Soaring housing payments are keeping many homebuyers on the sidelines, but new listings are ticking up and there are signs some house hunters are emerging as spring begins

(NASDAQ: RDFN) — The typical U.S. homebuyer’s monthly payment hit a record high for the second week in a row, reaching $2,802 during the four weeks ending March 30. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Sale prices are up 3.4% year over year, and the weekly average mortgage rate is 6.65%, near its lowest level since December but more than double pandemic-era lows.

Pending home sales are declining. High costs are keeping a lid on sales; pending home sales fell 2.3% year over year.

But there are signs more house hunters are hitting the pavement. Mortgage-purchase applications are at their highest level in over two months. Home tours are rising twice as fast this year than they were at this time last year (though that’s partly because Easter fell into last year’s comparable period). Finally, Google searches of “homes for sale” are up to their highest level since August. Redfin agents report many prospective buyers have made peace with elevated rates and prices, and those who can afford to buy are moving forward before costs increase more.

New listings are rising. New listings of homes for sale rose 12.7% year over year during the four weeks ending March 30, the biggest increase in 11 months. That’s partly because some sellers are hoping to cash in on high prices and some are noticing increased interest from house hunters: Easter fell into the comparable period in 2024, while the holiday hasn’t yet hit this year.

“Supply is picking up; a lot of people I’ve spoken to over the last year or two are calling, saying they’re ready to list their house,” said Matt Ferris, a Redfin Premier agent in northern Virginia. “Some believe we’re at the top of the market, and they want to get top dollar for their house. Some are moving for the usual reasons: They need a bigger home, they’re retiring, or they’re relocating to a different area. And here in the D.C. area, some people are selling because they’re worried about losing their government job, or because they want to buy closer to the city due to in-office policies.”

For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page.

To view the full report, including charts, please visit:

https://www.redfin.com/news/housing-market-update-costs-record-high-new-listings-increase.

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.

Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.

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