Redfin Reports Monthly Housing Payments Hit All-Time High
The median monthly mortgage payment reached a record high this week, putting a lid on pending home sales. New listings, on the other hand, are improving.
Housing costs are soaring for two reasons. One, sale prices keep rising; the median home-sale price is up
High costs are putting a lid on home sales. Pending home sales are down
Sellers are entering the market faster than buyers. New listings of homes for sale are up
Redfin agents in many parts of the country say that even though costs are high, some buyers are able to negotiate in their favor.
“Buyers are cautious because they’re worried about the economy and potential layoffs, and they're wondering if mortgage rates will come down later this year. But because other buyers are cautious too, some house hunters are getting homes for under asking price,” said Kimberly Freutel, a Redfin Premier agent in
For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page.
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 |
|
Near lowest level since December |
Down from |
Mortgage News Daily |
Weekly average 30-year fixed mortgage rate |
|
Up marginally from the week before, but near lowest level since mid-December |
Down from |
Freddie Mac |
Mortgage-purchase applications (seasonally adjusted) |
|
Up |
Up |
Mortgage Bankers Association |
Touring activity |
|
Up |
At this time last year, it was up |
ShowingTime, a home touring technology company |
Google searches for “home for sale” |
|
Up |
Up
|
Google Trends |
The Redfin Homebuyer Demand Index has been excluded this week to ensure data accuracy. |
Key housing-market data
Redfin’s national metrics include data from 400+ |
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|
Four weeks ending March 23, 2025 |
Year-over-year change |
Notes |
Median sale price |
|
|
|
Median asking price |
|
|
|
Median monthly mortgage payment |
|
|
Record high |
Pending sales |
83,161 |
- |
|
New listings |
99,152 |
|
Biggest increase of 2025 |
Active listings |
970,228 |
|
Smallest increase in a year |
Months of supply |
3.9 |
+0.6 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 |
|
Down from |
|
Median days on market |
48 |
+7 days |
|
Share of homes sold above list price |
|
Down from |
|
Average sale-to-list price ratio |
|
Down from |
|
Metro-level highlights: Four weeks ending March 23, 2025
Redfin’s metro-level data includes the 50 most populous |
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|
Metros with biggest year-over-year increases |
Metros with biggest year-over-year decreases |
Notes |
Median sale price |
|
|
Declined in 9 metros |
Pending sales |
|
|
Increased in 6 metros |
New listings |
|
|
Declined in 7 metros
|
To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-monthly-housing-payment-record-high-2025
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
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/20250327640989/en/
Contact Redfin
Redfin Journalist Services:
Tana Kelley
press@redfin.com
Source: Redfin