Only 3 Major U.S. Metros Are Seller's Markets, Redfin Says, as Mortgage Rates Climb Again

Only three of the 50 most populous U.S. metropolitan areas were seller's markets in October, matching the fewest on record, according to a report released by Redfin on Thursday, Nov. 12, 2026. Separate daily surveys showed mortgage rates moving higher again on Friday, Nov. 13, after a week of hawkish signals from Federal Reserve officials.

Three seller's markets, all in the Northeast

The three seller's markets were Nassau County, New York; Newark, New Jersey; and Montgomery County, Pennsylvania, Redfin said. The count tied the low in records dating back to 2016, last seen in April 2020, when the pandemic froze the housing market.

Nassau County ranked first, with 24.7% fewer sellers than buyers, followed by Newark at 14.3% and Montgomery County at 12.1%. All three became less competitive for buyers than in September. In Nassau County the gap narrowed from 28.3%, in Newark from 17.6% and in Montgomery County from 20.1%. Milwaukee, a seller's market in September, moved to balanced.

Redfin said home-sale prices rose an average of 3.3% from a year earlier across the three seller's markets, compared with 0.3% across all buyer's markets. The company attributed the tight conditions to limited homebuilding and, around New York City, strong demand for homes near a major job center.

Redfin defines a buyer's market as one with more than 10% more sellers than buyers, and a seller's market as one with more than 10% fewer sellers than buyers. Markets within 10 percentage points either way are classified as balanced.

Sellers outnumber buyers by a record margin

Nationwide, Redfin estimated there were 70.5% more home sellers than buyers in October, the widest gap in records dating back to 2013 and up from 65.6% in September. It was the sixth straight monthly record.

The estimated number of buyers fell 2% from September to 895,752, the lowest in Redfin's records and the sixth consecutive monthly decline. The number of sellers rose 0.9% to 1,526,984, the most since March 2020. Redfin noted that mortgage rates averaged 7.33% in October, up from 6.86% in September.

Forty-one of the 50 metros were buyer's markets, matching September's record. Miami had the largest surplus, with 195.8% more sellers than buyers, followed by Nashville at 159.5% and Las Vegas at 149.9%. Six metros were balanced: Chicago, Boston, Providence, New Brunswick, Milwaukee and San Francisco.

"Sellers are increasingly competing for buyers' attention, which can translate into price reductions, concessions and other savings," said Redfin Senior Economist Asad Khan.

Prices dip for a fourth week

In a separate weekly update, Redfin reported that the median U.S. home-sale price was $388,613 in the four weeks ending Nov. 8, down 0.9% from a year earlier and the fourth straight weekly decline. The median monthly mortgage payment fell to $2,755 at a 7.18% weekly average rate, a six-week low, from $2,820 a month earlier.

Pending sales were essentially flat from the prior week, down 0.1%, but remained at the lowest level in Redfin's weekly records dating back to 2021 and were 15.54% below a year earlier. Active listings were unchanged at about 1.5 million, and new listings slipped 1.3% week over week. Redfin said pending sales fell from a year earlier in every metro it analyzed, led by Seattle at 31.1%.

Rates move higher on Friday

Daily rate data pointed to renewed upward pressure. The average 30-year fixed mortgage rate rose to 7.26% APR on Friday, 17 basis points above Thursday and 28 basis points above a week earlier, according to Zillow rates provided to NerdWallet. Zillow data cited by U.S. News showed the 30-year purchase rate at 7.393%, up from 7.287% on Thursday. Bankrate's national average for a 30-year fixed loan was 7.19% on Friday morning.

The moves followed this week's October consumer price report, in which headline and core inflation both exceeded forecasts. The 10-year Treasury yield, a benchmark for mortgage pricing, reached 5.16% on Friday, its highest since October, Yahoo Finance reported.

Builders face tighter credit

Home builders also reported tighter financing. The National Association of Home Builders said its net easing index for residential acquisition, development and construction loans was -15.3 in the third quarter, the 19th straight quarter of net tightening, according to NAHB. The average contract rate on loans for speculative single-family construction rose to 7.72% from 7.28%, and the effective rate including fees was 11.83%.

The Fed's next policy meeting is scheduled for Dec. 8-9.