PR Newswire·Nov 10, 2026, 8:00 AM ET

October Marks the First Month in 3 Years With a Decline in U.S. Home-Sale Prices, According to Redfin

The median U.S. home-sale price fell 0.4% year over year to $388,634 in October, marking the first decline since May 2023 & ending a three-year streak of gains.
National pending home sales dropped 3.6% month over month to their lowest level since 2013, driven by mortgage rates averaging 7.33% & rising to a three-year high.
Total housing supply reached its highest level since early 2020, with 61% of homes selling below asking price & 36% experiencing at least one price reduction.
San Francisco led price growth with a 16.8% year-over-year increase fueled by AI wealth, while Austin (-6.5%), Seattle (-5.1%), & Nashville (-4.9%) saw the largest price declines.
Closed home sales fell 2.1% month over month to their lowest point since December 2023, while new listings dropped 1% month over month to a two-year low.
Buyers gained negotiating power as demand cooled, with 15% of pending sales falling out of contract—the highest share on record outside of the 2020 pandemic period.
West Coast metros like Seattle & San Diego experienced the steepest drops in pending sales, exceeding 20% year over year due to high prices & elevated mortgage rates.