Pending home sales reached their highest level in April since February 2023, and the U.S. median sales price posted its first year-over-year increase in 13 months, according to Redfin.
The number of pending home sales rose in April to the highest level since February 2023, and the U.S. median sales price posted its first year-over-year increase in 13 months, according to a Redfin report released Tuesday.
The leading indicator exceeded closed sales data released Monday by the National Association of Realtors, which showed existing home sales rose just 0.2% in April from the previous month.
The number of pending sales rose 2% month over month to 350,521 units, the largest monthly increase since March 2025. Existing home sales measured by Redfin reached a seasonally adjusted annual rate of 4.33 million units, also the highest level in three years.
Median sales price in the U.S. rose 2.4% year over year to $396,173, according to Redfin. This is the largest annual increase since March 2025.
The seller also moved. The number of effective listings increased by 1.3% from the previous month to 1.48 million, the highest level since March 2020, and the largest monthly increase rate in the past year. The number of new listings increased by 2.7% from March, the highest level since July 2022.
Redfin notes that April is the first release based on its latest monthly housing data methodology, which directly aggregates numbers for more than 3,000 counties, rather than scaling from a representative sample.
Sales speed accelerated for the second consecutive month. For a typical house that was signed in April, the contract was completed in 49 days, one day earlier than in March. Homes still take longer to sell than they did a year ago, and the number of sales and listings remains below pre-pandemic levels.
The percentage of homes selling for less than their original list price has declined for the sixth consecutive month, dropping to 60.5% in April. Redfin attributes this trend to increased demand from buyers and more competitive pricing from sellers. The median new list price increased by 0.9% from the previous year, less than half of the increase in the median sales price.
The average 30-year fixed mortgage interest rate in April was 6.33%, down 0.4 percentage points from the same month last year.
San Francisco had the broadest growth rate among the 50 most populous U.S. metropolitan areas, with median sales prices up 10.7%, pending sales up 20.8% and closed sales up 23% year over year. West Palm Beach, Florida, saw the fastest increase in pending sales at 39.8%.
Email Jesse Healy
