According to a recent study from Redfin, U.S. pending home sales increased by 0.7% year-over-year (YoY) during the four weeks ended November 2, the smallest increase in four months. Additionally, homes are taking longer to sell: the average October sale took 48 days to go under contract, which is the highest time frame for that month since 2019.
Despite falling mortgage rates, home sales remain sluggish. The median monthly housing payment has dropped to $2,508, down 2.1% from a year ago, as the weekly average mortgage rate has dropped to 6.17%, its lowest level in a year.
Homebuyers aren’t taking advantage of cheaper rates for a few reasons. In light of the general economic uncertainties, many prospective homeowners are reluctant to make a significant purchase as sale prices continue to rise, recording their largest increase in six months. Furthermore, as markets react to the Fed’s indication that a December rate cut is far from certain, mortgage rates have already begun to rise again.
Top Five Metros with the Biggest YoY Increases in Pending Sales:
- West Palm Beach, FL (22.8%)
- Tampa, FL (16.2%)
- Fort Lauderdale, FL (12.2%)
- San Francisco (11.3%)
- Orlando, FL (10.2%)
Top Five Metros with the Biggest YoY Decreases in Pending Sales:
- Seattle (-16.8%)
- San Jose, CA (-11.1%)
- San Antonio (-9.3%)
- Minneapolis (-9.1%)
- Denver (-8.3%)
“Most house hunters aren’t flat-out stopping their search; instead, they’re being picky and looking for the perfect home,” said Rebecca Love, a Redfin Premier agent in Washington, D.C. “Buyers are ultra-cautious with their funds because they’re worried about interest rates, the economy, and potentially losing their job. If they’re going to spend money, they want to check every box—and at the same time, they want a good deal. That means searches are taking longer than usual.”
However, listings are stable in terms of sales. Similar to the rises Redfin has witnessed over the past few weeks, new listings are up 4% YoY.
U.S. Highlights — Four Weeks Ending November 2, 2025
| Metrics | Four weeks ending Nov. 2, 2025 | YoY change |
| Median sale price | $392,375 | 2% |
| Median asking price | $395,500 | 2.9% |
| Median monthly mortgage payment | $2,508 at a 6.17% mortgage rate | -2.1% |
| Pending sales | 76,431 | 0.7% |
| New listings | 83,408 | 4% |
| Active listings | 1,198,934 | 6.7% |
| Months of supply | 4.7 | +0.5 pts. |
| Share of homes off market in two weeks | 29% | Down from 31% |
| Median days on market | 48 | +6 days |
| Share of homes sold above list price | 22.8% | Down from 26% |
| Average sale-to-list price ratio | 98.3% | Down from 98.7% |
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. Data is subject to revision.
Top Five Metros with the Biggest YoY Increases in Median Sale Price:
- Detroit (11.6%)
- Newark, NJ (9.8%)
- Cleveland (9.6%)
- Milwaukee (7.4%)
- Philadelphia (6.9%)
Overall, the median U.S. sale price declined in 16 metros.
Top Five Metros with the Biggest YoY Decreases in Median Sale Price:
- Jacksonville, FL (-3.5%)
- Dallas (-3.3%)
- San Antonio (-2.2%)
- Riverside, CA (-2.1%)
- San Diego (-2%)
Top Five Metros with the Biggest YoY Increases in New Listings:
- Tampa, FL (16.4%)
- Phoenix (14.1%)
- Montgomery County, PA (13%)
- West Palm Beach, FL (12%)
- Philadelphia (9.7%)
Top Five Metros with the Biggest YoY Decreases in New Listings:
- Sacramento, CA (-8.8%)
- Dallas (-8.6%)
- Denver (-8.5%)
- San Antonio (-7.6%)
- Anaheim, CA (-7.5%)
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