Latest news with #Redfin
Yahoo
3 hours ago
- Business
- Yahoo
U.S. home sale prices reach record of almost $400,000, report finds
The median home sale price in the U.S. just touched a record high, but new data shows that buyers are nevertheless paying below asking price. The median sale price hit a record $396,500 for the four weeks ending June 15, or a 1% increase from a year earlier, according to a Friday report from Redfin. But buyers are actually paying far less than sellers' median asking price, which stood at $422,238 for the same period, the real estate company's data shows. That means buyers paid 6%, or $26,000, less than sellers hoped they would. Americans are increasingly finding themselves squeezed out of the housing market, as mortgage rates remain high and the inventory of affordable homes remains low. As a result, the dream of home ownership, which is a meaningful way to build wealth, is becoming more distant for large swaths of the population. Last year, just 24% of home sales came from first-time homebuyers, down from 50% in 2010, data from the National Association of Realtors shows. The typical first-time homebuyer's age also hit an all-time high of 38, according to the group. For those Americans who are trying to get their feet on the first rung of the property ladder, data from Redfin shows that sellers may be willing to be flexible on price, especially as there are now more sellers than buyers in the market. High housing costs and widespread economic uncertainty have hurt demand, Redfin said. As a result, the onus is on sellers to make sure their homes are in tip-top shape, and are reasonably priced, otherwise they're unlikely to sell, according to Redfin. "I'm explaining to sellers more and more that we need to be strategic in our pricing strategy because homes that are overpriced, even slightly, are likely to sit on the market and invite buyers to negotiate," Tulsa, Oklahoma-based Redfin agent Kelly Connally said in a statement. She added, "Pricing is most important, but with fewer buyers than usual out there, sellers should also make sure their home is in excellent condition and be ready to make repairs upon inspection." Buyers can't necessarily expect a discount on their home of choice, though. "There are a few exceptions: Homes in desirable locations that are in perfect condition are still hot and typically sell at or above asking price," Connally said. SpaceX Starship upper stage blows up Hurricane Erick approaches Mexico with destructive winds, major storm surge AI's extreme human imitation makes it act deceptively, cheat and lie, "Godfather of AI" says Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Hill
4 hours ago
- Business
- The Hill
1 in 3 baby boomers say they'll never sell home: Redfin
About a third of baby boomers who own their homes don't expect to ever part with them, according to a new poll. The survey, which was conducted by Ipsos last month for nationwide real estate company Redfin, found that another 30 percent of the post-World War II generation said they might sell at some point — just not within the next decade. Comparatively, about a quarter of homeowners who are part of Gen X — loosely defined as people born between 1965 and 1980 — say they will never sell their homes. About 20 percent of Millennials and the Gen Z cohort who own homes said they will never sell. According to Redfin, the tendency among older Americans to stay in the homes they own is putting additional stress on the housing market and making it more difficult for younger people to find affordable places to buy that are fit to raise families. Nearly 90 percent of the boomer-owned dwellings are single-family homes. 'While inventory is improving, supply is tight for young house hunters looking for family homes, especially in suburban areas where homes priced like starter homes, yet large enough for families, are scarce,' Redfin chief economist Daryl Fairweather said in an analysis of the poll's findings. 'With baby boomers opting to age in place rather than sell, it's challenging for younger buyers to find affordable options that fit their lifestyle.' 'But it's worth noting that even though many older Americans say they're not planning to sell their homes, many are likely to eventually part ways as it becomes harder to live independently and/or keep up with home maintenance,' he added. The survey included responses from about 4,000 U.S. residents across the country.
CBS News
5 hours ago
- Business
- CBS News
U.S. home sale prices reach a record of almost $400,000, but buyers may see some relief
The median home sale price in the U.S. just touched a record high, but new data shows that buyers are nevertheless paying below asking price. The median sale price hit a record $396,500 for the four weeks ending June 15, or a 1% increase from a year earlier, according to a Friday report from Redfin. But buyers are actually paying far less than sellers' median asking price, which stood at $422,238 for the same period, the real estate company's data shows. That means buyers paid 6%, or $26,000, less than sellers hoped they would. Americans are increasingly finding themselves squeezed out of the housing market, as mortgage rates remain high and the inventory of affordable homes remains low. As a result, the dream of home ownership, which is a meaningful way to build wealth, is becoming more distant for large swaths of the population. Last year, just 24% of home sales came from first-time homebuyers, down from 50% in 2010, data from the National Association of Realtors shows. The typical first-time homebuyer's age also hit an all-time high of 38, according to the group. For those Americans who are trying to get their feet on the first rung of the property ladder, data from Redfin shows that sellers may be willing to be flexible on price, especially as there are now more sellers than buyers in the market. High housing costs and widespread economic uncertainty have hurt demand, Redfin said. As a result, the onus is on sellers to make sure their homes are in tip-top shape, and are reasonably priced, otherwise they're unlikely to sell, according to Redfin. "I'm explaining to sellers more and more that we need to be strategic in our pricing strategy because homes that are overpriced, even slightly, are likely to sit on the market and invite buyers to negotiate," Tulsa, Oklahoma-based Redfin agent Kelly Connally said in a statement. She added, "Pricing is most important, but with fewer buyers than usual out there, sellers should also make sure their home is in excellent condition and be ready to make repairs upon inspection." Buyers can't necessarily expect a discount on their home of choice, though. "There are a few exceptions: Homes in desirable locations that are in perfect condition are still hot and typically sell at or above asking price," Connally said.
