As forecasters tracking the broader market have noted, gradual affordability gains are expected to define 2026. Those expectations now carry an additional warning: pending home sales fell 0.6% week over week to their lowest point in Redfin’s records, which date to 2021, declining across every metro the firm analyzed for a fourth consecutive week.
Sellers retreat as demand stalls
New listings dropped 1.5% week over week to their lowest level since January, as sellers pulled back from a soft market.
Total active inventory stood at approximately 1.5 million homes, up 2.1% from a year ago, while months of supply – a measure of how long it would take to sell all current listings at the current pace of sales – rose to 4.6 from 4.0.
Just 26.9% of homes went off market within two weeks, down from 28%, and the share of listings with price reductions edged up to 21.2% from 20.6%.
Regional performance split sharply. San Francisco posted the largest year-over-year price gain nationally at 17.3%, while Fort Lauderdale, Florida and Austin, Texas recorded the steepest declines at 5.9% and 5.8%, respectively.
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