Redfin Reports List Prices Fall for the First Time Since March

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

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