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Redfin (RDFN) reports that home prices are declining year-over-year in 11 of the 50 most populous U.S. metros, marking the highest number of metros with price drops in 19 months. San Antonio (-3.7%), Oakland (-3.5%), and Jacksonville (-2.2%) experienced the steepest declines.
Nationwide, the median home-sale price increased by 2.1% year-over-year, the slowest growth rate since July 2023. The current median monthly housing payment stands at $2,848, just $8 below the all-time high, with mortgage rates rising to 6.83%.
Market indicators show pending sales down 0.3% year-over-year, while new listings are up 9.6%. The slowdown is attributed to cautious buyers amid high housing costs and economic uncertainty, including recession fears and new tariffs. Active listings have increased by 14.7%, representing the smallest increase in over a year.
Redfin (NASDAQ: RDFN) has announced it will release its first-quarter 2025 financial results after market close on May 6, 2025. Due to the pending acquisition by Rocket Companies (NYSE: RKT) announced on March 10, 2025, there will be no conference call or webcast to discuss the results.
The acquisition, governed by a Merger Agreement signed on March 9, 2025, involves the conversion of equity interests and issuance of Rocket common stock. The completion of the transaction is subject to various conditions, including Redfin stockholder approval and regulatory clearances.
The deal's success depends on multiple factors, including timely completion, integration effectiveness, and realization of anticipated synergies. A Form S-4 Registration Statement was filed with the SEC on April 7, 2025, containing detailed information about the proposed merger.
U.S. home prices showed minimal growth in March 2025, increasing just 0.2% month-over-month (seasonally adjusted), marking the slowest pace since December 2022. The year-over-year price growth decelerated to 4.6%, dropping below 5% for the first time since August 2023.
According to the Redfin Home Price Index (RHPI), 20 of the 50 most populous U.S. metros experienced price declines. The largest decreases were observed in Columbus, OH (-0.7%), Denver (-0.6%), and San Jose (-0.6%). Conversely, San Francisco led price gains at 2.7%, followed by Nassau County (2.6%) and Milwaukee (1.7%).
The slowdown is attributed to homebuying demand not keeping pace with increasing inventory. Economic uncertainty and new tariffs are contributing to buyer hesitation, potentially leading to further price moderation and increased negotiation opportunities.
Redfin (NASDAQ: RDFN) reports that home sellers offered concessions in 44.4% of U.S. home sales during Q1, approaching the record high of 45.1% from early 2023 and up from 39.3% year-over-year. These concessions include assistance with repairs, closing costs, and mortgage-rate buydowns.
The increase in concessions reflects a market shift favoring buyers, driven by high home prices, elevated mortgage rates, and economic uncertainty. Housing supply has reached a five-year high, giving buyers more negotiating power. Seattle leads major metros with concessions in 71.3% of sales, followed by Portland at 63.9%.
Additionally, 21.5% of homes sold below asking price with concessions, up from 18.5% last year. March saw approximately 52,000 canceled home purchases, representing 13.4% of contracts - the third-highest March level since 2017.
Redfin's recent survey reveals significant impact of new tariff policies on consumer purchasing behavior. 24% of Americans are canceling major purchases like homes or cars, while an additional 32% are delaying such decisions. The survey, conducted by Ipsos among 1,004 U.S. adults, shows that 55% of respondents are less likely to make major purchases this year.
Political affiliation shows marked differences in response: 36% of Democrats are canceling major purchases compared to 15% of Republicans. The survey also revealed concerning financial preparedness data, with 34% of Americans lacking emergency funds for housing payments. Among those with emergency savings, 56% have 0-6 months of housing payments covered.
The tariffs' impact on the housing market includes mortgage rate volatility, increased construction costs, and reduced homebuying demand. Age demographics show varying responses, with 60% of those aged 55+ less likely to make major purchases, compared to 54% of people aged 18-34.
