Redfin Reports Pending Home Sales Dip to Lowest Level in Nearly 3 Years

Redfin’s latest four-week data show pending U.S. home sales at a three-year low even as prices inch higher and inventory grows.

Rhea-AI Summary

Redfin (housing data; ticker cited as RKT) reports that U.S. pending home sales fell 3.5% week over week to 299,126 for the four weeks ending Sept. 13, 2026, the lowest level in nearly three years and down 5.4% year over year.

The median U.S. sale price rose 2% year over year to $397,633, while the median asking price was $395,841, up 0.1%. New and active listings were each up 1.5% year over year, with new listings edging down 0.5% from the prior week and active listings down 0.6%. Months of supply increased to 4.1, up from 3.9.

The typical home spent 46 days on market, unchanged from a year earlier; 29.5% went off market within two weeks. A total of 20.8% of listings saw price drops, and 25.1% of homes sold above list, with an average sale-to-list ratio of 98.6%. Daily 30‑year mortgage rates reached 7.24% on Sept. 16, up from 6.97% a week earlier.

Positive

• Median sale price $397,633, up 2% year over year
• New listings 363,298, up 1.5% year over year
• Active listings 1,497,731, up 1.5% year over year
• Share of homes sold above list 25.1%, up from 24.5%
• Average sale-to-list ratio 98.6%, up from 98.4%

Negative

• Pending sales 299,126, down 5.4% year over year and 3.5% week over week
• Daily 30-year mortgage rate 7.24% vs. 6.97% one week earlier, up from 6.25% year over year
• Mortgage-purchase applications down 1% WoW and 19% year over year
• Google searches for “homes for sale” down 12% MoM and 15% year over year
• Touring activity down 3% from start of year vs. +26% at this time last year
• Median monthly mortgage payment $2,633 at 6.76% rate, up 3.4% year over year

Market Context

RKT closed at $12.95 before publication, while relevant Redfin housing reports on Sep. 9-10 were fol...

Analysis

RKT closed at $12.95 before publication, while relevant Redfin housing reports on Sep. 9-10 were followed by declines of 1.71%, 1.71%, and 2.72%. Those records contextualized this report's weaker demand and elevated-rate signals.

Key Figures

Pending sales: 299,126 Pending-sales level: Lowest level in nearly 3 years Daily mortgage rate: 7.24% +5 more

Pending sales

299,126

Four weeks ending Sep. 13, 2026; -5.4% year over year and -3.5% week over week

Pending-sales level

Lowest level in nearly 3 years

U.S. pending home sales

Daily mortgage rate

7.24%

30-year fixed mortgage rate on Sep. 16, 2026

Weekly mortgage rate

6.76%

30-year fixed mortgage rate for the week ending Sep. 10, 2026

Median sale price

$397,633

Four weeks ending Sep. 13, 2026; up 2% year over year

Median monthly mortgage payment

$2,633

Seasonally adjusted at a 6.76% mortgage rate

Active listings

1,497,731

Four weeks ending Sep. 13, 2026; up 1.5% year over year

Months of supply

4.1

Up from 3.9

Historical Context

3 past events · Latest: Sep 10

3 events

1. Sep 10

   Housing market report

   24h Move

   -1.7%

   Report described record buyer-seller imbalance, with 57.9% more sellers than buyers.

2. Sep 10

   Housing market report

   24h Move

   -1.7%

   Report cited record housing costs and falling pending sales amid elevated mortgage rates.

3. Sep 09

   Housing supply report

   24h Move

   -2.7%

   Report showed multi-year-high supply, rising listings, and weaker demand.

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

Key Terms

seasonally adjusted, 30-year fixed mortgage rate, mortgage-purchase applications, sale-to-list price ratio, +1 more

5 terms

seasonally adjusted technical

"Pending sales (seasonally adjusted) | 299,126"

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.

30-year fixed mortgage rate financial

"Daily average 30-year fixed mortgage rate | 7.24%"

The 30-year fixed mortgage rate is the interest rate charged on a home loan that is paid back over 30 years with consistent monthly payments. Because the rate stays the same throughout the loan period, it provides stability and predictability for homeowners. This rate influences borrowing costs and can impact the overall housing market and consumer spending.

mortgage-purchase applications financial

"Mortgage-purchase applications (seasonally adjusted)"

Mortgage-purchase applications are requests submitted by consumers to lenders for home loans used to buy properties, as opposed to loans for refinancing existing mortgages. Investors watch the number and trend of these applications because they act like a real-time thermometer of housing demand and consumer confidence—rising applications suggest stronger home sales, construction activity, and related spending, while falling applications can signal cooling in the housing market and pressure on companies tied to mortgages and homebuilding.

sale-to-list price ratio financial

"Average sale-to-list price ratio | 98.6%"

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.

months of supply financial

"Months of supply | 4.1"

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.

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

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The homebuyers who remain in the market have more choices, less competition and more negotiating power

SEATTLE, Sept. 17, 2026 /PRNewswire/ -- U.S. pending home sales fell 3.5% week over week to their lowest level in almost three years, according to a new report from Redfin, the real estate brokerage powered by Rocket.

