US Home Prices Hit $400K Record High as New Listings Drop

New listings are down 1% year over year, the first decline in nearly six months, with would-be sellers taking notice of slow demand. The weekly average mortgage rate also fell to 6.67%, its lowest level since early April.

SEATTLE--(BUSINESS WIRE)-- (NASDAQ: RDFN) 鈥� The median U.S. home-sale price hit a record high during the four weeks ending June 29, but buyers are getting a bit of cost relief as mortgage rates decline. That鈥檚 according to a new from Redfin (), the technology-powered real estate brokerage.

Redfin is taking a break from full analysis this week, but please see the tables and charts below for this week鈥檚 housing-market data.

For Redfin economists鈥� takes on the housing market, please visit Redfin鈥檚鈥溾€� page.

Leading indicators

Indicators of homebuying demand and activity
听	Value (if applicable)	Recent change	Year-over-year change	Source
Daily average 30-year fixed mortgage rate	6.75% (July 3)	Near lowest level since early April	Down from 7.07%	Mortgage News Daily
Weekly average 30-year fixed mortgage rate	6.67% (week ending July 3)	Lowest level since early April	Down from 6.86%	Freddie Mac
Mortgage-purchase applications (seasonally adjusted)	听	Essentially flat (+0.1%) from a week earlier (as of week ending June 27)	Up 16%	Mortgage Bankers Association
Touring activity	听	Up 32% from the start of the year (as of July 2)	At this time last year, it was up 21% from the start of 2024	ShowingTime, a home touring technology company
Google searches for 鈥渉ome for sale鈥�	听	Highest level in a year (as of July 2)	Essentially flat 听	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 June 29, 2025 Redfin鈥檚 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.
听	Four weeks ending June 29, 2025	Year-over-year change	Notes
Median sale price	$400,125	1.4%	All-time high
Median asking price	$415,174	3.9%	听
Median monthly mortgage payment	$2,742 at a 6.67% mortgage rate	1.6%	Lowest level in 4 months
Pending sales	86,718	-3.2%	Biggest decline in nearly 4 months
New listings	99,921	-0.7%	First decline in nearly 6 months
Active listings	1,184,250	14.1%	Smallest increase in over a year
Months of supply	4.1	+0.8 pts.	4 to 5 is considered balanced, with a lower number indicating seller鈥檚 market conditions
Share of homes off market in two weeks	36.3%	Down from 40%	听
Median days on market	37	+5 days	听
Share of homes sold above list price	28.4%	Down from 32%	听
Average sale-to-list price ratio	99.1%	Down from 99.6%	听

Metro-level highlights: Four weeks ending June 29, 2025 Redfin鈥檚 metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.
听	Metros with biggest year-over-year increases	Metros with biggest year-over-year decreases	Notes
Median sale price	Detroit (10.1%) Newark, NJ (9.4%) Cleveland (7.3%) Nassau County, NY(6.3%) New York (6%)	Oakland, CA (-3.7%) San Diego (-3.4%) West Palm Beach, FL (-3.4%) Atlanta (-3.2%) Tampa, FL (-2.7%)	Declined in 11 metros
Pending sales	Virginia Beach, VA (7.4%) Dallas (3.6%) Columbus, OH (2.4%) Pittsburgh (2.2%) Warren, MI (1.9%)	San Jose, CA (-16.6%) Las Vegas (-16.6%) Miami (-14.8%) Orlando, FL (-14.6%) Tampa, FL (-13.4%)	Declined in all but 10 metros
New listings	Warren, MI (9.5%) Cleveland (7.4%) Montgomery County, PA (6%) Milwaukee (5%) Boston (5%)	Tampa, FL (-17.6%) Orlando, FL (-15.8%) Anaheim, CA (-14.3%) San Diego (-12.1%) Riverside, CA (-12%)	听

To view the full report, including charts, please visit:

About Redfin

Redfin () 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鈥檚 subsidiaries and affiliated brands include: Bay Equity Home Loans庐, Rent.鈩�, Apartment Guide庐, Title Forward庐 and Walk Score庐.

For more information or to contact a local Redfin real estate agent, visit . To learn about housing market trends and download data, visit the . To be added to Redfin's press release distribution list, email [email protected]. To view Redfin's press center, .

View source version on businesswire.com:

Contact Redfin

Redfin Journalist Services:

Tana Kelley

[email protected]

Source: Redfin

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Redfin Reports New Listings, Pending Sales Fall As Home Prices Hit Another All-Time High

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