Marin: November 2025 Market Stats

As of the end of October, the S&P 500 and Nasdaq had reached new highs; 30-year mortgage rates hit their lowest point in over a year; inflation ticked up slightly to 3%; and the Fed made its second .25% reduction of its benchmark rate in 2025 (while cautioning that another reduction in December was not certain). General consumer confidence remained low, with significant unease regarding personal finances, job security, and inflation - though affluent consumers enjoying substantial stock market gains were less worried. The Economic Policy Uncertainty Index continued to decline from its tariff-shock peak in April but remained high by long-term norms.

The October 2025 median house sales price was very slightly lower than in October 2024, but the number of listings going into contract jumped 21% on a year-over-year basis, and the absorption rate, a standard measure of market heat, increased to its highest point in 6 months - both strong indications of increasing buyer demand. The details on these and other market indicators follow within this report.

The market typically slows substantially from mid-November to mid-January, though listing and sales activity continue in every month of the year, and well-priced, well-prepared, and effectively marketed homes can still sell quickly for over asking price. However, this is usually the period when buyers can negotiate most aggressively on unsold homes listed earlier in the year.