High housing costs and economic uncertainty pushed pending home sales to their lowest level since March
SEATTLE, Aug. 20, 2026 /PRNewswire/ -- New listings of U.S. homes for sale climbed 1.2% week over week to their highest level in over three months during the four weeks ending August 16. That's according to a new report from Redfin, the real estate brokerage powered by Rocket.
The upswing in new listings comes as homebuying demand slows: Pending home sales fell 1.3% week over week to their lowest level since March. Many house hunters are sitting on the sidelines because the economy is uncertain and housing costs are high. The weekly average mortgage rate is 6.67%, just shy of the highest level in 13 months, and the median home-sale price rose 1.8% year over year. One bit of relief for buyers: the median asking price fell 0.1%, a tiny decline but the first since January.
More sellers are entering the market partly because some of them have come to terms with today's somewhat slow housing market; they are accepting that they may need to sell for a slightly lower price than they want, and it may take them slightly longer to do so. Many homeowners who have been holding off since spring, waiting for the market to pick up, are listing now. In some parts of the country, like the Bay Area and South Florida, homebuying demand is strong, and sellers in those places are likely taking advantage of competitive markets.
Jamie Derouen, a Redfin Premier agent in the Houston area, said that in addition to market dynamics, there are always new listings because there are always people who need to move.
"Some of my clients are selling because they're retiring and downsizing, some are relocating for a job, and some are growing their families," Derouen said. "Some homeowners have been waiting for mortgage rates to fall and demand to surge—but now they realize that's unlikely to happen anytime soon, so they're taking the plunge now."
Redfin economists say that for house hunters, the uptick in new listings coupled with slow demand could be an opportunity. Buyers who see a listing that catches their eye may be able to strike a deal; with half a million more sellers than buyers in the market, some sellers are willing to accept lower prices and/or provide concessions.
For Redfin economists' takes on the housing market, please visit Redfin's "From Our Economists" page.
Leading indicators
Indicators of homebuying demand and activity | ||||
Value (if applicable) | Recent change | Year-over-year change | Source | |
Daily average 30-year fixed mortgage rate | 6.72% (Aug. 19) | Down from 6.8% a week earlier | Up from 6.61% | Mortgage News Daily |
Weekly average 30-year fixed mortgage rate | 6.67% (week ending Aug. 13) | Just shy of highest level in over a year | Up from 6.58% | Freddie Mac |
Mortgage-purchase applications (seasonally adjusted) | Down 2% from a week earlier (as of week ending Aug. 14) | Down 3% | Mortgage Bankers Association | |
Google searches of "homes for sale" | Down 9% from a month earlier (as of Aug. 15) | Down 8% | Google Trends | |
Touring activity | Up 10% from the start of the year (as of Aug. 15) | At this time last year, it was up 29% from the start of 2025 | ShowingTime | |
Key housing-market data
U.S. highlights: Four weeks ending Aug. 16, 2026 Redfin's national metrics include data from 900+ U.S. metro areas and are based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2021. Subject to revision | ||||
Four weeks ending Aug. 16, 2026 | Year-over-year change | Week-over-week change (where applicable) | Notes | |
Median sale price | $401,182 | 1.8Â % | ||
Median asking price (seasonally adjusted) | $393,227 | -0.1Â % | First decline since January | |
Median monthly mortgage payment (seasonally adjusted) | $2,597 at a 6.67% mortgage rate | 0.6Â % | ||
Pending sales (seasonally adjusted) | 310,935 | -2.4Â % | -1.3Â % | Lowest level since March |
New listings (seasonally adjusted) | 375,212 | 5.8Â % | 1.2Â % | Highest level in over 3 months |
Active listings (seasonally adjusted) | 1,497,489 | 1.2Â % | 0.4Â % | |
Months of supply | 3.8 | Unchanged | 4 to 5 months of supply is considered balanced, with a lower number indicating seller's market conditions | |
Share of homes off market in two weeks | 31.3Â % | Essentially unchanged | ||
Median days on market | 43 | Unchanged | ||
Share of home listings with price drops | 20.8Â % | Essentially unchanged | ||
Share of homes sold above list price | 26.7Â % | Up from about 26% | ||
Average sale-to-list price ratio | 98.9Â % | Up from 98.7% | ||
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Metro-level highlights: Four weeks ending Aug. 16, 2026 Redfin's metro-level rankings data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy | |||
Metros with biggest year-over-year increases | Metros with biggest year-over-year decreases | Notes | |
Median sale price | West Palm Beach, FL (10.2%) Newark, NJ (8.3%) Milwaukee (6.5%) San Francisco (6.5%) Pittsburgh (6.4%) | Seattle (-5.5%) Austin, TX (-3.9%) Fort Worth, TX (-2%) Dallas (-1.5%) Houston (-0.7%) | |
Pending sales | West Palm Beach, FL (9.6%) San Francisco (4.7%) St. Louis (4.4%) Montgomery County, PA (3.6%) Cincinnati (3%) | Seattle (-17.9%) Houston (-16.3%) San Diego (-11.8%) Denver (-11.6%) Atlanta (-8.9%) | |
New listings | San Jose, CA (16%) St. Louis (13.8%) Virginia Beach, VA (12.9%) Boston (11.1%) Houston (10%) | Dallas (-13.6%) Atlanta (-9.4%) San Antonio (-6.9%) Jacksonville, FL (-4.5%) Fort Worth, TX (-4.3%) | |
To view the full report, including charts, please visit:
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.
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SOURCE Redfin
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