{"id":83930,"date":"2026-02-12T05:00:34","date_gmt":"2026-02-12T13:00:34","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=83930"},"modified":"2026-03-25T14:46:08","modified_gmt":"2026-03-25T21:46:08","slug":"housing-market-update-pending-home-sales-decline-most-metros","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-pending-home-sales-decline-most-metros\/","title":{"rendered":"Pending Home Sales Decline in All But 5 Major U.S. Metros"},"content":{"rendered":"

The typical home that sells takes 66 days to do so\u2013the longest span in seven years\u2013as buyers take their time looking at their options and negotiating with sellers.\u00a0<\/i><\/strong><\/p>\n

U.S. pending home sales fell 5.1% year over year during the four weeks ending February 8, the biggest decline in over a year.\u00a0<\/span><\/p>\n

On a local level, pending sales dropped in all but five of the 50 most populous U.S. metro areas\u2013the most in over two years. The only metros where pending sales <\/span>increased <\/span><\/i>were <\/span>West Palm Beach, FL (9.1%), Jacksonville, FL (7.7%), Columbus, OH (1.4%) and Chicago (0.1%). They were flat in Austin, TX. <\/span><\/p>\n

The biggest <\/span>declines<\/span><\/i> were in Oakland, CA, where pending sales dropped 21.6% year over year, and Minneapolis (-17.5%). This <\/span>Redfin report<\/span><\/a> delves into why homebuying demand is slow in Minneapolis.\u00a0<\/span><\/p>\n

Homes are also taking a long time to sell. <\/b>The typical U.S. home that sold took 66 days to go under contract, a week longer than a year earlier and the longest span since early 2019. There are 5.5 months of supply, the most in seven years. Months of supply is the length of time it would take for homes for sale to be bought at the market\u2019s current pace of sales; a higher number indicates more of a buyer\u2019s market.\u00a0<\/span><\/p>\n

Would-be buyers are hesitant partly because housing costs are high. <\/b>The median sale price is up 1.2% year over year, and while mortgage rates have come down from their peak, they\u2019re still double pandemic-era lows. Additionally, some house hunters are backing off amid <\/span>concerns about job security<\/span><\/a>, and in certain parts of the country, they stayed home in recent weeks due to <\/span>severe winter weather<\/span><\/a>.\u00a0<\/span><\/p>\n

There are also slightly fewer homes to choose from. <\/b>New listings fell 1.8% year over year, and the <\/span>total <\/span><\/i>number of homes for sale dropped about 1%, the first decline since 2023.<\/span><\/p>\n

There are bright spots in the housing market: Buyers have power, and housing payments are declining.<\/b> Even though new listings are coming down, there are still hundreds of thousands <\/span>more home sellers than buyers<\/span><\/a> in the market, giving the buyers who <\/span>are <\/span><\/i>out there an edge in negotiations. Some buyers are able to get homes for <\/span>under asking price<\/span><\/a>. And while costs are still high, the median monthly housing payment is down 3.8% year over year while wages are up roughly 4%, <\/span>improving affordability<\/span><\/a>. Redfin agents in several parts of the country say home tours are picking up and house hunters are getting more serious, even if the increased interest isn\u2019t yet showing up in the data.\u00a0<\/span><\/p>\n

\u201cIt\u2019s still a buyer\u2019s market, but it might not be for long,\u201d said <\/span>Sue Dhillon<\/span><\/a>, a Redfin Premier agent in <\/span>Seattle<\/span><\/a>. \u201cHouse hunters are getting a jump start on the spring selling season because they\u2019re doing the math and realizing that a few things are working in their favor: Sellers are pricing lower, mortgage rates have come down slightly and aren\u2019t likely to drop further any time soon, and rents just keep climbing. If buyers wait any longer, competition is likely to pick up.\u201d<\/span><\/p>\n

For Redfin economists\u2019 takes on the housing market, please visit Redfin\u2019s \u201c<\/span><\/i>From Our Economists<\/span><\/i><\/a>\u201d page.\u00a0<\/span><\/i><\/p>\n

Leading indicators\u00a0<\/b><\/h3>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n
Indicators of homebuying demand and activity<\/b><\/td>\n<\/tr>\n
<\/td>\nValue (if applicable)<\/b><\/td>\nRecent change<\/b><\/td>\nYear-over-year change<\/b><\/td>\nSource<\/b><\/td>\n<\/tr>\n
Daily average 30-year fixed mortgage rate<\/b><\/td>\n6.14% (Feb. 11)<\/span><\/td>\nUp from 3-year low roughly a month ago<\/span><\/td>\nDown from 7.01%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.11% (week ending Feb. 5)<\/span><\/td>\nNear lowest level in 3 years<\/span><\/td>\nDown from 6.89%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 2% from a week earlier (as of week ending Feb. 6)<\/span><\/td>\nUp 4%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Redfin Homebuyer Demand Index (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown about 6% from a month earlier (as of week ending Feb. 8)<\/span><\/td>\nDown 16%<\/span><\/td>\nA measure of tours and other homebuying services from Redfin agents<\/span><\/td>\n<\/tr>\n
Google searches of \u201chomes for sale\u201d<\/b><\/td>\n<\/td>\nDown about 14% from a month earlier (as of Feb. 10)<\/span><\/td>\nDown about 5%<\/span><\/td>\nGoogle Trends<\/span><\/a><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 1% from the start of the year (as of Feb. 10)<\/span><\/td>\nAt this time last year, it was up 14.1% from the start of 2025<\/span><\/td>\nShowingTime<\/span><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Key housing-market data<\/b><\/h3>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
U.S. highlights: Four weeks ending Feb. 8, 2026<\/b><\/p>\n

