{"id":85268,"date":"2026-05-07T05:00:45","date_gmt":"2026-05-07T12:00:45","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=85268"},"modified":"2026-05-06T15:14:49","modified_gmt":"2026-05-06T22:14:49","slug":"pending-home-sales-rise-spring","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/pending-home-sales-rise-spring\/","title":{"rendered":"Pending Home Sales Hit Highest Level in Nearly 4 Years"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">More homebuyers jumped into the market as mortgage rates came down temporarily last week, but it\u2019s still slower than past springs.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">U.S. pending home sales hit their highest level since September 2022 during the four weeks ending May 3. They rose 7.7% year over year on a seasonally adjusted basis.\u00a0<\/span><\/p>\n<p><b>There are a few reasons homebuyers are coming off the sidelines:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Housing costs came down temporarily. <\/b><span style=\"font-weight: 400;\">The median U.S. housing payment declined 2.2% year over year as mortgage rates ticked down. Rates fell to <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">6.23%<\/span><\/a><span style=\"font-weight: 400;\"> last week from a 6-month high of 6.46% two weeks earlier. (<\/span><i><span style=\"font-weight: 400;\">Daily <\/span><\/i><span style=\"font-weight: 400;\">average rates rose as high as <\/span><a href=\"https:\/\/www.yahoo.com\/news\/articles\/renewed-fighting-us-likely-iran-190207910.html?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAACQZikPXZ-KNf1K4VFBD7VH_XpvcdPibUIQep1lsyLLKDErTOfOBpdW3kGtfRtURjRfut2olPW_HZ9nX2qlAlxxeyx7cHRC-QvSNfPu2GMN3GVkJP-MMbcsvLrdAetCMLwnTmYQVu0fcC6dN8sX_Z-XPmvLHhG5ZksCtgrf6srWC\"><span style=\"font-weight: 400;\">6.56%<\/span><\/a><span style=\"font-weight: 400;\"> this week due to jitters about <\/span><a href=\"https:\/\/www.cnbc.com\/2026\/05\/05\/us-iran-attacks-markets-peace-deal-talks.html\"><span style=\"font-weight: 400;\">renewed fighting<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.nytimes.com\/live\/2026\/05\/06\/world\/iran-us-hormuz-oil\"><span style=\"font-weight: 400;\">uncertainty<\/span><\/a><span style=\"font-weight: 400;\"> in Iran.)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>There are more houses on the market. <\/b><span style=\"font-weight: 400;\">The total number of homes for sale rose roughly 1% year over year to near their highest level in at least five years. When there are more homes to buy, there are more sales.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Seasonality is kicking in later than usual. <\/b><span style=\"font-weight: 400;\">Spring is typically the busiest time of year for the housing market: A <\/span><a href=\"https:\/\/www.redfin.com\/news\/best-time-to-sell-buy-home\/\"><span style=\"font-weight: 400;\">recent Redfin analysis<\/span><\/a><span style=\"font-weight: 400;\"> found that late April is the best time of year to list a home for sale because homes are more likely to sell above their asking price, and to sell quickly. The big uptick in seasonally adjusted pending sales could signal that spring homebuying season is starting late.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Still, the market is slower and less competitive than past springs. The typical home that sells goes under contract in 43 days, three days longer than a year ago. Just over one-quarter (26.4%) of homes that go under contract are selling above asking price, the lowest share for this time of year in at least five years.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cSome homes are attracting multiple offers, but only those that are priced fairly and have been updated,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/ashley-arzer\"><span style=\"font-weight: 400;\">Ashley Arzer<\/span><\/a><span style=\"font-weight: 400;\">, a Redfin Premier agent in Chicago. \u201cA new kitchen and new bathroom are the ticket to a bidding war. Older homes that need repairs, and those far above the most popular price range\u2013around $400,000 in Chicago\u2013are taking longer to sell.\u201d<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">For Redfin economists\u2019 takes on the housing market, please visit Redfin\u2019s \u201c<\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/from-our-economists\/\"><i><span style=\"font-weight: 400;\">From Our Economists<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">\u201d page.\u00a0<\/span><\/i><\/p>\n<h3><b>Leading indicators\u00a0<\/b><\/h3>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"5\"><b>Indicators of homebuying demand and activity<\/b><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><b>Value (if applicable)<\/b><\/td>\n<td><b>Recent change<\/b><\/td>\n<td><b>Year-over-year change<\/b><\/td>\n<td><b>Source<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Daily average 30-year fixed mortgage rate<\/b><\/td>\n<td><span style=\"font-weight: 400;\">6.44% (May 6)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Down from 6.56% on May 4, which was the highest level since end of March\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Down from 6.9%<\/span><\/td>\n<td><a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\/30-year-fixed\"><span style=\"font-weight: 400;\">Mortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><b>Weekly average 30-year fixed mortgage rate<\/b><\/td>\n<td><span style=\"font-weight: 400;\">6.3% (week ending April 30)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Up from 6.23% one week