{"id":84818,"date":"2026-04-16T07:00:41","date_gmt":"2026-04-16T14:00:41","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=84818"},"modified":"2026-05-06T12:03:25","modified_gmt":"2026-05-06T19:03:25","slug":"housing-market-update-spring-unseasonably-slow","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-spring-unseasonably-slow\/","title":{"rendered":"This Spring\u2019s Housing Market Is Unseasonably Slow As Iran War, High Costs Curb Demand"},"content":{"rendered":"

Pending home sales are declining and touring activity is slumping.\u00a0<\/span><\/i><\/p>\n

U.S. pending home sales fell 4.1% from a year earlier during the four weeks ending April 12, the biggest decline in over a year.\u00a0<\/span><\/p>\n

Sales fell in all but seven of the 50 biggest U.S. metro areas, with the biggest declines in Providence, RI (-17.5%), Houston (-16.9%) and Nassau County, NY (-14.8%). The biggest <\/span>increases <\/span><\/i>were in San Francisco (9.6%), West Palm Beach, FL (8.2%) and Miami (6.4%).\u00a0<\/span><\/p>\n

Homebuying demand is unseasonably slow. <\/b>Home-touring activity is <\/span>up just 11%<\/span><\/a> since the start of the year, compared to a 40% increase over the same period last year, according to <\/span>ShowingTime<\/span><\/a>.\u00a0<\/span><\/p>\n

Would-be homebuyers are backing off partly because the <\/span>Iran war<\/span><\/a> is causing widespread geopolitical and economic uncertainty, making some Americans <\/span>wary of making a big purchase<\/span><\/a>. It has also contributed to higher mortgage rates, though the <\/span>average rate<\/span><\/a> fell to 6.3% this week. Mortgage rates <\/span>may swing up or down<\/span><\/a> in the next few weeks, depending on the direction of the Iran war, the outcome of negotiation talks and oil prices.\u00a0\u00a0<\/span><\/p>\n

High housing costs are also sidelining house hunters. The median home-sale price rose 2.3% annually, the biggest increase in a year, and while the weekly average mortgage rate has come down slightly, it is still notably higher than it was in early March. It\u2019s worth noting that the timing of Easter is contributing to the year-over-year decline in pending sales, too: Easter fell into this four-week period, but not the comparable period in 2025.\u00a0<\/span><\/p>\n

\u201cLuxury buyers aren\u2019t letting the high interest rates dissuade them, but for buyers on a tighter budget, the difference can be enough to kill affordability,” said Stacey Bryant<\/a>, a Redfin Premier agent in Boston. “Cost-conscious buyers are also jittery about the rising prices of other things\u2013<\/span>like gas, food and energy\u2013<\/span>cutting into their budgets.\u201d<\/p>\n

On the selling side, new listings of homes for sales declined 1.4% year over year, with some prospective sellers hitting pause while demand is down.\u00a0<\/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
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>\n6.32% (April 15)<\/span><\/td>\nDown from 6.64% three weeks earlier\u00a0<\/span><\/td>\nDown from 6.98%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.3% (week ending April 16)<\/span><\/td>\nDown\u00a0 from 6-month high 2 weeks earlier<\/span><\/td>\nDown from 6.62%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 1% from a week earlier (as of week ending April 10)<\/span><\/td>\nDown 3%<\/span><\/td>\nMortgage Bankers Association\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Google searches of \u201chomes for sale\u201d<\/b><\/td>\n<\/td>\nUp 11% from a month earlier (as of April 11)<\/span><\/td>\nUp 20%<\/span><\/td>\nGoogle Trends<\/span><\/a><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 11% from the start of the year (as of April 12)<\/span><\/td>\nAt this time last year, it was up 40% 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 April 12, 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 April 12, 2026<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$393,059<\/span><\/td>\n2.3%<\/span><\/td>\nBiggest increase in a year<\/span><\/td>\n<\/tr>\n
Median asking price<\/b><\/td>\n$426,225<\/span><\/td>\n1.8%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment<\/b><\/td>\n$2,732 at a 6.3% mortgage rate<\/span><\/td>\n-2.5%<\/span><\/td>\n<\/td>\n<\/tr>\n
Pending sales<\/b><\/td>\n86,665<\/span><\/td>\n-4.1%<\/span><\/td>\nBiggest decline in a year<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\n103,853<\/span><\/td>\n-1.4%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings<\/b><\/td>\n1,092,911<\/span><\/td>\n-2.7%<\/span><\/td>\nBiggest decline since 2023<\/span><\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n4.2<\/span><\/td>\nUnchanged<\/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>\n38.4%<\/span><\/td>\nEssentially unchanged<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n48<\/span><\/td>\n+4 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n24.3%<\/span><\/td>\nDown from 26%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.6%<\/span><\/td>\nDown from 98.7%<\/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 April 12, 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>\nSan Francisco (13.3%)<\/span><\/p>\n

Detroit (10.7%)<\/span><\/p>\n

Cleveland (9.8%)<\/span><\/p>\n

Providence, RI (9%)<\/span><\/p>\n

Pittsburgh (8.8%)<\/span><\/th>\n

Dallas (-3.4%)<\/span><\/p>\n

Austin, TX (-3.2%)<\/span><\/p>\n

Oakland, CA (-3.2%)<\/span><\/p>\n

Seattle (-2.9%)<\/span><\/p>\n

Nashville, TN (-2.8%)<\/span><\/th>\n

\n

Declined in 17 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nSan Francisco (9.6%)<\/span><\/p>\n

West Palm Beach, FL (8.2%)<\/span><\/p>\n

Miami (6.4%)<\/span><\/p>\n

Fort Worth, TX (2.4%)<\/span><\/p>\n

Milwaukee (1.3%)<\/span><\/td>\n

Providence, RI (-17.5%)<\/span><\/p>\n

Houston (-16.9%)<\/span><\/p>\n

Nassau County, NY (-14.8%)<\/span><\/p>\n

New York (-14.2%)<\/span><\/p>\n

Seattle (-13.8%)<\/span><\/td>\n

Increased in just 7 metros\u00a0<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nMilwaukee, WI (12%)<\/span><\/p>\n

Philadelphia (11.5%)<\/span><\/p>\n

San Jose, CA (8.5%)<\/span><\/p>\n

Minneapolis (7.3%)<\/span><\/p>\n

Indianapolis (5.8%)<\/span><\/td>\n

Tampa, FL (-15.8%)<\/span><\/p>\n

Jacksonville, FL (-14.9%)<\/span><\/p>\n

Anaheim, CA (-13.8%)<\/span><\/p>\n

Riverside, CA (-13%)<\/span><\/p>\n

Orlando (-11.9%)<\/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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Pending home sales are declining and touring activity is slumping.\u00a0 U.S. pending home sales fell 4.1% from a year earlier during the four weeks ending April 12, the biggest decline in over a year.\u00a0 Sales fell in all but seven of the 50 biggest U.S. metro areas, with the biggest declines in Providence, RI (-17.5%), 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