Redfin Reports The Typical Home Sells in 66 Days—the Slowest Winter Pace in a Decade

Key Terms

pending home sales financial

Pending home sales refer to homes that have been sold but where the transaction has not yet been finalized or closed. This measure indicates future activity in the housing market, helping investors gauge whether home buying is increasing or slowing down. Rising pending sales can suggest stronger demand, while falling figures may signal a slowdown in the market.

seasonally adjusted annual rate financial

A seasonally adjusted annual rate is a way of taking a short-term economic or financial measure (like a monthly or quarterly figure), removing predictable seasonal ups and downs (such as holiday shopping or harvest cycles), and converting the result into a full-year pace. For investors it makes it easier to compare periods and judge underlying trends—like estimating a steady yearly income from a single month after stripping out routine seasonal spikes—so performance and forecasts are less distorted by predictable timing effects.

seasonally adjusted financial

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.

active listings financial

Active listings are the total number of items, properties, or assets currently available for sale or purchase in a market. They represent the pool of options that buyers can choose from at any given time, similar to items on shelves in a store. For investors, active listings indicate market availability and can help gauge supply levels and market activity.

months of supply financial

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-final-list-price ratio financial

The sale-to-final-list-price ratio compares the actual price a buyer paid to the seller’s final asking price, after any discounts or price cuts. Think of it as the percentage of the last listed price that was realized at closing — like seeing whether a seller got close to their last expected amount. For investors, it signals pricing strength and demand: higher ratios suggest sellers are achieving their targets, while lower ratios imply the market requires deeper markdowns to complete sales.

30-year fixed mortgage rate financial

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.

median days on market financial

Median days on market is the middle value of how long listed assets (commonly homes) stay available before a sale — half sell faster, half take longer. For investors it’s a quick measure of demand and liquidity: shorter median time suggests strong buyer interest and faster turnover, while longer time can signal weak demand or pricing pressure, similar to how quickly items move on an online marketplace.

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• The typical buyer scored 1.8% off the list price—the biggest February discount since 2023; sellers outnumber buyers, giving buyers negotiating power
• Pending home sales and new listings both inched down last month, while home prices inched up

SEATTLE--(BUSINESS WIRE)-- U.S. homebuyers are taking their time as spring approaches, which is usually the busiest season for the housing market. The typical home that went under contract in February spent 66 days on the market, according to a new report from Redfin, the real estate brokerage powered by Rocket. That’s the slowest February pace since 2016 and is up from 58 days a year earlier.

“House hunters have been waiting for mortgage rates to drop, and they finally fell below 6% a couple of weeks ago, which was great. One of our agents had a client lock in a 5.6% rate,” said Redfin Senior Economist Asad Khan. “But then rates bounced back. The war in Iran, skyrocketing gas prices and other economic jitters are making homebuyers nervous.”

Economic uncertainty isn’t the only factor causing homebuyers to slow their roll. It’s a buyer’s market, with sellers outnumbering buyers by more than 40%. That means the buyers who are in the market have negotiating power and can afford to take their time.

The typical homebuyer in February paid 1.8% less than the final list price, the largest discount for this time of year since 2023. The median home sale price was $429,259, up 0.9% from a year earlier. While home prices continue to grow, this growth pales in comparison to the double-digit gains during the pandemic homebuying frenzy.

Pending Home Sales and Listings Both Ticked Down Last Month

Homebuying and selling activity were both muted in February. Pending home sales fell 0.8% month over month on a seasonally adjusted basis, while new listings fell 1.2%.

An early look at March data shows that more sellers may be testing the waters, and some sellers who delisted their homes last year are considering relisting in hopes of an uptick in spring demand.

February 2026 Housing Market Highlights: United States

	February 2026	Month-over-month change	Year-over-year change
Median sale price	$429,259	1.5%	0.9%
Existing-home sales, seasonally adjusted annual rate	4,177,172	-0.5%	-2%
Pending home sales, seasonally adjusted	471,069	-0.8%	-2.4%
Homes sold, seasonally adjusted	423,890	0.2%	-3.1%
New listings, seasonally adjusted	531,403	-1.2%	-5.3%
Total homes for sale, seasonally adjusted (active listings)	1,989,027	-0.4%	1.5%
Months of supply	3.9	-0.5	0
Median days on market	66	0	8
Share of homes that sold above final list price	22.5%	1.4 ppts	-2.2 ppts
Average sale-to-final-list-price ratio	98.2%	0.3 ppts	-0.3 ppts
Pending sales that fell out of contract, as % of overall pending sales	13.7%	0.5 ppts	0.8 ppts
Monthly average 30-year fixed mortgage rate	6.05%	-0.05 ppts	-0.79 ppts

February 2026 Metro-Level Highlights

• Prices: Median sale prices rose most from a year earlier in St. Louis (7.6%), Newark, NJ (5.6%) and Kansas City, MO (4.6%). They fell most in Oakland, CA (-5.6%), Austin, TX (-4.2%) and Denver (-4.2%).
• Pending home sales: Pending sales rose most in San Jose, CA (11%), Milwaukee (10.8%) and Portland, OR (8%). They fell most in Nassau County, NY (-21.1%), Oakland (-17.6%) and Providence, RI (-12.5%).
• Closed home sales: Home sales rose most in Kansas City, MO (12.3%), San Jose (10%) and Jacksonville, FL (6.9%). They fell most in Providence (-15.4%), Newark (-12.2%) and San Antonio (-12.2%).
• New listings: New listings rose most in Kansas City, MO (15.7%), Milwaukee (15.4%) and Portland, OR (13.3%). They fell most in Nassau County (-25.7%), Providence (-20.4%) and New Brunswick, NJ (-18.1%).
• Active listings: Active listings rose most in Seattle (17.4%), Detroit (14.5%) and Washington, D.C. (10.8%). They fell most in Jacksonville (-15.6%), San Francisco (-15.1%) and Nassau County (-12.1%).
• Days on market: In San Antonio, the typical home that went under contract did so in 109 days, which was 28 days longer than a year earlier—the biggest increase among the metros analyzed. Next came Las Vegas (+21 days) and Charlotte, NC (+19 days). San Francisco was the only metro that saw a decrease (-1 day).
• Sold above list price: In San Francisco, 61.9% of homes sold above their final list price, the highest share among the metros analyzed. Next came San Jose (60.6%) and Oakland (55.2%). The lowest shares were in West Palm Beach (5.1%), Miami (7.1%) and Houston (10.3%).

To view the full report, including charts and additional metro-level data, please visit: redfin.com/news/homebuyers-taking-their-time-2026

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260319664280/en/

Contact Redfin Journalist Services:
Isabelle Novak
press@redfin.com

Source: Redfin