According to Redfin, over the four weeks ended August 10, the typical monthly mortgage payment dropped $215 from its May peak of $2,846 to a seven-month low of $2,631. This is in line with a recent report from Redfin, the Rocket-powered real estate agency. For the 12th week in a row, monthly payments either decreased or remained unchanged last week.
Mortgage rates are at a 10-month low, dropping to 6.53% yesterday, the lowest level since October 2024, making monthly payments more affordable. Given that mortgage rates recently peaked in May at 7.08%, a buyer on a $3,000 monthly budget would have gained about $20,000 in purchasing power.
Chen Zhao, Head of Economics Research at Redfin, warned prospective homebuyers that if they wait for the Fed to lower interest rates before beginning their serious home hunt, it might be too late.
“The mortgage rates that buyers can lock in today have already priced in the likelihood that the Fed will cut rates on September 17,” Zhao said. “That means that mortgage rates are unlikely to drop any further when the Fed actually makes the expected cut. And the window to snag a mortgage rate in the mid-6s may be limited: Increased rate volatility is expected in coming weeks as new economic data is released.”
Key Highlights — U.S. Housing Trends
Metros with largest YoY increases in median sale price:
- Cleveland (12.7%)
- Detroit (10.2%)
- Pittsburgh (7.2%)
- Montgomery County, PA (6.8%)
- Nassau County, NY (6.4%)
Overall, the U.S. median sale price declined in 10 metros.
Metros with biggest YoY decreases:
- Oakland, CA (-2.5%)
- San Francisco (-2.5%)
- Dallas (-2.2%)
- Fort Worth, Texas (-1.9%)
- Houston (-1.1%)
U.S. Highlights —Four weeks ending Aug. 10, 2025:
Four weeks ending Aug. 10, 2025 | YoY Change | Notes |
| Median sale price | $396,000 | 2.1% |
| Median asking price | $399,675 | 2.6% |
| Median monthly mortgage payment | $2,631 at a 6.63% mortgage rate | 3.8% |
| Pending sales | 84,177 | -0.5% |
| New listings | 92,854 | 1% |
| Active listings | 1,197,572 | 11.5% |
| Months of supply | 4.2 | +0.6 pts. |
| Share of homes off market in two weeks | 32.8% | Down from 35.7% |
| Median days on market | 41.25 | +6.5 days |
| Share of homes sold above list price | 26.1% | Down from 29.6% |
| Average sale-to-list price ratio | 98.8% | Down from 99.2% |
Over the four weeks that ended August 10, the median U.S. home price increased by 2.1% year-over-year (YoY) to $396,000, the fastest increase since early April. After plunging to a two-year low in early July, price growth picked up momentum last week for the fifth consecutive week.
Even though demand was still weak, prices increased a little more quickly. Pending sales were down 0.5% from a year ago, and homes were on the market for almost a week longer than they were the previous year.
The four weeks ending August 10 saw the smallest growth since March 2024, with the overall number of properties for sale increasing 11.5% YoY.
Metros with biggest YoY increases in pending sales:
- Milwaukee (8.2%)
- Austin, Texas (7.4%)
- Columbus, Ohio (6.7%)
- Pittsburgh (6.4%)
- Virginia Beach, VA (6.1%)
Metros with biggest YoY decreases:
- Houston (-14.9%)
- Miami (-13.4%)
- Las Vegas (-12.2%)
- Portland, OR (-12.1%)
- Orlando, FL (-9.2%)
Metros with biggest YoY increases in new listings:
- Montgomery County, PA (10.7%)
- Cleveland (8.1%)
- Washington, D.C. (7.0%)
- Pittsburgh (6.1%)
- Milwaukee (5.9%)
Metros with biggest YoY decreases:
- Portland, OR (-16.2%)
- Tampa, FL (-10.8%)
- Orlando, FL (-10.2%)
- West Palm Beach, FL (-9.1%)
- Sacramento, CA (-8.5%)
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