Monthly Mortgage Payments Fall to Lowest Level in 6 Weeks as Home Prices Keep Dipping

Pending home sales held steady from a week earlier as prices and mortgage rates fell–but rates have since ticked back up.

What to know about the U.S. housing market for the four weeks ending November 8:

Home-sale prices fell for the fourth week in a row. The median home-sale price was $388,613, down 0.9% year over year. That’s four straight weeks of declines after three years of increases, handing homebuyers a bit of relief on top of what they’re getting from dipping rates.
Monthly housing payments dropped to a 6-week low. The median monthly mortgage payment was $2,755 at a 7.18% mortgage rate, the weekly average. This data is seasonally adjusted. Payments are down from $2,820 a month earlier.
Homebuying activity held steady. Pending home sales were essentially flat (-0.1%) from a week earlier, though they remain at the lowest level in records dating back to 2021. Dipping mortgage rates likely held off a bigger decline in pending sales. Daily average rates declined to a 6-week low of 7.17% last week, but have since ticked back up after a hot inflation report.
Overall supply held steady, too. Active listings were flat from a week earlier, while new listings slipped 1.3%. Buyers still have plenty of options; there are half a million more home sellers than buyers in the U.S. Condo buyers have especially strong negotiating power; condo sellers outnumber buyers more than 2 to 1.

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 Nov. 8, 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 Nov. 8, 2026	Year-over-year change	Week-over-week change (where applicable)	Notes
Median sale price	$388,613	-0.9%		Fourth week in a row of declines
Median asking price (seasonally adjusted)	$400,636	0.9%
Median monthly mortgage payment (seasonally adjusted)	$2,755 at a 7.18% mortgage rate	9%		Lowest level in 6 weeks
Pending sales (seasonally adjusted)	275,980	-15.54%	-0.1%	Lowest level in our records
New listings (seasonally adjusted)	342,369	-4.7%	-1.3%
Active listings (seasonally adjusted)	1,501,320	3.3%	Essentially unchanged
Months of supply	4.7	Up from 4		4 to 5 months of supply is considered balanced
Share of homes off market in two weeks	25.8%	Down from 27.4%
Median days on market	51	2
Share of home listings with price drops	21%	Up from 20.5%
Share of homes sold above list price	22.7%	Down from 23%
Average sale-to-list price ratio	98.2%	Essentially unchanged

Metro-level highlights: Four weeks ending Nov. 8, 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%) New Brunswick, NJ (6.8%) Jacksonville, FL (6.4%) Pittsburgh (6.2%) Philadelphia (4.6%)	Austin, TX (-9.3%) Fort Lauderdale, FL (-6.9%) Nashville, TN (-4.4%) Seattle (-4%) Charlotte, NC (-3.9%)
Pending sales		Seattle (-31.1%) San Diego (-26.9%) Denver (-26.4%) Las Vegas (-23.8%) Oakland, CA (-22.9%)	Declined in every single metro we analyzed
New listings	San Jose, CA (12.5%) Providence, RI (11.7%) Montgomery County, PA (9.9%) Boston (8.9%) Newark, NJ (8%)	Dallas (-12.9%) San Antonio (-12.5%) Cincinnati (-12.4%) Minneapolis (-12.4%) Detroit (-11.8%)

Refer to our metrics definition page for explanations of all the metrics used in this report.