Pending Sales Posted Only Slight Uptick While Homes Linger Longer on the Market
In a recent study from Redfin, pending sales rose 0.7% year over year during the four weeks ending Nov. 2, the smallest annual gain in four months. At the same time, homes are taking more time to sell: the typical property that closed in October spent 48 days on the market, the slowest pace for that month since 2019.
The cooling activity comes despite a drop in mortgage rates. The weekly average 30-year fixed rate fell to 6.17%, its lowest level in a year, helping push the median monthly housing payment down 2.1% from a year ago to $2,508. But lower rates have not generated a surge in demand. Prices are still climbing — posting their largest increase in six months — and many would-be buyers remain wary of major financial commitments at a time of inflation concerns and mixed economic signals.
Markets are also reacting to the Federal Reserve’s recent indication that a December rate cut is unlikely, sending mortgage rates ticking upward again after several weeks of declines.
On the supply side, new listings remain steady. They climbed 4% year over year, in line with the modest increases Redfin has tracked throughout fall.
Mortgage Rates & Borrowing Activity
- Daily average 30-year mortgage rate: 6.37% on Nov. 5; up from 6.13% a week earlier; down from 7.09% last year (Mortgage News Daily)
- Weekly average mortgage rate: 6.17% for week ending Oct. 30; lowest level in over a year (Freddie Mac)
- Mortgage-purchase applications: Down 1% from the previous week; up 26% year over year (MBA)
Homebuyer Interest
- Redfin Homebuyer Demand Index: Up ~3% from a month ago; down 9% year over year
- Google searches for “homes for sale”: Up more than 20% month over month
- Touring activity: Up 7% from the start of the year; last year at this time, it was down 4% (ShowingTime)
Key Housing Market Metrics (four weeks ending Nov. 2, 2025)
Data includes 400+ U.S. metro areas
- Median sale price: $392,375 (+2% YoY; largest increase in six months)
- Median asking price: $395,500 (+2.9%)
- Median monthly mortgage payment: $2,508 at 6.17% rate (-2.1%; lowest since January)
- Pending sales: 76,431 (+0.7%; slowest gain in four months)
- New listings: 83,408 (+4%)
- Active listings: 1,198,934 (+6.7%; smallest rise since Feb. 2024)
- Months of supply: 4.7 (up 0.5 points; nearing “balanced” market)
- Homes off market in two weeks: 29% (down from 31%)
- Median days on market: 48 (+6 days YoY)
- Share of homes sold above list: 22.8% (down from 26%)
- Sale-to-list price ratio: 98.3% (down from 98.7%)
You can view the full report here.