Yahoo
13 hours ago
- Business
- Yahoo
Redfin Reports U.S. Home Prices Hit All-Time High
While the median home-sale price is sitting at a record high, it's notably lower than the median asking price. That's because sellers are open to negotiating in today's cooling housing market, in which sellers outnumber buyers. SEATTLE, June 20, 2025--(BUSINESS WIRE)--(NASDAQ: RDFN) — The median U.S. home-sale price hit a record $396,500 during the four weeks ending June 15, up 1% year over year, according to a new report from Redfin ( the technology-powered real estate brokerage. Prices are at an all-time high even though this spring's housing market is fairly cool because prices don't yet fully reflect the historic imbalance of sellers and buyers in today's market. Note that sale prices are seasonal and typically peak in June or July, and that price growth is cooling: The 1% year-over-year increase is in line with the last several weeks, but down from about 5% at the start of the year. While the median sale price is at an all-time high, it's roughly $26,000 lower than the median asking price of $422,238. That 6% discount is similar to that of the last several weeks, but marks a reversal from 2021 and 2022, when the median sale price was typically much higher than the median list price because the market favored sellers. Homes are selling for under asking price because there are many more sellers than buyers in today's market. That gives buyers the upper hand and often allows them to negotiate prices down, though it's still difficult for many people to afford homes because costs are so high. New listings of homes for sale are up 4.4% year over year, and total listings are up 14.5%. Meanwhile, pending sales are down 1.5% year over year, and mortgage-purchase applications are down 3% week over week. Homebuying demand has been fairly weak this spring due to widespread economic uncertainty and high housing costs. In addition to sale prices sitting at an all-time high, the median monthly housing payment is just $53 shy of its own all-time high. "I'm explaining to sellers more and more that we need to be strategic in our pricing strategy because homes that are overpriced, even slightly, are likely to sit on the market and invite buyers to negotiate," said Kelly Connally, a Redfin Premier agent in Tulsa, OK. "Pricing is most important, but with fewer buyers than usual out there, sellers should also make sure their home is in excellent condition and be ready to make repairs upon inspection. There are a few exceptions: Homes in desirable locations that are in perfect condition are still hot and typically sell at or above asking price." The mismatch between supply and demand is likely to lead to a nationwide decline in home-sale prices by the end of the year. For Redfin economists' takes on the housing market, please visit Redfin's "From Our Economists" page. Leading indicators Indicators of homebuying demand and activity Value (if applicable) Recent change Year-over-year change Source Daily average 30-year fixed mortgage rate 6.87% (June 18) Down slightly from 6.93% one week earlier Down from 7.04% Mortgage News Daily Weekly average 30-year fixed mortgage rate 6.81% (week ending June 18) Down from 6.89% three weeks earlier, but still near the highest level since Feb. Down from 6.95% Freddie Mac Mortgage-purchase applications (seasonally adjusted) Down 3% from a week earlier (as of week ending June 13) Up 14% Mortgage Bankers Association Redfin Homebuyer Demand Index Down 5% from a month earlier (as of week ending June 15) Up 1% A measure of tours and other homebuying services from Redfin agents Touring activity Up 36% from the start of the year (as of June 16) At this time last year, it was up 28% from the start of 2024 ShowingTime, a home touring technology company Google searches for "home for sale" Up 10% from a month earlier (as of June 16) Unchanged Google Trends Key housing-market data U.S. highlights: Four weeks ending June 15, 2025 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. Four weeks ending June 15, 2025 Year-over-year change Notes Median sale price $396,500 1% All-time high Median asking price $422,238 5% Median monthly mortgage payment $2,820 at a 6.81% mortgage rate 4.5% Down $53 from May's record high Pending sales 87,397 -1.5% New listings 102,784 4.4% Active listings 1,160,350 14.5% Smallest increase in 15 months Months of supply 4 +0.7 pts. 4 to 5 months of supply is considered balanced, with a lower number indicating seller's market conditions Share of homes off market in two weeks 37.2% Down from 41% Median days on market 36 +5 days Share of homes sold above list price 28.6% Down from 32% Average sale-to-list price ratio 99.1% Down from 99.6% Metro-level highlights: Four weeks ending June 15, 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 Philadelphia (5.5%) New Brunswick, NJ (5.4%) Pittsburgh (5.3%) Nassau County, NY (5%) New York (4%) Oakland, CA (-5.9%) Jacksonville, FL (-3.9%) Dallas (-3.1%) San Diego (-2.4%) Atlanta (-2%) Declined in 12 metros Pending sales Cincinnati (5.2%) Chicago (5%) Dallas (4.1%) San Francisco (4%) Columbus, OH (4%) San Jose, CA (-18.5%) Fort Lauderdale, FL (-15.5%) Las Vegas (-14.9%) Miami (-14.6%) San Diego (-11.1%) New listings Warren, MI (14%) Cincinnati (13.7%) Columbus, OH (11.3%) Cleveland (10.3%) Indianapolis (9.5%) Tampa, FL (-11.5%) Orlando, FL (-8.7%) Jacksonville, FL (-7.2%) San Jose, CA (-7%) Atlanta (-6.6%) To view the full report, including charts, please visit: About Redfin Redfin ( 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 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@ To view Redfin's press center, click here. View source version on Contacts Contact RedfinRedfin Journalist Services:Tana Kelleypress@ Sign in to access your portfolio
Yahoo
16 hours ago
- Business
- Yahoo
10 Most Expensive Homes Sold in the US in 2025
When it comes to determining the most expensive homes the wealthy are buying up in 2025, these 10 properties are proving to be strong contenders for upcoming year-in-review hottest real estate lists. That's Interesting: Try This: GOBankingRates analyzed data related to the most expensive home sales (January 2025 to April 2025) from Redfin's Most Expensive Home Listings alongside home sales via Redfin to determine the year's most expensive homes sold in the nation. The top 10 cities that ranked among the most expensive are all based out of Florida, California and New York. Thus far, a home listing in Naples, Florida has surpassed all other homes sold as the most expensive at a cool $133 million. See where the most expensive homes have sold (so far) in the United States this year. Home address: 2200 Gordon Dr., Naples, FL 34102 Home sale price: $133,200,000 Average single family home value: $698,488 Average monthly mortgage cost: $4,136 See More: Be Aware: Home address: 88 La Gorce Cir., Miami Beach, FL 33141 Home sale price: $74,300,000 Average single family home value: $2,573,631 Average monthly mortgage cost: $15,239 Check Out: Home address: 1028 Ridgedale Dr., Beverly Hills, CA 90210 Home sale price: $60,000,000 Average single family home value: $5,413,243 Average monthly mortgage cost: $32,054 Home address: 942 Alpine Dr., Beverly Hills, CA 90210 Home sale price: $51,800,000 Average single family home value: $5,413,243 Average monthly mortgage cost: $32,054 Home address: 516 S. Ocean Blvd., Palm Beach, FL 33480 Home sale price: $51,400,000 Average single family home value: $10,791,632 Average monthly mortgage cost: $63,901 View Next: Home address: 2340 Gordon Dr., Naples, FL 34102 Home sale price: $46,900,000 Average single family home value: $698,488 Average monthly mortgage cost: $4,136 Home address: 111 W. 57th St. Unit 72, New York City, NY 10019 Home sale price: $46,900,000 Average single family home value: $797,508 Average monthly mortgage cost: $4,722 Home address: 217 W. 57th St. Unit 116, New York City, NY 10019 Home sale price: $45,900,000 Average single family home value: $797,508 Average monthly mortgage cost: $4,722 Find Out: Home address: 2170 Gordon Dr., Naples, FL 34102 Home sale price: $44,900,000 Average single family home value: $698,488 Average monthly mortgage cost: $4,136 Home address: 3080 N. Bay Rd., Miami Beach, FL 33140 Home sale price: $40,000,000 Average single family home value: $2,573,631 Average monthly mortgage cost: $15,239 Methodology: For this study, GOBankingRates analyzed home sales from to find the cost of living for the most expensive home sales of 2025, and used the most expensive home sales from January 2025 to April 2025 (as sourced from Most Expensive Home Listings). For each city, a number of factors were found, including total population, population ages 65 and over, total households, and household median income, all sourced from the US Census American Community Survey. The cost of living indexes were sourced from Sperling's BestPlaces and include the grocery, healthcare, housing, utilities, transportation, and miscellaneous cost of living indexes. Using the cost of living indexes and the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location can be calculated. The livability index was sourced from AreaVibes for each location and helps determine overall quality of life. The average single family home value was sourced from Zillow Home Value Index for April 2025. Using the average single family home value, assuming a 10% down payment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living can be calculated. The cities were sorted to show the highest sale price first. All data was collected on and is up to date as of June 5th, 2025. More From GOBankingRates 10 Unreliable SUVs To Stay Away From Buying This article originally appeared on 10 Most Expensive Homes Sold in the US in 2025
