\n(NASDAQ: RDFN) \u2014 Nationwide, the median home-sale price rose 2.6% year over year during the four weeks ending April 13, according to a new report<\/a> from Redfin (redfin.com<\/a>), the technology-powered real estate brokerage. That\u2019s roughly the same as the increases Redfin has seen over the past month, but down from 5% to 6% growth at the end of 2024 and the start of 2025.\n<\/p>\n
\nOn a metro level, the median home-sale price is down from a year ago in 10 of the 50 most populous U.S. metro areas, mostly in Texas and Florida.\n<\/p>\n
\nPrice growth is losing steam nationally\u2014and prices are dropping in some metro areas\u2014because supply is rising while demand is slow. New listings of homes for sale are up 11.2% year over year, and the totalnumber of homes for sale is up 12.3%. Meanwhile, pending home sales declined roughly 1% from a year ago, mortgage-purchase applications are down 5% week over week, and Redfin agents in many parts of the country report that house hunters are backing off.\n<\/p>\n
Homebuying demand is slow for two key reasons:<\/b><\/p>\n \nNew listings are rising in part because some homeowners want to sell their house now before a potential economic downturn further dampens demand and possibly drives down home values. There\u2019s also a holiday effect at play; part of the reason for the year-over-year increase in new listings is because Easter fell into the comparable period in 2024 but hasn\u2019t occurred yet in 2025.\n<\/p>\n \n\u201cA lot of buyers, especially first-timers, are backing off because they\u2019re nervous about a potential recession,\u201d said Venus Martinez<\/a>, a Redfin Premier<\/a> agent in Los Angeles. \u201cSome house hunters are hanging out on the sidelines because they\u2019re hopeful mortgage rates will come down soon. The buyers who are still active, typically those who need to move, are picky and unwilling to pay over asking price. And those buyers have the right strategy: Many of today\u2019s sellers are willing to negotiate<\/a> the price down.\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 Leading indicators<\/b><\/p>\n\n
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