earlier<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Down from 6.76%<\/span><\/td>\n<td><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">Freddie Mac<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><b>Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<td><\/td>\n<td><span style=\"font-weight: 400;\">Down 4% from a week earlier (as of week ending May 1)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Up 5%<\/span><\/td>\n<td><a href=\"https:\/\/www.mba.org\/news-and-research\/newsroom\/news\/2026\/05\/06\/mortgage-applications-decrease-in-latest-mba-weekly-survey\"><span style=\"font-weight: 400;\">Mortgage Bankers Association<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Google searches of \u201chomes for sale\u201d<\/b><\/td>\n<td><\/td>\n<td><span style=\"font-weight: 400;\">Highest level in 9 months (as of May 4)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Up more than 20%<\/span><\/td>\n<td><a href=\"https:\/\/trends.google.com\/trends\/explore?date=today%205-y&amp;geo=US&amp;q=homes%20for%20sale#cmpt=q\"><span style=\"font-weight: 400;\">Google Trends<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><b>Touring activity<\/b><\/td>\n<td><\/td>\n<td><span style=\"font-weight: 400;\">Up 32% from the start of the year (as of May 4)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">At this time last year, it was up 43% from the start of 2025<\/span><\/td>\n<td><a href=\"https:\/\/showingtime.com\/daily-showing-activity\"><span style=\"font-weight: 400;\">ShowingTime<\/span><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><b>Key housing-market data<\/b><\/h3>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"4\"><b>U.S. highlights: Four weeks ending May 3, 2026<\/b><\/p>\n<p><i><span style=\"font-weight: 400;\">Redfin\u2019s national metrics include data from 900+ U.S. metro areas and are based on homes listed and\/or sold during the period. Weekly housing-market data goes back through 2021. Subject to revision.\u00a0<\/span><\/i><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><b>Four weeks ending May 3, 2026<\/b><\/td>\n<td><b>Year-over-year change<\/b><\/td>\n<td><b>Notes<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Median sale price<\/b><\/td>\n<td><span style=\"font-weight: 400;\">$394,803<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.9%<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><b>Median asking price (seasonally adjusted)<\/b><\/td>\n<td><span style=\"font-weight: 400;\">$406,493<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.5%<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><b>Median monthly mortgage payment (seasonally adjusted)<\/b><\/td>\n<td><span style=\"font-weight: 400;\">$2,606 at a 6.3% mortgage rate<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.2%<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><b>Pending sales (seasonally adjusted)<\/b><\/td>\n<td><span style=\"font-weight: 400;\">340,101<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.7%<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><b>New listings (seasonally adjusted)<\/b><\/td>\n<td><span style=\"font-weight: 400;\">373,607<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.8%<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><b>Active listings (seasonally adjusted)<\/b><\/td>\n<td><span style=\"font-weight: 400;\">1,477,250<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.9%<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><b>Months of supply\u00a0<\/b><\/td>\n<td><span style=\"font-weight: 400;\">3.5<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.1 pts.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4 to 5 <\/span><a href=\"https:\/\/www.redfin.com\/definition\/monthsof-supply\"><span style=\"font-weight: 400;\">months of supply<\/span><\/a><span style=\"font-weight: 400;\"> is considered balanced, with a lower number indicating seller\u2019s market conditions\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Share of homes off market in two weeks\u00a0<\/b><\/td>\n<td><span style=\"font-weight: 400;\">39.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Down from 40%<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><b>Median days on market<\/b><\/td>\n<td><span style=\"font-weight: 400;\">43<\/span><\/td>\n<td><span style=\"font-weight: 400;\">+3 days<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><b>Share of home listings with price drops<\/b><\/td>\n<td><span style=\"font-weight: 400;\">18.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Essentially unchanged<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><b>Share of homes sold above list price<\/b><\/td>\n<td><span style=\"font-weight: 400;\">26.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Down from 28%<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><b>Average sale-to-list price ratio\u00a0<\/b><\/td>\n<td><span style=\"font-weight: 400;\">98.