Overview

• Signed contracts in April 2025 were down 3% year-over-year, marking the lowest level for the month since the COVID-19 lockdown in 2020.
• Active home listings surged to their highest level since 2019, while annual price growth slowed sharply to 1.4%, down from 6% in April 2024.
• Economic pressures, including 6.8% mortgage rates and trade-policy volatility, have dampened buyer urgency and affordability across the U.S.
• Regional contrasts persist: bidding wars dominate tight markets in the Northeast and Midwest, while Florida sees steep sales declines, led by Miami's 23% drop in signed contracts.
• Homebuilders are offering aggressive incentives, such as subsidized mortgage rates and discounts, to compete with existing home sellers.