{"id":85557,"date":"2026-05-14T05:00:53","date_gmt":"2026-05-14T12:00:53","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=85557"},"modified":"2026-05-13T15:12:29","modified_gmt":"2026-05-13T22:12:29","slug":"housing-market-update-pending-home-sales-jump","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-pending-home-sales-jump\/","title":{"rendered":"Pending Home Sales Jump 10% From a Year Ago to Highest Level Since 2022"},"content":{"rendered":"

Sale prices are rising as homebuying demand strengthens.\u00a0<\/span><\/i><\/p>\n

U.S. pending homes sales jumped 9.6% year over year to their highest level since September 2022, on a seasonally adjusted basis. Pending sales are rising in every major U.S. metro except three (Houston, Detroit and Seattle). Mortgage-purchase applications are <\/span>up 4%<\/span><\/a> week over week.\u00a0<\/span><\/p>\n

Strengthening demand is pushing up prices. The median home-sale price rose 2.2% year over year during the four weeks ending May 10, the second-biggest increase in the last seven months.\u00a0<\/span><\/p>\n

More homebuyers are entering the market partly because the job market is <\/span>improving<\/span><\/a>, making some Americans feel more secure about making a major purchase. <\/span>Mortgage rates<\/span><\/a> declined for three straight weeks in April, another factor making house hunters more confident\u2013though the daily average mortgage rose to 6.57% on Wednesday, near the highest level since August. Additionally, spring is typically the <\/span>busiest season <\/span><\/a>for the housing market; that seasonality may be kicking in late this year.\u00a0<\/span><\/p>\n

Sellers are not quite as keen as buyers. New listings fell 1.6% year over year, the third straight week of declines. Some would-be sellers are waiting to see whether strengthening demand pushes home prices even higher later this year, and some are still reluctant to give up ultra-low mortgage rates. And while the labor market is firming up, some homeowners are still reluctant to list their home when the economy feels uncertain due to the <\/span>ongoing Iran war<\/span><\/a> and rising oil prices.\u00a0<\/span><\/p>\n

The housing market has been strongly favoring buyers for at least the last year, but we may be <\/span>past peak buyer\u2019s market<\/span><\/a>. The gap between sellers and buyers has shrunk and may shrink more in the coming months if homebuying demand continues to accelerate.\u00a0<\/span><\/p>\n

\u201cHouse hunters should take note: As more buyers enter the market, they may lose some negotiating power,\u201d said Chen Zhao<\/a>, Redfin\u2019s head of economics research. \u201cEven though mortgage rates have ticked up in recent weeks, serious buyers may consider moving forward sooner rather than later. More buyers in the market equals more competition, which could create bidding wars, push prices up,\u00a0 and make it harder to secure that perfect home.\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
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>\n6.57% (May 13)<\/span><\/td>\nNear highest level since August<\/span><\/td>\nDown from 6.91%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.37% (week ending May 7)<\/span><\/td>\nUp from 6.23% two weeks earlier<\/span><\/td>\nDown from 6.76%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 4% from a week earlier (as of week ending May 8)<\/span><\/td>\nUp 7%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Google searches of \u201chomes for sale\u201d<\/b><\/td>\n<\/td>\nHighest level in 9 months (as of May 9)<\/span><\/td>\nUp more than 20%<\/span><\/td>\nGoogle Trends<\/span><\/a><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 27% from the start of the year (as of May 9)<\/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\n
U.S. highlights: Four weeks ending May 10, 2026<\/b><\/p>\n

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

<\/td>\nFour weeks ending May 10, 2026<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$397,740<\/span><\/td>\n2.2%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median asking price (seasonally adjusted)<\/b><\/td>\n$404,727<\/span><\/td>\n1.4%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment (seasonally adjusted)<\/b><\/td>\n$2,609 at a 6.37% mortgage rate<\/span><\/td>\n-1.7%<\/span><\/td>\n<\/td>\n<\/tr>\n
Pending sales (seasonally adjusted)<\/b><\/td>\n346,104<\/span><\/td>\n9.6%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings (seasonally adjusted)<\/b><\/td>\n370,261<\/span><\/td>\n-1.6%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings (seasonally adjusted)<\/b><\/td>\n1,486,721<\/span><\/td>\n1.2%<\/span><\/td>\n<\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.5<\/span><\/td>\n-0.1 pts.<\/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>\n39.7%<\/span><\/td>\nEssentially unchanged<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n42<\/span><\/td>\n+3 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of home listings with price drops<\/b><\/td>\n18.7%<\/span><\/td>\nDown from 19%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n26.6%<\/span><\/td>\nDown from 28%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.8%<\/span><\/td>\nDown from 99%<\/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 May 10, 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>\n\n

Metros with biggest year-over-year increases<\/b><\/p>\n<\/th>\n

Metros with biggest year-over-year decreases<\/b><\/th>\nNotes<\/b><\/th>\n<\/tr>\n
Median sale price<\/b><\/th>\nKansas City, MO (9%)<\/span><\/p>\n

San Francisco (7.9%)<\/span><\/p>\n

Cincinnati (5.4%)<\/span><\/p>\n

Nassau County, NY (5.2%)<\/span><\/p>\n

Chicago (5.1%)<\/span><\/th>\n

San Jose, CA (-4.1%)<\/span><\/p>\n

Seattle (-3.3%)<\/span><\/p>\n

Sacramento, CA (-2.8%)<\/span><\/p>\n

Austin, TX (-2.2%)<\/span><\/p>\n

Miami (-2%)<\/span><\/th>\n

\n

\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nPittsburgh (17.3%)<\/span><\/p>\n

Minneapolis (17.3%)<\/span><\/p>\n

Newark, NJ (16.7%)<\/span><\/p>\n

Miami (16.3%)<\/span><\/p>\n

New Brunswick, NJ (15.9%)<\/span><\/td>\n

Houston (-7.8%)<\/span><\/p>\n

Detroit (-4%)<\/span><\/p>\n

Seattle (-3.6%)<\/span><\/td>\n

Declined in just 3 metros, the fewest since Dec. 2024<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nCincinnati (11.3%)<\/span><\/p>\n

West Palm Beach, FL (9.8%)<\/span><\/p>\n

Columbus, OH (8.3%)<\/span><\/p>\n

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

Newark, NJ (7.4%)<\/span><\/td>\n

Denver (-15.9%)<\/span><\/p>\n

Dallas (-14.6%)<\/span><\/p>\n

Fort Worth, TX (-13.1%)<\/span><\/p>\n

Miami (-12.9%)<\/span><\/p>\n

Jacksonville, FL (-12.8%)<\/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

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Sale prices are rising as homebuying demand strengthens.\u00a0 U.S. pending homes sales jumped 9.6% year over year to their highest level since September 2022, on a seasonally adjusted basis. Pending sales are rising in every major U.S. metro except three (Houston, Detroit and Seattle). Mortgage-purchase applications are up 4% week over week.\u00a0 Strengthening demand is […]<\/p>\n","protected":false},"author":13153,"featured_media":85558,"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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