On November 6, 2025, Rocket Companies Inc. shared insights through its subsidiary Redfin, revealing a nuanced perspective on the U.S. housing market. The newly released report highlights a modest increase in pending home sales, a trend that underscores the ongoing caution among buyers despite falling mortgage rates.

1. Modest Gains in Pending Home Sales

According to the report, pending home sales rose by a mere 0.7% year-over-year during the four weeks ending November 2, marking the smallest increase in four months. This stagnation in sales indicates a persistent reluctance from buyers to engage in the housing market, even as the average mortgage rate has dipped to its lowest point in a year.

Increasing Days on Market

One notable trend is the lengthening time it takes for homes to sell. In October, the typical home sold went under contract in 48 days, the longest it has taken for this month since 2019. This extended duration reflects buyer hesitance, as many continue to weigh their options amid economic uncertainties.

2. The Impact of Mortgage Rates

While the average weekly mortgage rate has fallen to 6.17%, contributing to a decrease in the median monthly housing payment to $2,508 (a 2.1% drop from the previous year), buyers remain cautious. Economic instability has made many potential homeowners hesitant to make significant purchases. As Redfin Premier agent Rebecca Love articulates, buyers are becoming increasingly selective, hoping to find homes that meet their exact criteria while also seeking favorable deals.

Economic Uncertainty Influences Buyer Behavior

Despite the decline in mortgage rates, several factors have kept buyers on the sidelines. Sale prices continue to rise, with the median sale price reaching $392,375—a 2% increase, marking the largest rise in six months. This upward pressure on prices, combined with concerns over job security and interest rate fluctuations, has led to a cautious approach among house hunters.

3. Housing Market Indicators

The report presents various indicators of homebuying demand and activity:

Daily Average 30-Year Fixed Mortgage Rate: 6.37%, up from 6.13% a week earlier, but down from 7.09% a year ago.

Weekly Average 30-Year Fixed Mortgage Rate: 6.17%, the lowest in over a year.

Mortgage-Purchase Applications: Down 1% from the previous week but up 26% year-over-year.

Redfin Homebuyer Demand Index: Up about 3% month-over-month but down 9% year-over-year.

Touring Activity: Increased by 7% from the start of the year.

These indicators suggest that while there is some growth in interest, it has not translated into substantial sales momentum.

4. New Listings and Active Inventory

On the supply side, new listings have seen a 4% increase year-over-year, remaining steady. However, active listings have also risen, with over 1.19 million homes available—a 6.7% increase, reflecting a balanced market dynamic. The months of supply stands at 4.7, indicating a shift towards a more balanced market as opposed to a seller's market.

Regional Insights: Variability Across Metro Areas

The report also highlights regional disparities in the housing market. Cities like Detroit, Newark, and Cleveland have experienced significant year-over-year increases in median sale prices, while areas such as Jacksonville and Dallas have seen declines.

5. Conclusion: A Market in Transition

As the housing market navigates these complexities, Rocket Companies Inc. and Redfin remain committed to providing innovative solutions to enhance the homebuying experience. The current market conditions illustrate a cautious yet evolving landscape, where buyers are waiting for the right opportunity in an environment of fluctuating rates and economic uncertainty.

For further insights and updates, Rocket Companies and Redfin are dedicated to keeping stakeholders informed as the market continues to develop.

Original press release