Twenty of the 50 most populous U.S. metros recorded a drop in home prices month over month

SEATTLE, April 22, 2025--(BUSINESS WIRE)--(NASDAQ: RDFN) — U.S. home prices ticked up 0.2% from a month earlier in March on a seasonally adjusted basis, the slowest pace since December 2022, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Home prices were up 4.6% on a year-over-year basis, down from 5.1% growth in February. That’s the 11th consecutive month that annual growth has slowed and the first time it dipped below 5% since August 2023.

This is according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing method to calculate seasonally adjusted changes in prices of single-family homes. The RHPI measures sale prices of homes that sold during a given period, and how those prices have changed since the last time those same homes sold.

The RHPI has only recorded month-over-month price declines on two occasions, both in mid-2022, when spiking mortgage rates cooled the market dramatically. Since then, prices have grown relatively steadily, with most months seeing gains of between 0.4% and 0.6%.

Price growth is slowing because homebuying demand isn’t keeping up with the rising number of homes for sale. There are a few parts of the country, particularly in the Midwest, where demand is holding up, but generally buyers are backing off.

"Homes are taking longer to sell and prices are falling in some areas because fear of a broader economic slowdown is pushing many would-be buyers to the sidelines," said Redfin Senior Economist Sheharyar Bokhari. "New tariffs are adding to the economic uncertainty and prices may slow even further in coming months. With housing costs at near-record highs, that’s a silver lining for a buyer who has to move right now, as there will be more room for negotiation."

Metro-Level Summary: Redfin Home Price Index, March 2025

Home prices fell in 20 of the 50 most populous U.S. metro areas on a seasonally adjusted basis in March, month over month.

The biggest decline was in Columbus, OH (-0.7%), followed by Denver (-0.6%) and San Jose, CA (-0.6%). Prices increased most in San Francisco (2.7% month over month), Nassau County, NY (2.6%) and Milwaukee (1.7%).

To view the full report, including charts, additional metro-level data and a full methodology, please visit: https://www.redfin.com/news/home-price-index-march-2025/

About Redfin

Redfin (www.redfin.com) 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 www.redfin.com. 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@redfin.com. To view Redfin's press center, click here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250422163757/en/

Contacts

Contact Redfin
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Angela Cherry
press@redfin.com