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Down from 99%<\/span><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table>\n<thead>\n<tr>\n<th colspan=\"4\">\n<p style=\"text-align: left;\"><b>Metro-level highlights: Four weeks ending May 3, 2026<\/b><\/p>\n<p style=\"text-align: left;\"><i><span style=\"font-weight: 400;\">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<tr>\n<th style=\"text-align: left;\"><\/th>\n<th style=\"text-align: left;\"><b>Metros with biggest year-over-year increases<\/b><\/th>\n<th style=\"text-align: left;\"><b>Metros with biggest year-over-year decreases<\/b><\/th>\n<th>\n<p style=\"text-align: left;\"><b>Notes<\/b><\/p>\n<\/th>\n<\/tr>\n<tr>\n<th style=\"text-align: left;\"><b>Median sale price<\/b><\/th>\n<th style=\"text-align: left;\"><span style=\"font-weight: 400;\">San Francisco (11%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cleveland (8.2%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Kansas City, MO (7.9%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cincinnati (7.5%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Detroit (7.4%)<\/span><\/th>\n<th style=\"text-align: left;\"><span style=\"font-weight: 400;\">Newark, NJ (-3.3%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">San Jose, CA (-3.2%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Seattle (-3.2%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Dallas (-3.2%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Las Vegas (-2.5%)<\/span><\/th>\n<th>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Declined in 19 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><b>Pending sales<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Chicago (19.2%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pittsburgh (16.5%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">San Francisco (15.2%)\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Miami (15%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Austin, TX (14.6%)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Houston (-9.3%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Detroit (-3.3%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Seattle (-2.7%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Warren, MI (-1.8%)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Declined in just 4 metros<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>New listings<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Columbus, OH (9.5%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nassau County, NY (9.4%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cincinnati (9.2%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Milwaukee (9.1%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Newark, NJ (9.1%)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Dallas (-14.9%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Jacksonville, FL (-14.5%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Denver (-14.3%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fort Worth, TX (-13%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Las Vegas (-13%)<\/span><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">Refer to our<\/span> <a href=\"https:\/\/www.redfin.com\/news\/data-center-metrics-definitions\/\"><span style=\"font-weight: 400;\">metrics definition page<\/span><\/a><span style=\"font-weight: 400;\"> for explanations of all the metrics used in this report.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-85277 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-06-at-10.34.08-AM.png\" alt=\"\" width=\"742\" height=\"596\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-06-at-10.34.08-AM.png 742w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-06-at-10.34.08-AM-300x241.png 300w\" sizes=\"(max-width: 742px) 100vw, 742px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-85275 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-04-at-9.30.10-AM.png\" alt=\"\" width=\"746\" height=\"594\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-04-at-9.30.10-AM.png 746w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-04-at-9.30.10-AM-300x239.png 300w\" sizes=\"(max-width: 746px) 100vw, 746px\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-85276 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-05-at-11.09.56-AM.png\" alt=\"\" width=\"741\" height=\"597\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-05-at-11.09.56-AM.png 741w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-05-at-11.09.56-AM-300x242.png 300w\" sizes=\"(max-width: 741px) 100vw, 741px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-85273 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-05-at-11.10.10-AM.png\" alt=\"\" width=\"745\" height=\"592\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-05-at-11.10.10-AM.png 745w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-05-at-11.10.10-AM-300x238.png 300w\" sizes=\"(max-width: 745px) 100vw, 745px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-85272 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-05-at-11.10.22-AM.png\" alt=\"\" width=\"745\" height=\"593\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-05-at-11.10.22-AM.png 745w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-05-at-11.10.22-AM-300x239.png 300w\" sizes=\"(max-width: 745px) 100vw, 745px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-85274 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-05-at-11.11.02-AM.png\" alt=\"\" width=\"746\" height=\"598\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-05-at-11.11.02-AM.png 746w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-05-at-11.11.02-AM-300x240.png 300w\" sizes=\"(max-width: 746px) 100vw, 746px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>More homebuyers jumped into the market as mortgage rates came down temporarily last week, but it\u2019s still slower than past springs.\u00a0 U.S. pending home sales hit their highest level since September 2022 during the four weeks ending May 3. They rose 7.7% year over year on a seasonally adjusted basis.\u00a0 There are a few reasons [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":85271,"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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