A new Redfin report revealed that just over 28% of homes in the U.S. are currently being sold for more than the asking price, a decrease from an estimated 32% a year ago This marks the lowest percentage for this time of year since 2020, when the onset of the global COVID-19 pandemic caused the housing market to come to a standstill.
The good news for optimistic home shoppers is, this statistic indicates a transition towards a buyer’s market in many regions across the country. For context, over half (53%) of homes were sold above their list price during this same timeframe in 2022, a period when the housing market was predominantly advantageous for sellers.
The number of U.S. homes sold for more than the asking price has decreased year-over-year (YoY) in all but five of the largest metropolitan areas in the U.S. San Jose, CA; Anaheim, CA; and Oakland CA; saw the largest declines, despite the fact that over 50% of residences continue to sell for prices exceeding the asking amount in San Jose and Oakland.
“It’s still tough for many Americans to buy a home, as affordability remains a real challenge, but house hunters should know that sellers are accepting offers below asking price and giving concessions to get deals done,” said Chen Zhao, Head of Economics Research for Redfin. “Buyers have negotiating power, especially if they’re flexible on timing or location, or if they’re willing to take on a fixer upper. Buyers should negotiate, and be prepared to move on to other homes if a seller is unwilling to meet them halfway; they may be able to get a better deal elsewhere.”
Pending Sales, Prices & Preferences
Pending U.S. home sales have decreased by 1.1% year-over-year (YoY), reaching their lowest level for this time of year, according to Redfin’s records. Currently, just over one-third (37.6%) of homes are going under contract within two weeks, which is the lowest rate for this period since 2020. Additionally, there has been a significant gap between the median list price and the median sale price over the past few weeks.
The median sale price stands at $397,000, reflecting a discount of $28,950 (or 7%) from the median list price of approximately $425,950. In contrast, during the seller’s market of 2021 and early 2022, the median sale price was generally much higher than the median list price.
Potential homebuyers are being held back by ongoing economic uncertainty and high housing costs. The median monthly payment for housing is only $29 below its all-time high, with mortgage rates approaching 7%. Sale prices have increased by 1.6% compared to last year, although they are currently lower than their original listing prices.
New listings have increased by 5.2% compared to last year on the selling side. There are currently more home sellers than buyers in the market. However, it’s important to note that mortgage purchase applications have risen by 10% week-over-week, suggesting that pending home sales may improve soon.
Key Housing Market Highlights — National
| Metrics | Four weeks ending June 8, 2025 | YoY change |
| Median sale price | $397,000 | 1.6% |
| Median asking price | $425,950 | 4.9% |
| Median monthly mortgage payment | $2,854 at a 6.85% mortgage rate | 4.1% |
| Pending sales | 87,720 | -1.1% |
| New listings | 104,594 | 5.2% |
| Active listings | 1,141,367 | 13.9% |
| Months of supply | 3.9 | +0.7 pts. |
| Share of homes off market in two weeks | 37.6% | Down from 41% |
| Median days on market | 36 | +5 days |
| Share of homes sold above list price | 28.5% | Down from 32% |
| Average sale-to-list price ratio | 99.1% | Down from 99.6% |
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.
Regional Trends Vary Across the Nation
The daily average 30-year fixed mortgage rate was 6.89% as of June 11, down from 6.97% one week earlier and down from 7.17% YoY. The weekly average 30-year fixed mortgage rate was 6.85% as of the week ending June 5, down slightly from a week earlier, but near the highest level since February and down from 6.99% YoY—according to Freddie Mac.
The top five metros with biggest YoY increases in pending sales:
- Cincinnati (10%)
- Chicago (6.6%)
- Indianapolis (6.3%)
- Montgomery County, PA (4.1%)
- Cleveland (3.5%)
Metros with biggest YoY decreases in pending sales:
- Miami (-21.7%)
- San Jose, CA (-18.8%)
- Las Vegas (-15.3%)
- Fort Lauderdale, FL (-14.4%)
- Fort Worth, Texas (-14%)
The top five metros with biggest YoY increases in new listings:
- Houston (15.3%)
- Columbus, Ohio (12.4%)
- Boston (11.5%)
- Indianapolis (11.4%)
- Cincinnati (10.6%)
The top five metros with biggest YoY decreases in new listings:
- Fort Worth, Texas (-11.8%)
- Tampa, FL (-9.7%)
- Orlando, FL (-9.2%)
- Fort Lauderdale, FL (-9%)
- Dallas (-8.2%)
The top five metros with biggest YoY increases in median sale price:
- Detroit (8.7%)
- New York (5.7%)
- Pittsburgh (5.6%)
- Virginia Beach, VA (5.3%)
- Chicago (5.2%)
Overall, the median U.S. sale price for the average home declined in 10 metros.
The top five metros with biggest YoY decreases in median sale price:
- Oakland, CA (-7.6%)
- Dallas (-4.9%)
- Jacksonville, FL (-3.9%)
- Tampa, FL (-2.4%)
- San Diego (-2.1%)
One indication of the shift toward a buyer’s market in much of the country is the change in home sales. For comparison, during this period in 2022, homes sold above their list price increased by more than 50%, reflecting a market that strongly favored sellers at that time.
Wherever Americans choose to settle down, U.S. housing prices, trends and buyer preferences will continue to change.
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The post Buyer’s Market Emerging as Sellers Lose Pricing Power first appeared on The MortgagePoint.
