The median monthly mortgage payment is still sitting at its second-highest level on record, spooking would-be buyers
SEATTLE, Oct. 29, 2026 /PRNewswire/ -- The median U.S. home-sale price has fallen for the first time in more than three years, according to a new report from Redfin, the real estate brokerage powered by Rocket.
U.S. housing market takeaways for the four weeks ending Oct. 25:
- Home-sale prices ticked down. The median home-sale price was $389,601, down 0.1% year over year. That marks the second straight week in which prices ticked downâit follows a 0.2% decline last weekâafter three straight years of increases.
- Homebuying demand fell to a new low. Pending home sales declined 1.8% from a week earlier to the lowest level in records dating back to 2021. For the third week in a row, pending sales declined in all 50 of the most populous U.S. metro areas.
- The typical homebuyer's monthly payment hit its second-highest level on record. The median mortgage payment was $2,786, up 10.7% year over year to the highest level in Redfin's record except the prior week. The weekly average mortgage rate is 7.32%, down from 7.4% a week earlier but still near a three-year high.
- Would-be sellers pulled back. New listings declined 0.6% from a week earlier to their lowest level since the start of the year as homeowners react to slow homebuying demand.
- Total supply is creeping up. The total number of homes for sale ticked up 0.3% from a week earlier. Even though new listings are falling, pending sales are falling more, keeping the pool of inventory partly filled. There are hundreds of thousands more home sellers than buyers nationwide, giving buyers more negotiating power than they've had in over a decade.
For Redfin economists' takes on the housing market, please visit Redfin's "From Our Economists" page.
Key Housing Market Data
For more national and metro-level housing-market stats, please visit Redfin's 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 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.
SOURCE Redfin
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