Home Prices Dip for Third Straight Week as Pending Sales Hit Record Low, Redfin Says

Homebuyers who have been waiting on the sidelines are finally seeing a little relief. U.S. home sale prices fell from a year earlier for the third week in a row, and monthly housing payments slipped to a five-week low, according to Redfin’s latest weekly housing market report, released Nov. 5.

The report covers the four weeks ending Nov. 1, 2026. It paints a picture of a slow market where buyers have more choices and more room to negotiate, but where high costs are still keeping many people from signing contracts.

The numbers

Here are the key national figures from Redfin for the four weeks ending Nov. 1:

• Median sale price: $388,604, down 0.4% year over year, the third straight weekly decline.
• Median asking price: $401,860, up 2% from a year earlier (seasonally adjusted).
• Median monthly mortgage payment: $2,777, up 11.1% from a year earlier but at a five-week low, down from a peak of $2,811 in early October. Redfin’s payment estimate uses a 7.24% mortgage rate.
• Pending sales: 275,484, down 16.4% from a year earlier, the lowest level in Redfin’s records, which go back to 2021.
• New listings: down 4.6% year over year, the lowest since January.
• Active listings: about 1.5 million, up 2.1% from a year ago.
• Months of supply: 4.6, up from 4 a year earlier.
• Homes with price cuts: 21.2% of listings, up from 20.6%.
• Typical time on market: 50 days.

Pending sales fell in every one of the 50 largest metros Redfin tracks for the fourth week in a row. The weakness lines up with the National Association of Realtors’ data showing pending home sales at a record low in September.

South Florida stands out

Fort Lauderdale posted the biggest year-over-year drop in sale prices among the 50 most populous metros, down 5.9%, followed by Austin (-5.8%), Seattle (-5.1%), Charlotte (-4%) and Nashville (-3.9%). That fits what we’ve seen across South Florida, where Miami-Dade condos have tilted toward buyers as supply builds.

On the other end, San Francisco led price gains at 17.3%, followed by New Brunswick, New Jersey (7.6%), Pittsburgh (7%), Jacksonville (5.6%) and Montgomery County, Pennsylvania (5.1%). The steepest drops in pending sales came in Seattle (-30.5%), San Diego (-26.9%), Atlanta (-26.3%), Denver (-24.6%) and Las Vegas (-22.6%).

What it means

Redfin’s report notes that buyers today have more homes to choose from than a year ago and that homes are taking a bit longer to sell, which gives buyers more leverage to negotiate on price, repairs or closing costs. At the same time, monthly payments are still much higher than a year ago, and that affordability squeeze is a big reason contract signings are at record lows.

Mortgage rates have been easing in recent weeks. As we reported this week, Freddie Mac’s weekly survey showed rates falling for a third straight week. If that trend continues, it could bring some buyers back before spring.

Why it matters for families

• Buyers: With more listings and more price cuts, it may be worth asking sellers for concessions. Get preapproved so you know your budget before you shop.
• Sellers: Pricing realistically from the start matters more in a slow market. Homes that sit tend to need price cuts later.
• First-time buyers: The typical first-time buyer is now 40, as we reported in our look at NAR’s 2026 buyer profile. Ask your lender about first-time buyer programs in your state.
• Florida homeowners: Don’t forget insurance in your budget. Our report on falling Florida insurance rates has the latest.

This is general information, not financial or investment advice. Talk with a licensed real estate agent, lender or financial adviser about your situation.

What to watch next

Redfin’s next weekly update is due later this week, and Freddie Mac publishes its mortgage rate survey on Thursday. Upstormed News will follow both.

Are you buying, selling or waiting this fall? Tell us what you’re seeing in your area in the comments.

More real estate from Upstormed

Read more: Miami-Dade condos tilt to buyers as single-family homes stay scarce

Sources: Redfin, “Homebuyers Get Some Relief as Prices Decline For Third Straight Week, Monthly Payments Dip” (Nov. 5, 2026); Redfin press release via Yahoo Finance (Nov. 5, 2026); National Mortgage Professional, “Redfin: Homebuyers Gain Leverage, But Pending Sales Keep Sliding” (Nov. 2026); Upstormed, “Pending home sales hit a record low in September” (Nov. 5, 2026).