{"id":85752,"date":"2026-05-21T05:00:12","date_gmt":"2026-05-21T12:00:12","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=85752"},"modified":"2026-05-20T16:39:23","modified_gmt":"2026-05-20T23:39:23","slug":"housing-market-update-pending-home-sales-slip","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-pending-home-sales-slip\/","title":{"rendered":"Pending Home Sales Slip for First Time Since Early April as Mortgage Rates Climb"},"content":{"rendered":"

Mortgage rates jumped to a 10-month high, spooking would-be homebuyers and sellers after a few weeks of solid demand.\u00a0<\/i><\/strong><\/p>\n

U.S. pending home sales fell 1.1% from a week earlier during the week ending May 17, the first decline since early April. Pending sales are still at their second-highest level since September 2022, but it\u2019s notable that the jump we saw over the last several weeks is starting to reverse. Note that this data is seasonally adjusted.\u00a0<\/span><\/p>\n

Additionally, mortgage-purchase applications <\/span>declined 4%<\/span><\/a> week over week. Homebuying demand fell because mortgage rates increased. The daily average mortgage rate hit <\/span>6.75%<\/span><\/a> this week, the highest level since July. Prices are rising, too; the median asking price increased 1.4% year over year.<\/span><\/p>\n

Pending home sales rose each week from early April to early May because of a <\/span>strengthening job market<\/span><\/a> and declining mortgage rates; the daily average rate dipped to the 6.3% range in mid-April. Now, rates have jumped due to the Iran war and the <\/span>continued closure<\/span><\/a> of the Strait of Hormuz <\/span>spooking<\/span><\/a> global markets.\u00a0<\/span><\/p>\n

On the selling side, new listings declined 0.2% week over week on a seasonally adjusted basis. That marks the third straight week of new listings declining.\u00a0<\/span><\/p>\n

\u201cHigher mortgage rates are scaring off some buyers, but that\u2019s opening the door for others,\u201d said <\/span>Chen Zhao<\/span><\/a>, Redfin\u2019s head of economics research. \u201cIt\u2019s already a <\/span>buyer\u2019s market<\/span><\/a>, and this week\u2019s jump in mortgage rates may give house hunters with stable incomes another opportunity to negotiate a home\u2019s price down and get concessions from sellers.\u201d\u00a0<\/span><\/p>\n

During a time of changing demand, sellers may consider a \u201ccoming soon\u201d approach like <\/span>Redfin Early Access<\/span><\/a>, which allows them to test pricing strategies and gauge interest before formally listing on the MLS.\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>\n6.67% (May 20)<\/span><\/td>\nHighest level since July\u00a0<\/span><\/td>\nDown from 6.99%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.36% (week ending May 14)<\/span><\/td>\nUp from 6.23% three 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>\nDown 4% from a week earlier (as of week ending May 15)<\/span><\/td>\nUp 8%<\/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 29% from the start of the year (as of May 18)<\/span><\/td>\nAt this time last year, it was up 36% 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 17, 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 17, 2026<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$398,653<\/span><\/td>\n2.2%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median asking price (seasonally adjusted)<\/b><\/td>\n$403,140<\/span><\/td>\n1.4%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment (seasonally adjusted)<\/b><\/td>\n$2,597 at a 6.36% mortgage rate<\/span><\/td>\n-2.2%<\/span><\/td>\n<\/td>\n<\/tr>\n
Pending sales (seasonally adjusted)<\/b><\/td>\n342,047<\/span><\/td>\n7.8%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings (seasonally adjusted)<\/b><\/td>\n368,608<\/span><\/td>\n-0.5%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings (seasonally adjusted)<\/b><\/td>\n1,493,419<\/span><\/td>\n1.4%<\/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>\n39.4%<\/span><\/td>\nEssentially unchanged<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n41<\/span><\/td>\n+3 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of home listings with price drops<\/b><\/td>\n18.8%<\/span><\/td>\nDown from 20%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n27.1%<\/span><\/td>\nDown from 28%<\/span><\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n98.9%<\/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 17, 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 (9%)<\/span><\/p>\n

Kansas City, MO (7.3%)<\/span><\/p>\n

Pittsburgh (5.6%)<\/span><\/p>\n

Detroit, MI (4.9%)<\/span><\/p>\n

Nassau County, NY (4.6%)<\/span><\/th>\n

Miami (-2.5%)<\/span><\/p>\n

San Jose, CA (-2.1%)<\/span><\/p>\n

Orlando (-2%)<\/span><\/p>\n

Seattle (-1.8%)<\/span><\/p>\n

Fort Worth, TX (-1.4%)<\/span><\/th>\n

<\/th>\n<\/tr>\n<\/thead>\n
Pending sales<\/b><\/td>\nWest Palm Beach, FL (34.4%)<\/span><\/p>\n

San Francisco (19.9%)<\/span><\/p>\n

Newark, NJ (15.4%)<\/span><\/p>\n

Minneapolis (15.4%)<\/span><\/p>\n

Pittsburgh (15.1%)<\/span><\/td>\n

Houston (-9.7%)<\/span><\/p>\n

Seattle (-6.1%)<\/span><\/p>\n

Detroit (-2.2%)<\/span><\/p>\n

Philadelphia (-1.3%)<\/span><\/p>\n

Tampa, FL (-1.3%)<\/span><\/p>\n

Atlanta (-1.1%)<\/span><\/td>\n

Declined in 6 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nCincinnati (13.5%)<\/span><\/p>\n

San Jose, CA (9.1%)<\/span><\/p>\n

Columbus, OH (9.1%)<\/span><\/p>\n

New Brunswick, NJ (8%)<\/span><\/p>\n

Warren, MI (7.7%)<\/span><\/td>\n

St. Louis (-16.4%)<\/span><\/p>\n

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

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

Dallas (-11.9%)<\/span><\/p>\n

Riverside, CA (-11.3%)<\/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","protected":false},"excerpt":{"rendered":"

Mortgage rates jumped to a 10-month high, spooking would-be homebuyers and sellers after a few weeks of solid demand.\u00a0 U.S. pending home sales fell 1.1% from a week earlier during the week ending May 17, the first decline since early April. Pending sales are still at their second-highest level since September 2022, but it\u2019s notable […]<\/p>\n","protected":false},"author":13153,"featured_media":85756,"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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