Redfin Reports Home Prices Are Falling in 11 of the 50 Most Populous U.S. Metros, the Most in 19 Months

Nationwide, home prices are up 2.1% year over year, the slowest growth rate in nearly two years

SEATTLE--(BUSINESS WIRE)-- (NASDAQ: RDFN) — The median home-sale price declined year over year in 11 of the 50 most populous U.S. metro areas during the four weeks ending April 20, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The last time home prices dropped in that many metros was over a year and a half ago, in September 2023. Prices declined most in San Antonio (-3.7%), Oakland, CA (-3.5%), and Jacksonville, FL (-2.2%). The other places where prices fell were Phoenix, Austin, TX, Dallas, Orlando, Sacramento, CA, Fort Worth, TX, Portland, OR and Nashville, TN.

Nationwide, the median home-sale price rose 2.1% year over year, the slowest growth rate since July 2023.

Home prices are falling in many major metros—and price growth is decelerating nationally—because many house hunters are backing off, but the number of homes for sale is holding up. Home tours are slowing, mortgage-purchase applications are falling, and Redfin agents in many parts of the country report that would-be buyers are ultra-cautious amid high housing costs and widespread economic uncertainty. Pending home sales are down slightly year over year (-0.3%).

The median U.S. monthly housing payment is $2,848, just $8 shy of the all-time high, as weekly average mortgage rates jumped to 6.83% from 6.62% in just one week. Mortgage rates are rising for the same reason many buyers are backing off: Economic instability and the increasing chances of a recession, largely stemming from new tariffs.

Meanwhile, new listings are up 9.6% year over year, and Redfin agents report that much of the activity they’re seeing in the market is from sellers.

“There are always people who need to buy homes or sell homes, no matter what’s going on in the world. But with so much uncertainty in the economy, now is a time for those buyers and sellers to be more strategic than ever,” said Chen Zhao, Redfin's Economic Research Lead. “My advice to sellers is to price your home fairly for the shifting market; you may need to price lower than your initial instinct to sell quickly and avoid giving concessions. On the flip side, buyers should negotiate on price and terms and shop around even more than usual for the best mortgage rates.”

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	6.94% (April 23)	Down from 7.07% a week earlier	Down from 7.41%	Mortgage News Daily
Weekly average 30-year fixed mortgage rate	6.83% (week ending April 17)	Up from 6.62% a week earlier	Down from 7.1%	Freddie Mac
Mortgage-purchase applications (seasonally adjusted)		Down 7% from a week earlier (as of week ending April 18)	Up 6%	Mortgage Bankers Association
Touring activity		Up 16% from the start of the year (as of April 21)	At this time last year, it was up 35% from the start of 2024	ShowingTime, a home touring technology company
Google searches for “home for sale”		Up 6% from a month earlier (as of April 21)	Unchanged	Google Trends
The Redfin Homebuyer Demand Index has been excluded this week to ensure data accuracy.

Key housing-market data

U.S. highlights: Four weeks ending April 20, 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.
	Four weeks ending April 20, 2025	Year-over-year change	Notes
Median sale price	$388,562	2.1%	Slowest growth since July 2023 (tied with the prior 4-week period, the 4 weeks ending April 13, 2025)
Median asking price	$425,752	5.8%
Median monthly mortgage payment	$2,848 at a 6.83% mortgage rate	3%	$8 shy of record high
Pending sales	88,576	-0.3%
New listings	105,074	9.6%
Active listings	1,046,344	14.7%	Smallest increase in over a year
Months of supply	4	+0.7 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	40%	Down from 42%
Median days on market	40	+5 days
Share of homes sold above list price	26.4%	Down from 30%
Average sale-to-list price ratio	98.8%	Down from 99.3%

Metro-level highlights: Four weeks ending April 20, 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	Milwaukee (11.7%) Newark, NJ (11.2%) Cleveland (9.5%) Chicago (7.7%) Baltimore (7%)	San Antonio (-3.7%) Oakland, CA (-3.5%) Jacksonville, FL (-2.2%) Phoenix (-2%) Austin, TX (-1.3%)	Declined in 11 metros
Pending sales	Columbus, OH (16.4%) Boston (14.3%) Cincinnati (12.3%) Indianapolis (12.1%) San Francisco (8.5%)	Miami (-25.6%) Fort Lauderdale, FL (-17.9%) West Palm Beach, FL (-15.3%) Las Vegas (-14.7%) Houston (-11.8%)	Declined in roughly half the metros
New listings	Phoenix (24.9%) Boston (20.4%) Washington, D.C. (20%) Baltimore (18.9%) Cleveland (17.2%)	Nassau County, NY (-6.2%) West Palm Beach, FL (-2.6%) Fort Lauderdale, FL (-2.3%) New York (-2.3%) San Antonio (-2.3%) Newark, NJ (-0.4%)	Declined in 6 metros

To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-home-prices-falling-in-11-metros

About Redfin

Redfin (www.redfin.com) 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.

Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20250424237635/en/

Contact Redfin

Redfin Journalist Services:

Tana Kelley

press@redfin.com

Source: Redfin