Seattle, October 29th ( PRNewswire ) – According to a new report released by the real estate brokerage firm Redfin, the median price of homes sold in the United States has fallen for the first time in over three years.
The following are the key points of the U.S. housing market over the past four weeks as of October 25:
- House transaction prices have seen a slight decline. The median transaction price for houses is $389,601, which represents a year-over-year decrease of 0.1%. This is the second consecutive week of price declines; last week, prices fell by 0.2%, and previously, prices had been rising for three consecutive years.
- House purchase demand has dropped to a new low. Sales of pending homes have decreased by 1.8% compared to the previous week, reaching the lowest level since records began in 2021. For the third consecutive week, sales of pending homes in the 50 most populous metropolitan areas in the United States have all declined.
- The monthly mortgage payment for typical homebuyers has risen to the second-highest level in history. The median monthly mortgage payment is $2,786, an increase of 10.7% year-over-year, and it is only lower than the previous week's figure, setting a new second-highest level in the Redfin record. The average weekly mortgage rate is 7.32%, which is lower than 7.4% from a week ago, but still close to a three-year high.
- Potential sellers are showing signs of hesitation. The number of newly listed properties has decreased by 0.6% compared to the previous week, falling to the lowest level since the beginning of the year, reflecting homeowners' response to the weak demand for housing purchases.
- The total supply is still increasing slowly. The total number of homes for sale has risen by 0.3% compared to the previous week. Although the number of new listings is decreasing, the number of homes pending sale has decreased even more, which has somewhat replenished the inventory pool. Across the United States, there are hundreds of thousands more sellers than buyers, giving buyers bargaining power not seen in over a decade.
For more views on the housing market from economist Redfin, please visit the “From Our Economists” page at Redfin.
For more housing market data across the country and metropolitan areas, please visit the Redfin data center.
To view the full report, please visit: https :// www.redfin.com / news / housing-market-update-home-sale-prices-fall-october-2026
About Redfin
Redfin is a technology-driven real estate company, and its property brokerage website is one of the most visited websites in the United States. As part of Rocket Companies (New York Stock Exchange ticker: RKT), Redfin is building an integrated housing platform that covers the entire process from search to closing, aiming to make the dream of owning a home more affordable and achievable for everyone. Redfin customers can preview properties on demand, easily apply for mortgages through Rocket Mortgage, and save thousands of dollars by working with top local brokers.
For more information about Redfin as well as the latest housing market data and research, please visit https :// www.redfin.com / news. For more information about Rocket Companies, please visit https :// www.rocketcompanies.com.
