Housing Market Update: Asking Prices Fall For the First Time Since March
Pending home sales inched up this week, but they’re still near record lows.
What to know about the U.S. housing market for the four weeks ending October 11:
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- Home prices are losing momentum. The median U.S. home-sale price rose just 0.5% year over year, the slowest growth rate since March. The median asking price fell 0.3% year over year, its first decline since March. 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 3-year high of 7.4% on October 8. Daily average rates have eased slightly in recent days, dipping to 7.45% on October 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 our 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.
Below is a summary of our most recent housing-market data. For more national and metro-level stats, please visit Redfin’s data center.
| 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. |
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| 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 our records (except the prior week) | |
| Pending sales (seasonally adjusted) | 286,531 | -12.7% | 1.5% | Lowest level in our 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% | ||
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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. |
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|---|---|---|---|
| Metros with biggest year-over-year increases | Metros with biggest year-over-year decreases |
Notes |
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| 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%) Charlotte, NC (-2.3%) Anaheim, CA (-2.1%) |
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| Pending sales | Seattle (-26%)
Atlanta (-22.7%) San Diego (-22.6%) Denver (-19.3%) Minneapolis (-18.5%) |
Declined in every single metro we 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%) |
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Refer to our metrics definition page for explanations of all the metrics used in this report.
The post Housing Market Update: Asking Prices Fall For the First Time Since March appeared first on Redfin Real Estate News.
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