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.

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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.

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