After several months of declines, brand-new listings are posting a small enhancement. Sellers are banking on home loan rates that are better to 6% than 7% bringing buyers off the sidelines.
New listings of U.S. homes for sale increased 0.5% from a year previously during the four weeks ending March 8, the very first boost since November.
While it’s a modest improvement, it may be an indication that some home sellers are feeling more enthusiastic about this spring’s housing market now that home mortgage rates have dipped down to 6%. That has pushed the average monthly real estate payment down 3.2% year over year, and Redfin representatives in much of the country state 6% is a mental threshold for buyers who have been waiting to delve into the market. (The day-to-day typical home mortgage rate rose as high as 6.19% this week amid chaos in the Middle East.) The improvement in new listings is partly due to sellers relisting their homes: Homeowners who pulled their homes off the marketplace in 2025 are relisting at a record rate, banking on a stronger market this year.
Pending home sales are down 1.3% year over year, the smallest decline in over a month, and mortgage-purchase applications are up 8% week over week. Those are also signals that the marketplace may gradually be improving as we inch toward spring. Still, numerous would-be buyers are resting on the sidelines, deterred by still-high expenses and economic uncertainty; a little part state they’re putting plans on hold due to the Iran war.
There are hundreds of thousands more home sellers than buyers in the market, offering buyers negotiating power. But lower housing payments and more homes to select from might entice some purchasers off the sidelines– and some power could begin shifting back to sellers.
“Heading into spring and summertime, the ambiance is that the market will shift from the slowness we’ve seen over the last couple of years,” said Justin Gomez, a Redfin Premier representative in Omaha, NE. “I have actually currently seen a few bidding wars on lower– priced homes, and that may become more common if home loan rates remain closer to 6% than 7%. We also have a fairly big swimming pool of homes for sale, with a great deal of brand-new building homes sitting on the market. If the spring does bring more buyers off the sidelines, those will go fast and maybe for over asking cost.”
For Redfin financial experts’ takes on the housing market, please see Redfin’s “From Our Economic experts” page.
Leading indicators
Indicators of homebuying
goes back through 2015. Topic
to
| revision. 4 weeks ending March 8, 2025
Year-over-year modification Notes Median sale price$385,125 1.2% Typical asking price$417,475 2% Mean monthly mortgage payment$2,611 at a 6%home mortgage rate -3.2%Pending sales 78,811 -1.3%Smallest decrease in over a month New listings 90,461 |
||||||||||||||||||||||||||||||||||||
| 0.5% First boost since November Active listings 1,023,623 -2.2%Biggest decline since | 2023 Months of supply 4.6
| +0.2 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 2 weeks 33%Essentially |
the same Typical days on market |
63 +8 days Share of |
homes sold above sticker price
| 21.1%Down from 22% |
Typical sale-to-list price ratio 98.1%Down from
| 98.2 %Metro-level |
highlights: |
4 |
weeks ending March 8, 2025 Redfin |
‘s metro-level information consists of
| the 50 most |
populous U.S. cities. Select metros may be excluded from time
| to time to make sure |
data accuracy. Metros |
with most significant year-over-year boosts Metros with greatest year-over-year decreases Notes Mean sale price San |
Francisco, CA(9.3%) Newark, NJ (8.9 %)Philadelphia(8.2% |
)Baltimore( 8%)Pittsburgh( |
| 7.6%)Dallas (-5.3%)Oakland, CA(
| -4.6%)Denver(-3.5%) |
|
West Palm Beach, FL( -3.1% )San Jose, |
CA(-2.5%)Declined in 17 metros |
| Pending sales Milwaukee(12.7 %)Austin, TX |
(10.5 |
% |
|
|
|
)West Palm Beach, FL(7.9%) Portland, OR (6.4%) Washington, D.C.(5.3%) Nassau County, NY(-22.1 %)Providence, RI( -17.8%) Brand-new Brunswick, NJ(-15.5 %)Houston(-14 %)Oakland, CA(-13.8%) Brand-new listings Milwaukee, WI (26.3 %)Portland
|
||
|---|---|---|
| , OR(14.8%)Seattle(11.7%)San Jose, CA (8.6%)Washington, D.C.(8.6%)Nassau County, NY(-25.8%)Providence, RI(-22.1 |
%)Newark, |
|
| NJ(-16.5%)Brand-new Brunswick, NJ( | -14.8%)New York City (-14.1
%) Refer to our metrics meaning page for explanations of all the metrics utilized in |
this report. |
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