Redfin\u2019s 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.\u00a0<\/span><\/i><\/td>\n<\/tr>\n

<\/td>\nFour weeks ending Feb. 8, 2026<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$378,725<\/span><\/td>\n1.2%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$408,725<\/span><\/td>\n2.3%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,580 at a 6.11% mortgage rate<\/span><\/td>\n-3.8%<\/span><\/td>\n<\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n69,060<\/span><\/td>\n-5.1%<\/span><\/td>\nBiggest decline since Jan. 2025<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n78,634<\/span><\/td>\n-1.8%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n994,257<\/span><\/td>\n-0.8%<\/span><\/td>\nFirst decline since Dec. 2023<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n5.5<\/span><\/td>\n+0.3 pts.\u00a0<\/span><\/td>\n4 to 5 <\/span>months of supply<\/span><\/a> is considered balanced, with a lower number indicating seller\u2019s market conditions\u00a0<\/span><\/td>\n<\/tr>\n
Share of homes off market in two weeks\u00a0<\/b><\/td>\n30%<\/span><\/td>\nUnchanged<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n66<\/span><\/td>\n+7 days<\/span><\/td>\nLongest in 6 years<\/span><\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n19%<\/span><\/td>\nDown from 20%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n97.7%<\/span><\/td>\nUnchanged<\/span><\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n
\n

Metro-level highlights: Four weeks ending Feb. 8, 2026<\/b><\/p>\n

Redfin\u2019s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.\u00a0<\/span><\/i><\/p>\n<\/th>\n<\/tr>\n

<\/th>\nMetros with biggest year-over-year increases<\/b><\/th>\nMetros with biggest year-over-year decreases<\/b><\/th>\n\n

Notes<\/b><\/p>\n<\/th>\n<\/tr>\n

Median sale price<\/b><\/th>\nMilwaukee (10.9%)<\/span><\/p>\n

Providence, RI (8.2%)<\/span><\/p>\n

Philadelphia (7.8%)<\/span><\/p>\n

Cleveland (7.7%)<\/span><\/p>\n

Warren, MI (6.3%)<\/span><\/th>\n

Fort Lauderdale, FL (-6.4%)<\/span><\/p>\n

Austin, TX (-4.3%)<\/span><\/p>\n

Jacksonville, FL (-3.9%)<\/span><\/p>\n

San Antonio (-3.5%)<\/span><\/p>\n

San Jose, CA (-3.4%)<\/span><\/th>\n

\n

Declined in 19 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nWest Palm Beach, FL (9.1%)<\/span><\/p>\n

Jacksonville, FL (7.7%)<\/span><\/p>\n

Columbus, OH (1.4%)<\/span><\/p>\n

Chicago (0.1%)<\/span><\/td>\n

Oakland, CA (-21.6%)<\/span><\/p>\n

Minneapolis (-17.5%)<\/span><\/p>\n

Houston (-17.3%)<\/span><\/p>\n

Nashville, TN (-16.4%)<\/span><\/p>\n

Warren, MI (-15.4%)<\/span><\/td>\n

Increased in 4 metros; the last time pending sales increased in 4 or fewer regions was the end of 2023<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSan Jose, CA (24.3%)<\/span><\/p>\n

Phoenix (11.4%)<\/span><\/p>\n

Montgomery County, PA (9.5%)<\/span><\/p>\n

Denver (8.4%)<\/span><\/p>\n

Detroit (7.4%)<\/span><\/td>\n

Nashville, TN (-19.5%)<\/span><\/p>\n

Nassau County, NY (-15.7%)<\/span><\/p>\n

Dallas (-13.9%)<\/span><\/p>\n

Indianapolis (-13.2%)<\/span><\/p>\n

San Antonio (-11.7%)<\/span><\/td>\n

<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Refer to our<\/span> metrics definition page<\/span><\/a> for explanations of all the metrics used in this report.<\/span><\/p>\n

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The typical home that sells takes 66 days to do so\u2013the longest span in seven years\u2013as buyers take their time looking at their options and negotiating with sellers.\u00a0 U.S. pending home sales fell 5.1% year over year during the four weeks ending February 8, the biggest decline in over a year.\u00a0 On a local level, […]<\/p>\n","protected":false},"author":13153,"featured_media":83945,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,615],"tags":[623,655,654],"dashboard":[],"coauthors":[124],"class_list":["post-83930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-weekly-market-update","tag-national","tag-weekly-market-tracker","tag-weekly-market-update"],"acf":[],"yoast_head":"\nPending Home Sales Decline in All But 5 Major U.S. Metros<\/title>\n<meta name=\"description\" content=\"The typical home that sells takes 66 days to do so\u2013the longest span in seven years\u2013as buyers take their time looking at their options and negotiating with sellers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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