Skylar Olson of Zillow reports that home prices continued to accelerate in January despite high mortgage rates and rising inventory, with the S&P CoreLogic Case-Shiller Index up 0.6% month-over-month and 4.1% year-over-year. Well-capitalized buyers drive this growth—particularly repeat buyers with record home equity and strong stock portfolios—who are still active in the market. However, affordability remains a major barrier for many, especially first-time buyers.

Source: Zillow (April 2025)

Shaina Mishkin of Barron’s reports that the Case-Shiller 20-city index was up 4.7%, beating forecasts. Despite the strong showing, economists anticipate a slowdown ahead as rising inventory starts to ease pressure on prices. Listings are increasing, particularly in markets like Texas and Florida, where supply is outpacing demand, leading to fierce competition among sellers—especially at the entry-level. While price gains remain strong in cities like New York and Chicago, national growth is expected to be “pretty muted” in 2025, with some regional declines likely. Mishkin quotes Lawrence Yun, NAR’s chief economist:

“Inventory levels are still low—but we turned a corner…We are beginning to see a little more inventory coming onto the market, [an] early indicator about potential home sales.”

Dana Anderson of Redfin reports that the median monthly mortgage payment hit a record $2,807 in late March 2025—up 5.3% year-over-year—driven by rising home prices and elevated mortgage rates, currently averaging 6.67%. While high costs continue to suppress pending home sales, down 4.6% from a year ago, early spring activity shows signs of life. Reportedly, mortgage applications and home tours are climbing, and online searches for homes have surged. Meanwhile, new listings are up 7.5%, the most significant jump this year.

Jonathan Delozier of HousingWire reports on record-high housing costs, noting that homebuyers made historically large down payments in 2024, averaging $29,900—or 14.4% of the purchase price—the highest level since tracking began. In the fourth quarter alone, the typical down payment reached $30,250, up about $3,000 from the same period in 2023. These elevated payments reflect buyers tapping into accumulated savings and home equity to remain competitive in a high-cost market, with down payments now 3.4% higher than pre-pandemic levels.

Clear Cooperation

Dina Sartore-Bodo of the National Association of Realtors (NAR) reports on a new “Multiple Listing Options for Sellers” policy to complement NAR’s existing Clear Cooperation Policy. This change aims to provide greater flexibility to home sellers and their agents while maintaining transparency and equal access in the housing market. 

According to NAR, the original Clear Cooperation Policy, established in 2020, requires brokers to submit listings to the MLS within one business day of public marketing. This policy aims to curb private or “pocket” listings and promote a more open, competitive marketplace. NAR believes this updated policy prioritizes fairness and broad listing exposure, which benefits buyers and sellers.

Claire Boston of Yahoo! News reports that the new policy allows sellers to delay the broad online marketing of their homes and aims to offer more flexibility but raises concerns about reduced transparency. While listings will still appear in MLS databases, they may not be immediately viewable to the public on platforms like Zillow and Redfin, potentially limiting access for everyday buyers. Critics warn that this could reintroduce elements of “pocket listings,” favoring exclusive networks and diminishing fair housing efforts.

Franco Faraudo of Propmodo reports that critics argue the shift may prioritize legal risk management over consumer benefit, as NAR faces mounting legal pressure, including a $418 million settlement over commission practices. Though only a small share of listings currently bypass syndication, this policy adjustment may signal a broader retreat from open access in real estate marketing.

Finally, Lillian Dickerson of Inman reports that real estate agents had mixed reactions to the recent ruling on the clear cooperation policy. While some expressed outrage, and others welcomed the decision—particularly its preservation—many respondents simply voiced confusion, highlighting uncertainty and a lack of clarity around the new policy changes.

Monthly rent reports

Several monthly rent reports were released for March, starting with Zumper’s National Rent Report showing a slight 0.1% monthly decline in one-bedroom rents in March 2025, now at $1,524, while two-bedroom rents held steady at $1,905; annually, rents are up 2.5% and 3.1% respectively. San Francisco rents hit a nearly five-year high, and several Bay Area cities are seeing double-digit growth, while Austin experienced one of the largest annual declines.

Source: Zumper (April 2025)

Zumper CEO Anthemos Georgiades comments on the data:

“The U.S. rental market has remained remarkably resilient despite this period of macroeconomic uncertainty…This industry is more independent of wider macro trends than many people realize. The key dynamic to be aware of is that despite record levels of new supply entering the market in the past 2 years, new multifamily construction permits have plummeted, meaning supply will stall within a couple of years, putting upward pressure on rents again. Right now, it feels like the calm before the storm.”

The national median rent rose 0.6% to $1,384, marking the second consecutive monthly increase, according to Apartment List. That said, year-over-year rent growth remains slightly negative at -0.4%. Despite a 4% decline from its August 2022 peak, rents are still 20% higher than in January 2021. A record-high national vacancy rate of 6.9% reflects easing occupancy amid a supply boom, with 2024 seeing the most apartment completions since the 1980s and more inventory on the way. 

Source: Apartment List (April 2025)

While rents in most large cities rose last month, steep annual declines in Sun Belt metros like Austin, Denver, and Raleigh continue to lower the national average. “Austin is not alone in exhibiting this trend. Among the ten metros with sharpest year-over-year rent declines, many also rank among the highest in terms of multifamily permitting activity (e.g. Denver, Raleigh, Salt Lake City, Phoenix, Dallas, San Antonio, and Jacksonville). Notably all of these markets are located in the Sun Belt.”

Alecia Pirulis of Apartments.com reports that the national average rent rose 1% year-over-year to $1,559 in February, with vacancy holding steady at 8.1%, suggesting a possible peak. Demand for apartments is at its highest since 2022, fueled by renters staying in the market and a 45% drop in new construction nationwide—cities like Rochester and Dayton buck that trend with sharp increases. Budget-friendly apartments lead demand with a low 5.6% vacancy rate and 2% rent growth, while luxury units lag behind with high vacancies and minimal price gains.

Kristen Smithberg of Globe St notes that Millennials are increasingly driving demand in the rental housing market. Many form families but delay homeownership due to rising costs and improved rental living standards. With home prices up nearly 50% since 2020 and monthly mortgage payments around $3,100—compared to average rents of $1,830—many opt to rent longer. Enhanced apartment amenities and design have also made renting more appealing, contributing to rising lease renewal rates.