Investing.com -- Redfin (NASDAQ:RDFN), the technology-powered real estate brokerage, reports that the median home-sale price across the country increased 2.6% year over year during the four weeks ending April 13. This growth rate aligns with the increases seen over the previous month, but is a decrease from the 5% to 6% growth observed at the end of 2024 and the beginning of 2025.
In 10 of the 50 most populous U.S. metro areas, mostly in Texas and Florida, the median home-sale price has decreased from a year ago. Nationwide, price growth is slowing due to an increase in supply and a decrease in demand. New listings of homes for sale have increased by 11.2% year over year, and the total number of homes for sale has risen by 12.3%. Concurrently, pending home sales have seen a drop of approximately 1% from a year ago, and mortgage-purchase applications have decreased by 5% week over week.
The slowdown in homebuying demand is attributed to two main factors: record-high housing costs and widespread economic instability. The median U.S. monthly housing payment reached a record high of $2,819 this week due to persistently high mortgage rates and rising home prices. Additionally, tariffs, stock-market volatility, and concerns about a potential recession are negatively impacting consumer confidence and discouraging potential buyers.
Some homeowners are choosing to sell their homes now to avoid potential economic downturns that could further decrease demand and home values. According to Venus Martinez, a Redfin Premier agent in Los Angeles, many buyers, especially first-timers, are hesitant to make a purchase due to concerns about a potential recession. Buyers who are still active in the market are cautious and unwilling to pay more than the asking price.
Key housing market data for the four weeks ending April 13, 2025, reveals a median sale price of $387,000, a 2.6% increase year over year. The median asking price was $428,530, a 6.5% increase, and the median monthly mortgage payment was $2,819 at a 6.62% mortgage rate, a record high. Pending sales were down by 0.8% at 87,434, while new listings were up 11.2% at 103,619. Active listings were also up 12.3% at 1,008,599, the smallest increase in a year.
In the 50 most populous U.S. metro areas, the biggest year-over-year increases in median sale price were seen in Newark, NJ (10.9%), Cleveland (10.6%), New Brunswick (NYSE:BC), NJ (9.2%), Milwaukee (9%), and Philadelphia (8.3%). The biggest decreases were seen in Jacksonville, FL (-2.8%), San Antonio (-1.8%), Montgomery County, PA (-1.7%), Oakland, CA (-1.5%), and Austin, TX (-1.2%).
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