{"id":833445,"date":"2025-04-03T08:07:08","date_gmt":"2025-04-03T12:07:08","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-spring-brings-record-high-monthly-housing-costs-keeping-pending-home-sales-at-bay\/"},"modified":"2025-04-03T08:07:08","modified_gmt":"2025-04-03T12:07:08","slug":"redfin-reports-spring-brings-record-high-monthly-housing-costs-keeping-pending-home-sales-at-bay","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-spring-brings-record-high-monthly-housing-costs-keeping-pending-home-sales-at-bay\/","title":{"rendered":"Redfin Reports Spring Brings Record-High Monthly Housing Costs, Keeping Pending Home Sales at Bay"},"content":{"rendered":"

<\/p>\n

Redfin Reports Spring Brings Record-High Monthly Housing Costs, Keeping Pending Home Sales at Bay<\/b><\/p>\n

Soaring housing payments are keeping many homebuyers on the sidelines, but new listings are ticking up and there are signs some house hunters are emerging as spring begins<\/i><\/p>\n

SEATTLE–(BUSINESS WIRE<\/a>)–
\n(NASDAQ: RDFN) \u2014 The typical U.S. homebuyer\u2019s monthly payment hit a record high for the second week in a row, reaching $2,802 during the four weeks ending March 30. That\u2019s according to a new report<\/a> from Redfin (redfin.com<\/a>), the technology-powered real estate brokerage. Sale prices are up 3.4% year over year, and the weekly average mortgage rate is 6.65%, near its lowest level since December but more than double pandemic-era lows.\n<\/p>\n

Pending home sales are declining.<\/b> High costs are keeping a lid on sales; pending home sales fell 2.3% year over year.\n<\/p>\n

But there are signs more house hunters are hitting the pavement.<\/b> Mortgage-purchase applications are at their highest level in over two months. Home tours are rising twice as fast this year than they were at this time last year (though that\u2019s partly because Easter fell into last year\u2019s comparable period). Finally, Google searches of \u201chomes for sale\u201d are up to their highest level since August. Redfin agents report many prospective buyers have made peace with elevated rates and prices, and those who can afford to buy are moving forward before costs increase more.\n<\/p>\n

New listings are rising.<\/b> New listings of homes for sale rose 12.7% year over year during the four weeks ending March 30, the biggest increase in 11 months. That\u2019s partly because some sellers are hoping to cash in on high prices and some are noticing increased interest from house hunters: Easter fell into the comparable period in 2024, while the holiday hasn\u2019t yet hit this year.\n<\/p>\n

\n\u201cSupply is picking up; a lot of people I\u2019ve spoken to over the last year or two are calling, saying they\u2019re ready to list their house,\u201d said Matt Ferris<\/a>, a Redfin Premier<\/a> agent in northern Virginia. \u201cSome believe we\u2019re at the top of the market, and they want to get top dollar for their house. Some are moving for the usual reasons: They need a bigger home, they\u2019re retiring, or they\u2019re relocating to a different area. And here in the D.C. area, some people are selling because they\u2019re worried about losing their government job, or because they want to buy closer to the city due to in-office policies.\u201d\n<\/p>\n

\nFor Redfin economists\u2019 takes on the housing market, please visit Redfin\u2019s \u201cFrom Our Economists<\/a>\u201d page.\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\n

Leading indicators<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Indicators of homebuying demand and activity<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Value (if applicable)<\/b><\/p>\n<\/td>\n

\n

Recent change<\/b><\/p>\n<\/td>\n

\n

Year-over-year change<\/b><\/p>\n<\/td>\n

\n

Source<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Daily average 30-year fixed mortgage rate<\/b><\/p>\n<\/td>\n

\n

\n6.72% (April 2)\n<\/p>\n<\/td>\n

\n

\nDown from 6.82% a week earlier; near lowest level since early December\n<\/p>\n<\/td>\n

\n

\nDown from 7.07%\n<\/p>\n<\/td>\n

\n

\nMortgage News Daily\n<\/p>\n<\/td>\n<\/tr>\n

\n

Weekly average 30-year fixed mortgage rate<\/b><\/p>\n<\/td>\n

\n

\n6.65% (week ending March 27)\n<\/p>\n<\/td>\n

\n

\nDown marginally from the week before; near lowest level since mid-December\n<\/p>\n<\/td>\n

\n

\nDown from 6.79%\n<\/p>\n<\/td>\n

\n

\nFreddie Mac\n<\/p>\n<\/td>\n<\/tr>\n

\n

Mortgage-purchase applications (seasonally adjusted)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nUp 2% from a week earlier (as of week ending March 28)\n<\/p>\n<\/td>\n

