Overview

• Inventory climbed to 1.97 million homes for sale in April, a 16.3 percent year-over-year increase that drove total listing value to a record $698 billion.
• Sellers outnumbered buyers by nearly 500,000 in April, marking the widest gap on record and a reversal from the pandemic era’s high demand.
• More than $330 billion of listings have sat idle for 60 days or longer, prompting sellers to pursue price reductions to attract buyers.
• The 30-year fixed mortgage rate held around 6.89 percent at the end of May, further constraining buyer affordability.
• Redfin forecasts a 1 percent decline in home prices by the end of 2025 as the surplus supply and subdued demand press prices lower.