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

Q: How much negotiating room did Redfin report for U.S. homebuyers?

There were about 600,000 more home sellers than buyers in the U.S., with condo sellers outnumbering buyers more than 2 to 1. Housing supply stood at 4.7 months, up from 4 a year earlier; Redfin considers 4 to 5 months balanced.

Pending home sales declined year over year in every metro Redfin analyzed.

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Rhea-AI Summary

Rocket (RKT) brokerage Redfin reported that median monthly U.S. mortgage payments fell to their lowest level in six weeks. For the four weeks ending Nov. 8, 2026, the seasonally adjusted payment was $2,755 at a 7.18% mortgage rate, down from $2,820 a month earlier but up 9% year over year. The median sale price fell 0.9% year over year to $388,613, its fourth consecutive weekly decline.

Seasonally adjusted pending sales were nearly flat week over week but fell 15.54% year over year to 275,980, the lowest in records dating to 2021. Active listings were essentially unchanged from a week earlier; new listings fell 1.3%. Daily mortgage rates reached 7.17% before rising again after an inflation report.

Key Figures

Median home-sale price: $388,613; down 0.9% year over year Median monthly mortgage payment: $2,755 at a 7.18% mortgage rate Pending home sales: 275,980; down 15.54% year over year and 0.1% week over week +1 more

Median home-sale price: $388,613; down 0.9% year over year; Four weeks ending Nov. 8, 2026; fourth consecutive week of declines
Median monthly mortgage payment: $2,755 at a 7.18% mortgage rate; Seasonally adjusted; six-week low, down from $2,820 a month earlier
Pending home sales: 275,980; down 15.54% year over year and 0.1% week over week; Seasonally adjusted; lowest level in Redfin's records
Seller-buyer balance: About 600,000 more sellers than buyers; U.S. housing market

Historical Context

1 past event · Latest: Nov 05

1 event

Nov 05
Weekly housing report

24h Move

-1.3%

Third consecutive weekly price decline and five-week-low monthly payment in the prior report

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

months of supply, sale-to-list price ratio

2 terms

months of supply technical

"Months of supply | 4.7 | Up from 4"

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 | 98.2% | Essentially unchanged"

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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11/12/2026 - 08:00 AM EST

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

SEATTLE, Nov. 12, 2026 /PRNewswire/ -- U.S. home-sale prices fell for the fourth week in a row, according to a new report from Redfin, the real estate brokerage powered by Rocket.

U.S. housing market takeaways for the four weeks ending Nov. 8:

Home-sale prices continue to drop. 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 about 600,000 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.

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 Redfin's 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 Redfin 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%)

For more national and metro-level housing-market stats, please visit Redfin's data center.

To view the full report, please visit: https://www.redfin.com/news/housing-market-update-mortgage-payments-prices-dip

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 monthly mortgage payments fall in Redfin's November 2026 housing report?

The seasonally adjusted median monthly mortgage payment fell to $2,755 from $2,820 a month earlier. The figure covers the four weeks ending Nov. 8, 2026, uses a 7.18% mortgage rate and marks a six-week low. Payments were still up 9% year over year.

How much negotiating room did Redfin report for U.S. homebuyers?

There were about 600,000 more home sellers than buyers in the U.S., with condo sellers outnumbering buyers more than 2 to 1. Housing supply stood at 4.7 months, up from 4 a year earlier; Redfin considers 4 to 5 months balanced.

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