PR Newswire·Nov 12, 2026, 8:00 AM ET

Redfin Reports Monthly Mortgage Payments Fall to Lowest Level in 6 Weeks as Home Prices Keep Dipping

U.S. median home-sale prices fell 0.9% year-over-year to $388,613, marking the fourth consecutive week of declines.
Median monthly mortgage payments dropped to $2,755 at a 7.18% rate, reaching a 6-week low.
Pending home sales remained essentially flat (-0.1% week-over-week) at 275,980, staying at the lowest level in records dating back to 2021.
Daily average mortgage rates declined to a 6-week low of 7.17% before ticking back up following a hot inflation report.
Active listings held steady while new listings slipped 1.3%, leaving the market with approximately 600,000 more sellers than buyers.
Condo sellers outnumber buyers by more than 2 to 1, giving condo buyers significant negotiating power.
Median days on market increased to 51, while the share of homes sold above list price fell to 22.7%.
San Francisco saw the largest year-over-year price increase (18%), while Austin experienced the largest decline (-9.3%).
Seattle recorded the biggest year-over-year drop in pending sales (-31.1%), with all 50 major metros showing a decline in this metric.