U.S. home sale prices fall 0.1% YoY, extending first decline in 3 years
The median U.S. home sale price fell 0.1% from a year earlier in the four weeks to October 25, its first annual decline in more than three years.
The median sale price was $389,601, Redfin, the brokerage that is part of Rocket Companies (RKT), reported on October 29. Its data covers more than 900 U.S. metro areas. The median asking price was still 1.2% higher than a year earlier, at $400,703.
Demand fell to a new low. Pending sales, which count signed contracts that have not yet closed, fell 1.8% from the week before to 276,352. That is the lowest level in Redfin's records, which go back to 2021, and 15.9% below a year earlier. Pending sales fell in every one of the 50 largest metros for the third week in a row.
High mortgage rates are weighing on buyers. The median monthly mortgage payment was $2,786 at a 7.32% rate, up 10.7% from a year earlier and the second-highest in Redfin's records. Freddie Mac's average 30-year fixed rate fell from 7.32% to 7.24% in its October 29 survey, but was 6.17% a year earlier.
Sellers are pulling back as well. New listings fell 0.6% from the week before to their lowest level since January. Active listings were still up 2.2% from a year earlier, at about 1.51 million, which puts supply at 4.5 months, up from 4. Redfin calls 4 to 5 months balanced.
Prices fell most in Seattle, down 5.1%, San Jose, down 4.9%, and Austin, down 4.6%. San Francisco led the gains, up 15%.
Unlike home sale prices, rents posted a slight annual increase. Apartment List's national median rent was $1,384 in October, 0.1% above a year earlier and the first annual increase since mid-2023, CNBC reports. Its vacancy rate fell to 7% from a peak of 7.3% in February.
"With mortgage rates increasing again, some would-be first-time homebuyers may continue to rent longer," Apartment List says in its report.
Freddie Mac publishes its next weekly mortgage rate survey on November 5.
Sources & Further Reading
- "U.S. Home-Sale Prices Just Fell for the First Time in 3 Years." Redfin. October 29, 2026.
- "Mortgage Rates (Primary Mortgage Market Survey)." Freddie Mac. October 29, 2026.
- "Apartment List National Rent Report." Apartment List. October 28, 2026.
- "Home prices fall and rents rise, both for the first time in three years." CNBC. October 29, 2026.
This article was drafted with the help of AI. Aubrey Wood fact-checked, edited and published the article and is responsible for its accuracy and quality. How we use AI