\n

\nUp 9%\n<\/p>\n<\/td>\n

\n

\nMortgage Bankers Association\n<\/p>\n<\/td>\n<\/tr>\n

\n

Touring activity<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nUp 37% from the start of the year (as of March 31)\n<\/p>\n<\/td>\n

\n

\nAt this time last year, it was up 16% from the start of 2024\n<\/p>\n<\/td>\n

\n

\nShowingTime, a home touring technology company\n<\/p>\n<\/td>\n<\/tr>\n

\n

Google searches for \u201chome for sale\u201d<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nUp 17% from a month earlier (as of March 31)\n<\/p>\n<\/td>\n

\n

\nUp 4%\n<\/p>\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nGoogle Trends\n<\/p>\n<\/td>\n<\/tr>\n

\n

The Redfin Homebuyer Demand Index has been excluded this week to ensure data accuracy.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Key housing-market data<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

U.S. highlights: Four weeks ending March 30, 2025<\/b><\/p>\n

Redfin\u2019s 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.<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Four weeks ending March 30, 2025<\/b><\/p>\n<\/td>\n

\n

Year-over-year change<\/b><\/p>\n<\/td>\n

\n

Notes<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Median sale price<\/b><\/p>\n<\/td>\n

\n

\n$386,019\n<\/p>\n<\/td>\n

\n

\n3.4%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Median asking price<\/b><\/p>\n<\/td>\n

\n

\n$424,975\n<\/p>\n<\/td>\n

\n

\n6.7%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Median monthly mortgage payment<\/b><\/p>\n<\/td>\n

\n

\n$2,802 at a 6.65% mortgage rate\n<\/p>\n<\/td>\n

\n

\n5.2%\n<\/p>\n<\/td>\n

\n

\nRecord high\n<\/p>\n<\/td>\n<\/tr>\n

\n

Pending sales<\/b><\/p>\n<\/td>\n

\n

\n85,402\n<\/p>\n<\/td>\n

\n

\n-2.3%\n<\/p>\n<\/td>\n

\n

\nSmallest decline since start of 2025\n<\/p>\n<\/td>\n<\/tr>\n

\n

New listings<\/b><\/p>\n<\/td>\n

\n

\n100,366\n<\/p>\n<\/td>\n

\n

\n12.7%\n<\/p>\n<\/td>\n

\n

\nBiggest increase in 11 months\n<\/p>\n<\/td>\n<\/tr>\n

\n

Active listings<\/b><\/p>\n<\/td>\n

\n

\n981,872\n<\/p>\n<\/td>\n

\n

\n11.7%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Months of supply<\/b><\/p>\n<\/td>\n

\n

\n4.1\n<\/p>\n<\/td>\n

\n

\n+0.7 pts.\n<\/p>\n<\/td>\n

\n

\n4 to 5 months of supply<\/a> is considered balanced, with a lower number indicating seller\u2019s market conditions\n<\/p>\n<\/td>\n<\/tr>\n

\n

Share of homes off market in two weeks<\/b><\/p>\n<\/td>\n

\n

\n38.5%\n<\/p>\n<\/td>\n

\n

\nDown from 42%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Median days on market<\/b><\/p>\n<\/td>\n

\n

\n45\n<\/p>\n<\/td>\n

\n

\n+6 days\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Share of homes sold above list price<\/b><\/p>\n<\/td>\n

\n

\n24.6%\n<\/p>\n<\/td>\n

\n

\nDown from 28%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Average sale-to-list price ratio<\/b><\/p>\n<\/td>\n

\n

\n98.6%\n<\/p>\n<\/td>\n

\n

\nDown from 98.9%\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n
\n

Metro-level highlights: Four weeks ending March 30, 2025<\/b><\/p>\n

Redfin\u2019s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Metros with biggest year-over-year increases<\/b><\/p>\n<\/td>\n

\n

Metros with biggest year-over-year decreases<\/b><\/p>\n<\/td>\n

\n

Notes<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Median sale price<\/b><\/p>\n<\/td>\n

\n

\nCleveland (10.4%)\n<\/p>\n

\nNassau County, NY (10%)\n<\/p>\n

\nNewark, NJ (9%)\n<\/p>\n

\nChicago (7.8%)\n<\/p>\n

\nNew Brunswick, NJ (7.3%)\n<\/p>\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nJacksonville, FL (-4.6%)\n<\/p>\n

