Redfin Reports Pending Home Sales Dip to Lowest Level in Nearly Three Years
U.S. pending home sales dropped by 3.5% week over week, reaching their lowest level in nearly three years according to a Redfin report for the four weeks ending September 13, 2026. The decline reflects reduced buyer demand and increased housing inventory, with new listings up slightly year-over-year despite a minor weekly dip. Buyers now face less competition and more negotiating power due to an oversupply of homes on the market. Despite elevated mortgage rates that have priced some buyers out of the market, home-sale prices remain stable, rising 2% compared to last year. Sellers are adjusting their expectations as housing costs rise, with typical properties spending 46 days on the market and nearly a third going off-market within two weeks. A quarter of homes still sold above asking price, indicating that bidders willing to pay more can find opportunities if sellers set realistic prices. Mortgage rates have risen in recent months, reaching near-record levels since early 2025, which has further dampened buyer activity and led to a decline in mortgage-purchase applications. Google searches for 'homes for sale' are also down compared to earlier this year.
Topics: homebuyers market_conditions mortgage_rates pending_sales