A recent Redfin analysis shows that for the four weeks ending May 4, the median monthly housing payment in the U.S. reached an all-time high of $2,868. There are two main reasons behind this: Weekly average mortgage rates are 6.76%, which is marginally lower than mid-April but far higher than pandemic-era lows, while home-sale prices are up 1.8% year-over-year (YoY).
This spring’s homebuying season is being hampered by the historically high cost of housing as well as general economic anxiety. Despite a 6% monthly decline, mortgage-purchase applications rose last week. Furthermore, the largest drop in three months has been seen in pending home sales, which are down 3.9% YoY. Sales are also being impacted by the holiday effect; Easter fell inside this year’s four-week timeframe but not during the same time last year.
“April is typically a busy month, but spring is off to a slow start this year,” said Nicole Stewart, a Redfin Premier agent in Boise, ID. “There are still some prospective buyers who believe mortgage rates will fall soon, and they’re waiting for that to happen. Costs are so high that buyers who are moving forward with a purchase want the home to be perfect; they’re asking sellers for more repairs and negotiating more than usual. The move-in ready, beautiful homes that are relatively affordable are the exceptions: They’re selling quickly, sometimes with multiple offers.”
Key Housing Market Data — U.S.
| U.S. highlights: Four weeks ending May 4, 2025 | Four weeks ending May 4, 2025 | YoY Change | Notes |
| Median sale price | $388,750 | 1.8% | |
| Median asking price | $431,100 | 6.4% | |
| Median monthly mortgage payment | $2,868 at a 6.76% mortgage rate | 3.6% | Record high |
| Pending sales | 88,821 | -3.9% | Biggest decline in 3 months |
| New listings | 107,604 | 5.5% | |
| Active listings | 1,072,599 | 13.6% | Smallest increase in over 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 | 40% | Down from 44% | |
| Median days on market | 38 | +4 days | |
| Share of homes sold above list price | 27.5% | Down from 30% | |
| Average sale-to-list price ratio | 99% | Down from 99.4% |
Note: 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.
Some homebuyers are still hitting the pavement, though. In certain regions of the nation, Redfin brokers report competition for turnkey homes in popular communities, and ShowingTime data indicates that home tours are increasing more quickly this year than they did last.
New listings are up 5.5% YoY on the selling side. Additionally, because sales are slow, the overall number of properties for sale is rising, up 13.6% YoY. Redfin representatives advise sellers to establish a realistic asking price early on in order to draw in buyers and prevent price reductions.
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