largely because two major hurricanes stalled the state’s housing market at this time last year |
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-monthly-payments-biggest-decline-in-year
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/20251030689060/en/
Contacts
Contact Redfin Journalist Services:
Tana Kelley
press@redfin.com