Here's what else is happening in the U.S. housing market for the four weeks ending Sept. 13:

• Declining homebuying demand gives buyers breathing room. It means less competition and more room to negotiate for the house hunters who are still shopping.
• There are plenty of homes to choose from. New listings fell slightly (-0.5%) from a week earlier, but they're still up 1.5% year over year, and there are hundreds of thousands more home sellers than buyers in the market. More homes on the market equals less pressure on buyers to rush into a decision or pay more than they want. "House hunters who can afford it should be taking advantage of today's slow market. If and when mortgage rates trickle down below 6%, I'm willing to bet inventory will be depleted in no time—then it's boom! Back to bidding wars," says Meme Loggins, a Redfin Premier agent in Portland, OR.
• Home-sale prices are holding steady. The median home-sale price rose 2% year over year, similar to the increases we've seen over the last several months. That stability means prices aren't soaring, and that sellers aren't in immediate danger of home values dropping.
• Sellers are coming to terms with market realities. Elevated mortgage rates are making housing costs high and pricing some would-be buyers out of the market—and it appears sellers are adjusting their expectations accordingly. The typical home that sold spent 46 days on the market, unchanged from a year ago, and 29.5% of homes went off market within two weeks, essentially flat.
• Bidding wars are still on the table. A quarter of homes that sold (25.1%) fetched more than their asking price. That's welcome news for sellers who price realistically from the start.

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

Leading indicators

Indicators of homebuying demand and activity
	Value (if applicable)	Recent change	Year-over-year change	Source
Daily average 30-year fixed mortgage rate	7.24% (Sept. 16)	Up from 6.97% one week earlier; near highest level since Jan. 2025	Up from 6.25%	Mortgage News Daily
Weekly average 30-year fixed mortgage rate	6.76% (week ending Sept. 10)	Up from 6.67% one month earlier	Up from 6.35%	Freddie Mac
Mortgage-purchase applications (seasonally adjusted)		Down 1% from a week earlier (as of week ending Sept. 11)	Down 19%	Mortgage Bankers Association
Google searches of "homes for sale"		Down 12% from a month earlier (as of Sept. 12)	Down 15%	Google Trends
Touring activity		Down 3% from the start of the year (as of Sept. 10)	At this time last year, it was up 26% from the start of 2025	ShowingTime

Key housing-market data

U.S. highlights: Four weeks ending Sept. 13, 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 Sept. 13, 2026	Year-over-year change	Week-over-week change (where applicable)	Notes
Median sale price	$397,633	2 %
Median asking price (seasonally adjusted)	$395,841	0.1 %
Median monthly mortgage payment (seasonally adjusted)	$2,633 at a 6.76% mortgage rate	3.4 %
Pending sales (seasonally adjusted)	299,126	-5.4 %	-3.5 %	Lowest level in nearly 3 years
New listings (seasonally adjusted)	363,298	1.5 %	-0.5 %
Active listings (seasonally adjusted)	1,497,731	1.5 %	-0.6 %
Months of supply	4.1	Up from 3.9		4 to 5 months of supply is considered balanced, with a lower number indicating seller's market conditions
Share of homes off market in two weeks	29.5 %	Down from 29.7%
Median days on market	46	Unchanged
Share of home listings with price drops	20.8 %	Up from 19.7%
Share of homes sold above list price	25.1 %	Up from 24.5%
Average sale-to-list price ratio	98.6 %	Up from 98.4%

 

Metro-level highlights: Four weeks ending Sept. 13, 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 (10.2%) Milwaukee (9.3%) Kansas City, MO (7.9%) Cleveland (7.6%) St. Louis (6.8%)	San Jose, CA (-5%) Austin, TX (-4.6%) San Antonio (-4.3%) Seattle (-3.9%) Fort Worth, TX (-3.1%)
Pending sales	Fort Lauderdale, FL (6.6%) Miami (4%) West Palm Beach, FL (3.8%) Milwaukee (3.8%) Cincinnati (2%)	Seattle (-20.3%) Denver (-15%) San Diego (-14.7%) Atlanta (-14.6%) Houston (-13.7%)
New listings	Nashville, TN (15.6%) San Jose, CA (13.9%) Anaheim, CA (12.7%) Seattle (10.5%) Philadelphia (9.7%)	Atlanta (-13.3%) Dallas (-9.4%) San Francisco (-9.2%) Detroit (-7.2%) Fort Worth, TX (-6.3%)

To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-pending-sales-lowest-level-since-2023 

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.

What does the reported months of supply indicate about market balance?

Months of supply was 4.1, up from 3.9. The report notes that 4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions, so the current level suggests movement toward a more balanced market.

How quickly are homes selling in the current period?

The median home that sold during the four weeks ending Sept. 13 spent 46 days on the market, unchanged from a year earlier, and 29.5% of homes went off market within two weeks, essentially flat year over year.

How common are price reductions in today’s housing market?

In the four-week period, 20.8% of home listings had price drops, compared with 19.7% a year earlier, indicating a higher share of sellers reducing prices.

Which U.S. metros saw the largest year-over-year rise in home prices?

The biggest year-over-year median sale price increases were in San Francisco (10.2%), Milwaukee (9.3%), Kansas City, MO (7.9%), Cleveland (7.6%), and St. Louis (6.8%).

Which metros experienced the steepest home-price declines year over year?

The largest year-over-year median sale price declines were in San Jose, CA (-5%), Austin, TX (-4.6%), San Antonio (-4.3%), Seattle (-3.9%), and Fort Worth, TX (-3.1%).

Where did pending sales rise or fall the most among major metros?

Pended sales rose most year over year in Fort Lauderdale, FL (6.6%), Miami (4%), West Palm Beach, FL (3.8%), Milwaukee (3.8%), and Cincinnati (2%). The biggest declines were in Seattle (-20.3%), Denver (-15%), San Diego (-14.7%), Atlanta (-14.6%), and Houston (-13.7%).

Which metros saw the largest changes in new listings?

New listings increased most in Nashville, TN (15.6%), San Jose, CA (13.9%), Anaheim, CA (12.7%), Seattle (10.5%), and Philadelphia (9.7%), and declined most in Atlanta (-13.3%), Dallas (-9.4%), San Francisco (-9.2%), Detroit (-7.2%), and Fort Worth, TX (-6.3%).