October Marks the First Month in 3 Years With a Decline in U.S. Home-Sale Prices, According to Redfin
Key Highlights
- ➤U.S. median home-sale prices fell 0.4% year over year to $388,634 in October
- ➤Mortgage rates averaged 7.33%, driving pending sales down 3.6% month over month
- ➤Total homes for sale rose 0.9% to the highest level since early 2020
- ➤San Francisco median sale prices jumped 16.8% year over year
- ➤Redfin's recorded 36% share of sold homes had at least one price drop
Expert Statements
Chen Zhao, Head of economics at Redfin
“It's a buyer's market, but not many people can afford to buy.”
Chen Zhao, Head of economics at Redfin
“That could start to shift a bit, now that sale prices are closer to reflecting the shape of the market. House hunters in most of the country should know that the price they see on a listing may very well be a starting point; they should try offering below the asking price, and negotiating for closing costs, repairs and maybe even mortgage-rate buydowns. If you can't get the price or monthly payment you want on one house, move on to the next one—with a big pool of inventory sitting on the market, buyers can afford to be picky.”
Callie Kimmel, Redfin Premier agent in Philadelphia
“Buyers are nervous about rates, the economy, and everything they're seeing in the news—so they need the house and the price to line up perfectly before they'll make an offer.”
Callie Kimmel, Redfin Premier agent in Philadelphia
“I'm advising sellers to price just below current market value from day one—and not comps from six months ago, but homes that are listed right now. Otherwise, the home is likely to end up sitting on the market for a bit and selling for less than they hoped. There are a few exceptions: Move-in ready homes in the most desirable neighborhoods are still competitive; in those cases, sellers have the upper hand.”
October Marks the First Month in 3 Years With a Decline in U.S. Home-Sale Prices, According to Redfin PR Newswire
* The median U.S. home-sale price fell in October for the first time in over 3 years * Prices are still rising rapidly in some metros with hot markets, including San Francisco, where they rose 16.8% year over year, and the greater New York City area * Home sales fell as mortgage rates surpassed 7%—but flattening prices could bring relief to buyers * Would-be sellers are starting to pull back as demand declines, but the total number of homes for sale climbed to its highest level since 2020 SEATTLE, Nov. 10, 2026 /PRNewswire/ -- U.S. home-sale prices declined in October, ending a three-year streak of monthly year-over-year gains that held even as mortgage rates climbed and would-be buyers pulled back. This is according to a new report from Redfin , the real estate brokerage powered by Rocket.
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