Redfin (NASDAQ: RDFN) reports that U.S. median home-sale prices rose 2.6% year-over-year in the four weeks ending April 13, showing significant deceleration from 5-6% growth seen in late 2024. The slowdown is attributed to rising supply amid weakening demand, with new listings up 11.2% and total inventory up 12.3% year-over-year.
The housing market faces headwinds from record-high housing costs, with median monthly payments reaching $2,819, and widespread economic instability. Pending home sales declined 1% year-over-year, while mortgage applications dropped 5% week-over-week. In 10 of the 50 most populous metros, primarily in Texas and Florida, median home prices have decreased year-over-year.
The median sale price stands at $387,000, with 39.4% of homes going off market within two weeks, down from 42% last year. The average sale-to-list price ratio decreased to 98.7% from 99.1%, indicating increased buyer negotiating power in the current market.
U.S. housing market shows significant slowdown with homes taking 47 days to sell in March 2025 - the longest period for any March since 2019. The median home-sale price reached $431,057, up 2.5% year-over-year, marking the slowest growth since September 2023.
Key indicators show a market cooling: only 27% of homes sold above list price, the lowest March share since 2020. Active listings hit a five-year high, rising 14.1% year-over-year, while new listings increased 6%. Pending home sales rose 1.7% month-over-month, but existing home sales fell to 4.15 million - the lowest in six months.
The slowdown is attributed to rising supply, sluggish demand, and overpricing. With mortgage rates at 6.65%, buyers face high costs amid economic uncertainty. Regional variations show strong price growth in Cleveland (11.8%) and Nassau County (9.8%), while Florida and Texas markets experienced declines due to rising insurance costs.
Redfin (NASDAQ: RDFN) reports a significant slowdown in domestic migration to Florida, Texas, and other Sun Belt regions in 2024. Tampa experienced the most dramatic decrease, with net inflow dropping to 10,000 residents from 35,000 the previous year. Dallas followed with a decline to 13,000 from 35,000, while Atlanta shifted to a net outflow of 2,000 residents.
Key factors driving this trend include:
- Rising housing costs narrowing the affordability gap between Sun Belt and traditional expensive cities
- Increasing natural disasters and insurance costs in Florida and Texas
- Return to office mandates limiting relocation flexibility
- Competition from more affordable Midwest and Northeast regions
Conversely, major coastal job centers like New York and Los Angeles are seeing improved retention, with smaller net outflows compared to previous years. This shift is impacting housing markets, with some Sun Belt areas experiencing price stagnation due to surplus housing supply and decreased demand.
A beachfront estate in Oahu, Hawaii topped March's most expensive home sales at $65.8 million, followed by two $60 million properties in Miami Beach and Manhattan. The top 10 list features five properties in coastal Florida, three in California, one in New York, and one in Hawaii, all selling for over $25 million.
Florida's dominance in ultra-luxury real estate persists despite rising insurance costs and climate risks, attracting wealthy buyers with its luxurious lifestyle, warm weather, and zero state income tax. The report also highlights current ultra-luxury listings, with properties in Manalapan, FL ($285 million) and Naples, FL ($210 million) leading the market.
These ultra-luxury homes typically sell below asking price and remain on market longer than average properties. While standard U.S. homes typically go under contract in 54 days, some ultra-luxury properties have been listed for up to two years.
Redfin (NASDAQ: RDFN) reports that U.S. median asking rents decreased 0.6% year-over-year to $1,610 in March, while showing a slight 0.4% month-over-month increase. This marks the 13th consecutive month of minimal rent changes under 1%.
The report highlights potential upward pressure on rents due to two key factors: slowing apartment construction and new tariffs. These tariffs could impact building materials, particularly affecting softwood lumber imports from Canada, which represents nearly 25% of America's supply.
Market variations show significant regional differences:
- Austin experienced the largest decline (-10.7% YoY) to $1,420
- Cincinnati led increases (+12.1% YoY)
- 0-1 bedroom: -0.9% to $1,467
- 2 bedroom: -0.5% to $1,690
- 3 bedroom: -0.4% to $1,997
