Easter weekend also sidelined many would-be buyers. The Iran war ceasefire announced Tuesday could ease mortgage rates.
U.S. pending home sales fell 2.4% year over year during the four weeks ending April 5, the biggest decline in three months. Sales fell most in Providence, RI (-15.5%), Houston (-15.4%) and New York (-15.3%). They increased most in West Palm Beach, FL (20.9%), San Francisco (16.7%) and San Jose, CA (11.4%).
Homes are selling slowly, too: The typical home that went under contract did so in 51 days nationwide, the longest span for this time of year since 2019.
Homebuyers are backing off for a few reasons:
-
- Rising mortgage rates. The weekly average mortgage rate jumped to 6.46%, the highest level since September.
- Rising prices. Home-sale prices rose 2.2% annually, the biggest increase in a year. Together with increasing rates, that has pushed the median monthly mortgage payment to $2,750, up slightly (0.2%) from a year earlier.
- The Iran war. The Iran war and the turmoil it’s causing in the markets are the reason mortgage rates are rising. The war is also contributing to widespread economic uncertainty, sidelining many would-be homebuyers. The ceasefire that was announced on Tuesday sent oil prices down and rallied markets, and it could help bring mortgage rates back down into the low-6% range.
- Easter effect. House hunters took a break over Easter weekend, which fell during this 4-week period but not during last year’s comparable period.
On the selling side, new listings dipped 2.6% year over year, the biggest decline in a month, also partly due to the impact of Easter weekend. New listings dropped most in Tampa, FL (-17.2%), Providence (-16.6%) and Miami (-13.5%). They increased in just five metro areas: San Jose (14.4%), Philadelphia (8%), Milwaukee (7.6%), Cincinnati (1.2%) and Baltimore (0.6%).
While new listings are losing steam, it’s still a strong buyer’s market almost everywhere in the country.
“There are more homes on the market than there are buyers, so sellers need to make sure their house stands out,” said Jesse Landin, a Redfin Premier agent in San Antonio. “The most important day is picture day—that determines whether house hunters will actually walk through your home. Paint the walls, make small repairs, and, if you can afford it and your local agent agrees it’s worthwhile, make bigger repairs. Your agent should also hire the right media group for photography and video; pictures taken with a phone just don’t cut it anymore. And make sure you hire an agent with a clear, specific plan for your home, not just a generic approach. That’s what I do—I have a plan for each home. Buyers making large down payments and taking on high monthly payments want a home that’s as close to perfect as possible, because they have more choices in the market.”
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 | 6.38% (April 8) | Up from 4-year low of 5.99% five weeks earlier | Down from 6.6% | Mortgage News Daily |
| Weekly average 30-year fixed mortgage rate | 6.46% (week ending April 2) | Highest level since September | Down from 6.64% | Freddie Mac |
| Mortgage-purchase applications (seasonally adjusted) | Up 1% from a week earlier (as of week ending April 3) | Down 7% | Mortgage Bankers Association | |
| Google searches of “homes for sale” | Up 6% from a month earlier (as of April 4) | Up 10% | Google Trends | |
| Touring activity | Up 17% from the start of the year (as of April 4) | At this time last year, it was up 39% from the start of 2025 | ShowingTime | |
| Redfin’s Homebuyer Demand Index was removed this week to ensure data accuracy. | ||||
Key housing-market data
| U.S. highlights: Four weeks ending April 5, 2026
Redfin’s national metrics include data from 400+ U.S. metro areas and are based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision. |
|||
| Four weeks ending April 5, 2026 | Year-over-year change | Notes | |
| Median sale price | $392,973 | 2.2% | Biggest increase in a year |
| Median asking price | $423,438 | 1.6% | |
| Median monthly mortgage payment | $2,750 at a 6.46% mortgage rate | 0.2% | |
| Pending sales | 87,473 | -2.4% | Biggest decline in 3 months |
| New listings | 101,059 | -2.6% | Biggest decline in a month |
| Active listings | 1,082,132 | -2.2% | Biggest decline since 2023 |
| Months of supply | 4.2 | Essentially 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 | 38.3% | Essentially unchanged | |
| Median days on market | 51 | +6 days | Longest span for this time of year since 2019 |
| Share of homes sold above list price | 23.5% | Down from 25% | |
| Average sale-to-list price ratio | 98.5% | Down from 98.6% | |
|
Metro-level highlights: Four weeks ending April 5, 2026 Redfin’s metro-level 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 | San Francisco (10.9%)
Montgomery County, PA (8.4%) Detroit (7.7%) Pittsburgh (7%) Milwaukee (6.4%) |
Oakland, CA (-3.8%)
Seattle (-2.3%) Dallas (-2%) Riverside, CA (-1.9%) Nashville, TN (-1.9%) |
Declined in 15 metros |
| Pending sales | West Palm Beach, FL (20.9%)
San Francisco (16.7%) San Jose, CA (11.4%) Miami (7.7%) Milwaukee (5.2%) |
Providence, RI (-15.5%)
Houston (-15.4%) New York (-15.3%) Seattle (-14.6%) Nassau County, NY (-14.3%) |
|
| New listings | San Jose, CA (14.4%)
Philadelphia (8%) Milwaukee, WI (7.6%) Cincinnati (1.2%) Baltimore (0.6%) |
Tampa, FL (-17.2%)
Providence, RI (-16.6%) Miami (-13.5%) Riverside, CA (-12.8%) Jacksonville, FL (-12.8%) |
Increased in just 5 metros |
Refer to our metrics definition page for explanations of all the metrics used in this report.
