Redfin Reports U.S. Pending Home Sales Sink to a New Low

Q: How much did pending home sales fall in Redfin's October 2026 housing report?

U.S. pending home sales fell 14.4% year over year and 1.9% week over week to 281,749 for the four weeks ending Oct. 18, 2026. The seasonally adjusted total was the lowest in Redfin's records, which date to 2021.

Q: Which cities had the biggest pending home sales declines in Redfin's October 2026 report?

Seattle had the largest year-over-year decline at 28.8% among the metros in Redfin's rankings for the four weeks ending Oct. 18, 2026. San Diego followed with a 25.4% decline, Atlanta with 23.8%, Denver with 21%, and Las Vegas with 20.6%.

The median monthly mortgage payment increased 10.4% year over year as pending sales fell across the largest metro areas.

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Rhea-AI Summary

Redfin, the brokerage powered by Rocket (RKT), reported U.S. pending home sales reached their lowest level in records dating to 2021. For the four weeks ending Oct. 18, 2026, pending sales totaled 281,749, down 14.4% year over year and 1.9% week over week. Pending sales declined across all 50 most populous U.S. metro areas for the second consecutive week.

The median monthly mortgage payment was $2,796 at a 7.4% mortgage rate, the second-highest payment in Redfin's records. The median sale price rose 0.2% year over year to $390,614. New listings fell 1.4% week over week, while active listings increased 0.1%. Months of supply reached 4.4, up from 4 a year earlier.

News Explained

Redfin reports hundreds of thousands more home sellers than buyers nationwide, which it says gives buyers their strongest negotiating position in more than a decade.

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Key Figures

Pending sales: 281,749; -14.4% year over year; -1.9% week over week Weekly average mortgage rate: 7.4% Median monthly mortgage payment: $2,796; up 10.4% year over year +2 more

Pending sales: 281,749; -14.4% year over year; -1.9% week over week; Four weeks ending Oct. 18, 2026; lowest level in Redfin's records
Weekly average mortgage rate: 7.4%; Four weeks ending Oct. 18, 2026
Median monthly mortgage payment: $2,796; up 10.4% year over year; Seasonally adjusted; at a 7.4% mortgage rate; second-highest level in Redfin's records
Median sale price: $390,614; up 0.2% year over year; Four weeks ending Oct. 18, 2026
New listings: 354,412; -2.7% year over year; -1.4% week over week; Four weeks ending Oct. 18, 2026; lowest level since July

Historical Context

1 past event · Latest: Oct 15

1 event

Oct 15
Pending sales update

24h Move

+5.1%

Four-week pending sales fell 12.7% year over year and remained near record lows.

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

Key Terms

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

3 terms

seasonally adjusted technical

"Median monthly mortgage payment (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 | 4.4 | 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 | 98.4%"

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.

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10/22/2026 - 08:00 AM EDT

Would-be homebuyers are pulling back as mortgage rates remain in the mid-7% range

SEATTLE, Oct. 22, 2026 /PRNewswire/ -- U.S. pending home sales fell 1.9% from a week earlier to the lowest level in records dating back to 2021, according to a new report from Redfin, the real estate brokerage powered by Rocket.

U.S. housing market takeaways for the four weeks ending Oct. 18:

Pending sales fell everywhere. For the second week in a row, pending sales declined in all 50 of the most populous U.S. metro areas. The decline comes as weekly average mortgage rates stay elevated at 7.4%.
The typical monthly payment hit the second-highest level on record. The median housing payment for a homebuyer is $2,796 as mortgage rates stay high. But the median home-sale price rose just 0.2% year over year, following two weeks of 0.1% increases, a sign that prices are losing steam.
Fresh supply is falling. New listings declined 1.4% from a week earlier to the lowest level since July as homeowners take note of slow homebuying demand.
Total inventory is still growing—but barely. The total number of homes for sale inched up 0.1% week over week; even though new listings are falling, the total number of homes for sale is holding up because buyers aren't depleting the pool very quickly. There are hundreds of thousands more home sellers than buyers throughout the country, giving buyers the most negotiating power they've had in over a decade.

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. 18, 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. 18, 2026	Year-over-year change	Week-over-week change (where applicable)	Notes
Median sale price	$390,614	0.2 %
Median asking price (seasonally adjusted)	$399,629	0.9 %
Median monthly mortgage payment (seasonally adjusted)	$2,796 at a 7.4% mortgage rate	10.4 %		Second-highest level in Redfin's records
Pending sales (seasonally adjusted)	281,749	-14.4 %	-1.9 %	Lowest level in Redfin's records
New listings (seasonally adjusted)	354,412	-2.7 %	-1.4 %	Biggest weekly decline in three months
Active listings (seasonally adjusted)	1,507,161	2.1 %	0.1 %
Months of supply	4.4	Up from 4		4 to 5 months of supply is considered balanced
Share of homes off market in two weeks	28.3 %	Down from 29%
Median days on market	50	1
Share of home listings with price drops	21.7 %	Up from 21%
Share of homes sold above list price	23.3 %	Up from 23.1%
Average sale-to-list price ratio	98.4 %	Up from 98.3%

Metro-level highlights: Four weeks ending Oct. 18, 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 (12.9%) New Brunswick, NJ (6.9%) Detroit (6.9%) Pittsburgh (6.9%) Cleveland (5.7%)	Seattle (-6.2%) San Jose, CA (-4.7%) Orlando, FL (-3.8%) Austin, TX (-2.8%) Charlotte, NC (-2.8%)
Pending sales		Seattle (-28.8%) San Diego (-25.4%) Atlanta (-23.8%) Denver (-21%) Las Vegas (-20.6%)	Declined in every metro Redfin analyzed for the second week in a row
New listings	Nashville, TN (18.7%) San Jose, CA (17.7%) Newark, NJ (11.8%) San Francisco (11.7%) Boston (10.2%)	Atlanta (-24.2%) San Antonio (-17.4%) Dallas (-11.1%) Fort Worth, TX (-9.5%) Las Vegas (-8.4%)

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-pending-home-sales-sink-high-rates

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 original content to download multimedia:https://www.prnewswire.com/news-releases/redfin-reports-us-pending-home-sales-sink-to-a-new-low-302916603.html

SOURCE Redfin

FAQ

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

How much did pending home sales fall in Redfin's October 2026 housing report?

U.S. pending home sales fell 14.4% year over year and 1.9% week over week to 281,749 for the four weeks ending Oct. 18, 2026. The seasonally adjusted total was the lowest in Redfin's records, which date to 2021.

Which cities had the biggest pending home sales declines in Redfin's October 2026 report?

Seattle had the largest year-over-year decline at 28.8% among the metros in Redfin's rankings for the four weeks ending Oct. 18, 2026. San Diego followed with a 25.4% decline, Atlanta with 23.8%, Denver with 21%, and Las Vegas with 20.6%.

Redfin Reports U.S. Pending Home Sales Sink to a New Low

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