Study Reveals U.S Pending Home Sales Hit ‘A New Low’
Residential property pending sales in the United States experienced a decline of 1.9% compared to the previous week, reaching the lowest point documented since records commenced in 2021, as reported by Redfin, a real estate brokerage subsidiary of Rocket.
Pending sales contracted across all regions. For the second consecutive week, pending sales decreased throughout all 50 of the nation’s most densely populated metropolitan areas. This contraction occurs amid persistently elevated weekly average mortgage rates, which remain at 7.4%.
The typical monthly housing payment reached the second-highest recorded level. The median home payment for prospective homebuyers stands at $2,796 as mortgage rates continue at elevated levels. However, the median home-sale price increased by merely 0.2% year-over-year, following two weeks of 0.1% growth, indicating a deceleration in price momentum.
New housing inventory is diminishing. Newly listed properties declined 1.4% from the preceding week to the lowest figure since July, reflecting homeowners’ response to subdued homebuying activity.
Aggregate inventory continues to expand—though marginally. The aggregate quantity of homes available for purchase rose 0.1% week-over-week; although new listings are declining, the total housing inventory remains stable because purchasers are not rapidly absorbing available supply. Across the nation, there exist hundreds of thousands more home sellers than buyers, affording purchasers the greatest negotiating leverage they have experienced in more than a decade.
Metro-Level Highlights (Four weeks ending Oct. 18, 2026):
| Metric | Metros with biggest year-over-year increases |
Metros with biggest year-over-year decreases |
| Median sale price | 1. San Francisco (12.9%) 2. New Brunswick, NJ (6.9%) 3. Detroit (6.9%) 4. Pittsburgh (6.9%) 5. Cleveland (5.7%) |
1. Seattle (-6.2%) 2. San Jose, CA (-4.7%) 3. Orlando, FL (-3.8%) 4. Austin, Texas (-2.8%) 5. Charlotte, NC (-2.8%) |
| Pending sales | 1. Seattle (-28.8%) 2. San Diego (-25.4%) 3. Atlanta (-23.8%) 4. Denver (-21%) 5. Las Vegas (-20.6%) |
|
| New listings | 1. Nashville, TN (18.7%) 2. San Jose, CA (17.7%) 3. Newark, NJ (11.8%) 4. San Francisco (11.7%) 5. Boston (10.2%) |
1. Atlanta (-24.2%) 2. San Antonio (-17.4%) 3. Dallas (-11.1%) 4. Fort Worth, Texas (-9.5%) 5. Las Vegas (-8.4%) |
Overall, pending sales declined in every metro Redfin analyzed for the second week in a row.
Note: 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.
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