Redfin Reports List Prices Fall for the First Time Since March

Pending sales declined year over year across all 50 metros analyzed, the first across-the-board decline in three years.

Rhea-AI Summary

Redfin, powered by Rocket (RKT), reported that median U.S. home asking prices fell 0.3% year over year, their first decline since March.

For the four weeks ending Oct. 11, 2026, the seasonally adjusted median asking price was $396,881. The median sale price rose 0.5% to $391,116, the slowest annual growth since March. Seasonally adjusted pending sales increased 1.5% week over week but fell 12.7% year over year, remaining at their lowest recorded level except the prior week. The seasonally adjusted median monthly mortgage payment reached $2,777, up 8.8% annually. A record 22% of active listings had price cuts, versus 20.9% a year earlier.

News Explained

For the four weeks ending Oct. 11, 2026, housing supply was 4.2 months, up from 3.8 and within Redfin’s stated 4-to-5-month balanced range, adding supply context to the report’s weak-demand and price-cut figures.

Key Figures

Median asking price: -0.3% year over year Median sale price: +0.5% year over year Weekly average mortgage rate: 7.4% +3 more

Median asking price

-0.3% year over year

Four weeks ending Oct. 11, 2026; first decline since March

Median sale price

+0.5% year over year

Four weeks ending Oct. 11, 2026; slowest growth since March

Weekly average mortgage rate

7.4%

Reached a three-year high on Oct. 8

Median monthly mortgage payment

$2,777; +8.8% year over year

Four weeks ending Oct. 11, 2026

Pending sales

286,531; -12.7% year over year; +1.5% week over week

Four weeks ending Oct. 11, 2026

Listings with price drops

22%

Up from 20.9% a year earlier; record high in Redfin's records

Key Terms

seasonally adjusted, months of supply, sale-to-list price ratio

3 terms

seasonally adjusted technical

"Median asking price (seasonally adjusted)"

Seasonally adjusted means that figures have been modified to remove the effects of regular and predictable changes that happen at specific times of the year, such as holidays or weather patterns. This adjustment helps reveal the true underlying trend by making comparisons across different periods more accurate. For investors, it provides a clearer picture of whether economic activity is genuinely improving or declining, without the noise of seasonal fluctuations.

months of supply technical

"Months of supply | 4.2 | Up from 3.8"

Months of supply measures how long it would take to sell all available homes at the current sales rate. It is calculated by dividing the total number of homes for sale by the number of homes sold each month. A lower number suggests a faster market with high demand, while a higher number indicates a slower market with more choices for buyers.

sale-to-list price ratio technical

"Average sale-to-list price ratio | 98.4%"

The sale-to-list price ratio measures how much of a property's asking price is actually paid by buyers, expressed as a percentage. For example, if a home is listed at $300,000 and sells for $285,000, the ratio is 95%. This figure helps investors gauge the strength of the market: a higher ratio suggests buyers are willing to pay close to asking prices, indicating high demand.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did U.S. home asking prices fall in Redfin's October 2026 report?

The seasonally adjusted median asking price fell 0.3% year over year to $396,881 for the four weeks ending Oct. 11, 2026. This was the first annual decline since March.

What did Redfin report about pending home sales in October 2026?

Seasonally adjusted pending sales totaled 286,531 for the four weeks ending Oct. 11, 2026, up 1.5% week over week but down 12.7% year over year. They were at the lowest level in Redfin's records except the prior week; those records begin in 2021.

What housing data does Redfin's October 2026 market report cover?

Redfin's national metrics cover 900+ U.S. metro areas and homes listed or sold during the reporting period. Weekly housing-market data extends back through 2021 and is subject to revision. Metro-level rankings cover the 50 most populous U.S. metros, with select metros sometimes excluded to ensure data accuracy.