Redfin data shows the median sale price down 0.9% year over year as monthly mortgage costs dip to a six-week low
The US housing market extended its run of annual home-price declines through the four weeks ending November 8, as monthly mortgage costs also pulled back, though a fresh inflation report quickly reversed the rate drop behind both.
Redfin, the real estate brokerage powered by Rocket, reported the median home-sale price at $388,613, down 0.9% year over year, the fourth consecutive week of annual declines.
The median monthly mortgage payment settled at $2,755 at a 7.18% weekly average rate, the lowest in six weeks and down from $2,820 a month earlier, on a seasonally adjusted basis.
Daily average rates touched a six-week low of 7.17% before ticking back up after a hotter-than-expected inflation report.
The downward trend that emerged in late October has continued into mid-November.
Demand holds at record lows
Pending home sales were essentially flat week over week, down 0.1%, but stood at the lowest level in Redfin’s records, dating to 2021.
At 275,980 seasonally adjusted contracts, signings are down 15.54% year over year, declining across every major metro Redfin analyzed.
Matt Gouge, mortgage broker and founding partner at UMortgage in Temecula, California, previously told Mortgage Professional America the market had reached a psychological turning point for buyers.
“Buyers are coming to terms with the current state of affordability and housing. They’re just not fighting it anymore,” Gouge said.
High mortgage rates have held US homebuying demand well below its recent peak, with sticky inflation and elevated bond yields keeping the 30-year fixed above 7% despite a string of Federal Reserve rate cuts.
Christopher Waller of the Federal Reserve Board says a December rate hike remains likely, with persistent inflation pressures raising the possibility of a larger move as policymakers seek to maintain credibility and bring inflation closer to target. https://t.co/mUxEvcoqEN
— Mortgage Professional America Magazine (@MPAMagazineUS) November 11, 2026
A buyer’s market, with caveats
Supply conditions offer buyers the strongest negotiating position in years. Active listings stood at 1,501,320, up 3.3% year over year, with months of supply rising to 4.7 from 4.0 a year earlier, according to Redfin.
Condo buyers are best-positioned: sellers outnumber buyers more than 2 to 1. The share of listings with price reductions edged up to 21%, from 20.5%.
Regional divergence is sharp. San Francisco posted the strongest year-over-year price gain at 18%, while Austin, Texas, led to the downside at 9.3%. Seattle logged the steepest drop in pending sales at 31.1% year over year.
Michael A. Harris, president and chief executive of United Mortgage Corporation of America in New York, cautioned brokers against letting the rate environment drive clients into inaction.
“A low interest rate is valuable, but it should not become a financial or personal trap,” Harris told MPA.
“The best mortgage decision is not always the one with the lowest interest rate. It is the one that best supports the borrower’s overall financial goals.”
Stay updated with the freshest mortgage news. Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
