Pending home sales inched up this week, but they're still near record lows

SEATTLE, Oct. 15, 2026 /PRNewswire/ -- The median U.S. asking price of a home for sale fell 0.3% year over year, the first decline since March. That's according to a new report from Redfin, the real estate brokerage powered by Rocket.

What else to know about the U.S. housing market for the four weeks ending Oct. 11:

Home-sale prices are losing momentum. The median U.S. home-sale price rose just 0.5% year over year, the slowest growth rate since March. That means some relief could be on the horizon for buyers.
Mortgage rates are still a vital stat for homebuyers and sellers. The weekly average mortgage rate hit a three-year high of 7.4% on Oct. 8. Daily average rates have eased slightly in recent days, dipping to 7.45% on Oct. 14 from 7.61% about a week earlier.
The typical homebuyer's monthly payment is $2,777, the highest level on record except the previous week. That's due to high mortgage rates and still-increasing home prices.
Homebuying demand remains near record low. Pending home sales ticked up 1.5% from a week earlier—perhaps thanks to rates easing ever so slightly—but were still near their lowest level in records dating back to 2021. That includes the end of 2023, when mortgage rates were nearing 8%. Pending sales declined year over year in all 50 of the most populous U.S. metro areas.
Price drops are at a record high. As sellers come to terms with prices losing steam, more of them are dropping their prices: 22% of home sellers with active listings cut their asking price, up from 20.9% a year earlier and the highest level in Redfin's records.
Housing supply is growing, but slowly. New listings of homes for sale inched up 0.4% week over week, while the total number of homes for sale rose 0.8%.

For Redfin economists' takes on the housing market, please visit Redfin's "From Our Economists" page.

Key Housing Market Data

U.S. highlights: Four weeks ending Oct. 11, 2026 Redfin's national metrics include data from 900+ U.S. metro areas and are based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2021. Subject to revision.
	Four weeks ending Oct. 11, 2026	Year-over-year change	Week-over-week change (where applicable)	Notes
Median sale price	$391,116	0.5 %		Slowest price growth since March
Median asking price (seasonally adjusted)	$396,881	-0.3 %		First decline since March
Median monthly mortgage payment (seasonally adjusted)	$2,777 at a 7.4% mortgage rate	8.8 %		Highest level in Redfin's records (except the prior week)
Pending sales (seasonally adjusted)	286,531	-12.7 %	1.5 %	Lowest level in Redfin's records (except the prior week)
New listings (seasonally adjusted)	359,859	-1.3 %	0.4 %
Active listings (seasonally adjusted)	1,506,396	2 %	0.8 %
Months of supply	4.2	Up from 3.8		4 to 5 months of supply is considered balanced
Share of homes off market in two weeks	29 %	Down from 29.6%
Median days on market	49	1
Share of home listings with price drops	22 %	Up from 20.9%
Share of homes sold above list price	23.6 %	Up from 23.2%
Average sale-to-list price ratio	98.4 %	Up from 98.3%

Metro-level highlights: Four weeks ending Oct. 11, 2026 Redfin's metro-level rankings data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.
	Metros with biggest year-over- year increases	Metros with biggest year-over- year decreases	Notes
Median sale price	San Francisco (18.1%) Detroit (9.4%) West Palm Beach, FL (7.8%) Chicago (5.2%) Newark, NJ (5.1%)	Seattle (-6.3%) San Jose, CA (-4.8%) Orlando, FL (-3.4%) Charlotte, NC (-2.3%) Anaheim, CA (-2.1%)
Pending sales		Seattle (-26%) Atlanta (-22.7%) San Diego (-22.6%) Denver (-19.3%) Minneapolis (-18.5%)	Declined in every single metro Redfin analyzed for the first time in 3 years
New listings	Nashville, TN (22.1%) San Jose, CA (20.3%) Boston (12.4%) San Francisco (11.5%) Newark, NJ (8.7%)	Atlanta (-21.3%) San Antonio (-14.6%) Dallas (-10.2%) Fort Worth, TX (-9.2%) Jacksonville, FL (-6.5%)

To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-asking-prices-decline-october

About Redfin

Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE:RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin's clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.

You can find more information about Redfin and get the latest housing market data and research at https://www.redfin.com/news. For more information about Rocket Companies, visit https://www.rocketcompanies.com.

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SOURCE Redfin