\nTampa, FL (-1.7%)\n<\/p>\n

\nDallas (-1.4%)\n<\/p>\n

\nAtlanta (-0.6%)\n<\/p>\n

\nOrlando, FL (-0.4%)\n<\/p>\n

\nPortland, OR (-0.3%)\n<\/p>\n<\/td>\n

\n

\nDeclined in 6 metros\n<\/p>\n<\/td>\n<\/tr>\n

\n

Pending sales<\/b><\/p>\n<\/td>\n

\n

\nMontgomery County, PA (10.1%)\n<\/p>\n

\nPittsburgh (4.6%)\n<\/p>\n

\nCincinnati (3.7%)\n<\/p>\n

\nDenver (3%)\n<\/p>\n

\nPhoenix (2%)\n<\/p>\n<\/td>\n

\n

\nFort Lauderdale, FL (-15.8%)\n<\/p>\n

\nMiami (-15.1%)\n<\/p>\n

\nLas Vegas (-13.7%)\n<\/p>\n

\nColumbus, OH (-12.3%)\n<\/p>\n

\nHouston (-11.4%)\n<\/p>\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nIncreased in 11 metros\n<\/p>\n<\/td>\n<\/tr>\n

\n

New listings<\/b><\/p>\n<\/td>\n

\n

\nDenver (29.1%)\n<\/p>\n

\nMontgomery County, PA (28.1%)\n<\/p>\n

\nPhoenix (26%)\n<\/p>\n

\nWashington, D.C. (26%)\n<\/p>\n

\nBoston (23.1%)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nSan Antonio (-4.8%)\n<\/p>\n

\nColumbus, OH (-1.6%)\n<\/p>\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nDeclined in 2 metros\n<\/p>\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nTo view the full report, including charts, please visit:
\n
https:\/\/www.redfin.com\/news\/housing-market-update-costs-record-high-new-listings-increase<\/a>.\n<\/p>\n

About Redfin<\/b><\/p>\n

\nRedfin (www.redfin.com<\/a>) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country’s #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.\n<\/p>\n

\nRedfin\u2019s subsidiaries and affiliated brands include: Bay Equity Home Loans\u00ae, Rent.\u2122, Apartment Guide\u00ae, Title Forward\u00ae and WalkScore\u00ae.\n<\/p>\n

\nFor more information or to contact a local Redfin real estate agent, visit www.redfin.com<\/a>. To learn about housing market trends and download data, visit the Redfin Data Center<\/a>. To be added to Redfin’s press release distribution list, email press@redfin.com<\/a>. To view Redfin’s press center, click here<\/a>.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250403415242\/en\/<\/a><\/span><\/p>\n

\nContact Redfin
\n
Redfin Journalist Services:
\n
Tana Kelley
\n
press@redfin.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America Washington<\/p>\n

INDUSTRY KEYWORDS:<\/b> Professional Services Technology Residential Building & Real Estate Finance Construction & Property Internet<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Redfin Reports Spring Brings Record-High Monthly Housing Costs, Keeping Pending Home Sales at Bay Soaring housing payments are keeping many homebuyers on the sidelines, but new listings are ticking up and there are signs some house hunters are emerging as spring begins SEATTLE–(BUSINESS WIRE)– (NASDAQ: RDFN) \u2014 The typical U.S. homebuyer\u2019s monthly payment hit a record high for the second week in a row, reaching $2,802 during the four weeks ending March 30. That\u2019s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Sale prices are up 3.4% year over year, and the weekly average mortgage rate is 6.65%, near its lowest level since December but more than double pandemic-era lows. Pending home sales are declining. … <\/p>\n

Continue reading “Redfin Reports Spring Brings Record-High Monthly Housing Costs, Keeping Pending Home Sales at Bay”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-833445","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nRedfin Reports Spring Brings Record-High Monthly Housing Costs, Keeping Pending Home Sales at Bay - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-spring-brings-record-high-monthly-housing-costs-keeping-pending-home-sales-at-bay\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Redfin Reports Spring Brings Record-High Monthly Housing Costs, Keeping Pending Home Sales at Bay - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Redfin Reports Spring Brings Record-High Monthly Housing Costs, Keeping Pending Home Sales at Bay Soaring housing payments are keeping many homebuyers on the sidelines, but new listings are ticking up and there are signs some house hunters are emerging as spring begins SEATTLE–(BUSINESS WIRE)– (NASDAQ: RDFN) \u2014 The typical U.S. homebuyer\u2019s monthly payment hit a record high for the second week in a row, reaching $2,802 during the four weeks ending March 30. That\u2019s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Sale prices are up 3.4% year over year, and the weekly average mortgage rate is 6.65%, near its lowest level since December but more than double pandemic-era lows. 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