Pending Home Sales Fall to Record Low in Redfin Data as Prices Decline for a Third Straight Week

U.S. homebuyer activity fell to the weakest level in Redfin’s weekly records in the four weeks ending Nov. 1, 2026, even as sale prices slipped below year-earlier levels for a third consecutive week and the typical monthly mortgage payment eased to a five-week low, according to data the brokerage released this week.

Pending sales hit a record low

In its weekly housing-market report published Nov. 5, Redfin said seasonally adjusted pending home sales totaled 275,484 in the four-week period, down 0.6% from the prior week and 16.4% from a year earlier. That is the lowest level in records that date back to 2021. Pending sales declined from a year earlier in every major metro Redfin analyzed, the fourth week in a row that has happened.

The steepest year-over-year drops in pending sales among the 50 most populous metros were in Seattle, down 30.5%; San Diego, down 26.9%; Atlanta, down 26.3%; Denver, down 24.6%; and Las Vegas, down 22.6%.

Prices dip and payments ease

The national median home-sale price was $388,604, down 0.4% from a year earlier. Redfin said that marks the third straight week of year-over-year declines after three years of increases. The median asking price moved in the opposite direction, rising 2% to $401,860 on a seasonally adjusted basis.

The median monthly mortgage payment was $2,777 at a 7.24% mortgage rate, the lowest level in five weeks and down from a peak of $2,811 in early October, Redfin said. That payment was still 11.1% higher than a year earlier. The brokerage attributed the decline to mortgage rates and sale prices both slowly coming down.

Price trends varied widely by market. San Francisco posted the largest year-over-year increase in median sale price at 17.3%, followed by New Brunswick, New Jersey, at 7.6%, Pittsburgh at 7%, Jacksonville, Florida, at 5.6% and Montgomery County, Pennsylvania, at 5.1%. The largest declines were in Fort Lauderdale, Florida, down 5.9%; Austin, Texas, down 5.8%; Seattle, down 5.1%; Charlotte, North Carolina, down 4%; and Nashville, Tennessee, down 3.9%.

Sellers pull back, but supply stays above last year

Seasonally adjusted new listings fell 1.5% from a week earlier to 346,795, the lowest level since January, and were down 4.6% from a year earlier. Redfin said would-be sellers were reacting to slow demand. Active listings totaled 1,501,917, up 2.1% from a year earlier but down 0.5% from the prior week.

Several measures pointed to a slower pace of sales. Months of supply rose to 4.6 from 4.0 a year earlier; Redfin considers four to five months balanced. The median home spent 50 days on the market, one day longer than a year ago. The share of homes that went under contract within two weeks fell to 26.9% from 28%, while 21.2% of listings had a price drop, up from 20.6%. The share of homes selling above list price was unchanged at 23.21%, and the average sale-to-list ratio was essentially flat at 98.3%. Redfin said there are still significantly more sellers than buyers in the market, which may give active buyers room to negotiate on price or concessions.

Rates after the jobs report

Friday’s stronger-than-expected October employment report did little to move mortgage rates. HousingWire’s Logan Mohtashami wrote on Nov. 6 that mortgage rates ended the day flat at 7.17% after the Bureau of Labor Statistics reported 165,000 new payrolls and a 4.1% unemployment rate. He said swings in artificial-intelligence stocks drove Treasury yields more than the jobs data did, and that the 10-year yield closed the week at 4.86% while mortgage rates closed at their weekly lows.

Redfin economist Chen Zhao, in a Nov. 6 analysis of the jobs data, said the report gives the Federal Reserve room to raise rates again at its Dec. 9 meeting and that a hike is already mostly priced in. She noted that August and September payrolls were revised up by a combined 84,000, bringing the six-month average of job creation to 83,000 a month, and that one more inflation report and one more jobs report will arrive before the meeting.

What comes next

The next major housing release is the National Association of Realtors’ existing-home sales report for October, scheduled for 10 a.m. ET on Thursday, Nov. 12, according to CNBC’s week-ahead calendar. The October consumer price index is due at 8:30 a.m. ET on Tuesday, Nov. 10, and the producer price index follows on Friday, Nov. 13. Both inflation reports can influence Treasury yields, which mortgage rates tend to track.

Redfin’s metrics cover more than 900 U.S. metro areas and are subject to revision. The weekly figures run on four-week rolling periods, so the data released Nov. 5 cover activity before the Nov. 3 midterm elections.

Sources: Redfin, Nov. 5, 2026; HousingWire, Nov. 6, 2026; Redfin, Nov. 6, 2026; CNBC, Nov. 6, 2026.