Redfin showed that the median home-sale price dropped in 14 of the 50 most populated U.S. metro regions. Oakland, California experienced the largest fall, down 6.8% year-over-year, followed by two Florida metros and two Texas metros: Houston (-2.8%), Austin (-2.9%), West Palm Beach (-4.9%), and Jacksonville (-3.1%).
Due to the slow housing market caused by high housing expenses and economic uncertainty, prices are declining in a number of metro areas. In every major metro, homes are selling more slowly than they were a year ago, and in many parts of the country, there are more home sellers than buyers. For example, the average home in West Palm Beach that went under contract in the four weeks ending July 27 took 93 days, which was the longest of all the metros in this survey and an increase of 18 days from the previous year. In West Palm Beach, supply has increased 7.7% while pending home sales have decreased 1.4% year-over-year.
The median sale price nationwide increased by 2% annually, falling barely short of its peak. However, that increase is negligible in comparison to the typical 5% and 6% increases in late 2024 and early 2025, and Redfin experts predict that by the end of this year, national prices will have dropped by 1% yearly.
| Metro-level highlights: Four weeks ending July 27, 2025 (Redfin’s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.) | |||
| Metros with biggest year-over-year increases | Metros with biggest year-over-year decreases | Notes | |
| Median sale price | Cleveland (15%)Montgomery County, PA (9.2%)Nassau County, NY (8.5%)Detroit (6.9%)Indianapolis (6.7%) | Oakland, CA (-6.8%)West Palm Beach, FL (-4.9%)Jacksonville, FL (-3.1%)Austin, TX (-2.9%)Houston (-2.8%) | Declined in 14 metros |
| Pending sales | Phoenix (13.3%)Austin, TX (11.5%)Virginia Beach, VA (9.4%)Warren, MI (8.4%)Milwaukee (7.9%) | Miami (-14.9%)Tampa, FL (-13%)Orlando, FL (-12%)Portland, OR (-11.3%)Las Vegas (-11%) | |
| New listings | Seattle (16.2%)Philadelphia (10.6%)Montgomery County, PA (10.1%)Cleveland (9.4%)Minneapolis (7.7%) | Tampa, FL (-15.3%)Portland, OR (-12.8%)Jacksonville, FL (-12.1%)Sacramento, CA (-12.1%)Orlando, FL (-11%) | |
Already “losing speed,” the median U.S. asking price had its weakest increase since February (apart from the previous 4-week period) this week and fell to its lowest level in five months. In order to meet buyers where they are in terms of price expectations, an increasing number of sellers are setting their home’s initial price lower. Additionally, monthly mortgage payments have slowed, falling this week to a median of $2,671, the lowest since January.
“Sellers need to start coming to terms with two things: One, homes are more often going to sit on the market for longer than a week or two before they sell, and two, buyers are gaining the upper hand,” said James Gulden, a Redfin Premier agent in Boston. “I advise my sellers to be realistic about the price they’re going to get based on the market research I provide, while also taking into account which direction the market is moving, especially if they want multiple offers. I’m also reminding sellers to be patient and not panic. Sure, many homes have been selling within a week for the last several years, but that’s not historically normal. They have to reorient themselves to the fact that it may take several weeks, or more, before receiving an acceptable offer.”
While total inventory is up 8.9% from a year ago, pending U.S. home sales are down 1.4%. Since some would-be sellers choose to remain in their current location rather than enter the buyer’s market, the number of new listings remains static, up 0.6% year-over-year.
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