{"id":85867,"date":"2026-05-28T05:00:06","date_gmt":"2026-05-28T12:00:06","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=85867"},"modified":"2026-05-27T14:35:06","modified_gmt":"2026-05-27T21:35:06","slug":"housing-market-update-pending-sales-drop-rates-rise","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-pending-sales-drop-rates-rise\/","title":{"rendered":"Higher Mortgage Rates Push Pending Home Sales Down for Second Straight Week"},"content":{"rendered":"

Some would-be homebuyers are hesitating as housing costs rise and the ongoing Iran war makes the economy feel shaky.\u00a0<\/i><\/strong><\/p>\n

Fewer house hunters are going under contract to buy homes. U.S. pending home sales fell 1.5% from a week earlier on a seasonally adjusted basis during the week ending May 24, the second straight decline after four weeks of increases.\u00a0 Additionally, mortgage-purchase applications <\/span>decreased<\/span><\/a> to their lowest level since early April.\u00a0<\/span><\/p>\n

House hunters are backing off mainly because mortgage rates are rising, with the daily average hitting a 10-month high of <\/span>6.75%<\/span><\/a> last week. Higher rates\u2013along with rising home-sale prices\u2013brought the median monthly housing payment to $2,637, the highest level in 11 months. Financial uncertainty is playing a role, too; some would-be homebuyers are jittery about making a huge purchase when the <\/span>economy feels shaky<\/span><\/a> and consumer confidence is at an <\/span>all-time low<\/span><\/a>.\u00a0<\/span><\/p>\n

Mortgage rates jumped over the last few weeks due to several factors: the ongoing Iran war and closure of the Strait of Hormuz, rising oil prices, AI-driven inflation and Fed officials <\/span>floating the possibility<\/span><\/a> of interest-rate hikes.\u00a0<\/span><\/p>\n

On the selling side, new listings rose slightly (0.2%) from a week earlier, the first increase after four weeks of declines. With <\/span>more home sellers<\/span><\/a> than buyers in the market, Redfin agents say it\u2019s important for sellers to price realistically and to be open to negotiations.\u00a0<\/span><\/p>\n

\u201cI\u2019m seeing a lot of house hunters who are what I call \u2018tire kickers,\u2019 meaning they\u2019re serious about buying\u2013but they\u2019re cautious, waiting to see if mortgage rates decline or the economy improves,\u201d said <\/span>Jason Gale<\/span><\/a>, a Redfin Premier agent in New Orleans. \u201cSellers can entice those buyers by pricing slightly below recent comps, making minor repairs and staging so the house makes the best first impression it possibly can, and offering incentives like rate buydowns, repair credits or a flexible closing date.\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>\n6.61% (May 27)<\/span><\/td>\nDown from 6.75% a week earlier<\/span><\/td>\nDown from 7.02%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.51% (week ending May 21)<\/span><\/td>\nHighest level since August\u00a0<\/span><\/td>\nDown from 6.86%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 0.4% from a week earlier (as of week ending May 22)<\/span><\/td>\nUp 5%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Google searches of \u201chomes for sale\u201d<\/b><\/td>\n<\/td>\nEssentially unchanged from a month earlier (as of May 23)<\/span><\/td>\nEssentially unchanged\u00a0<\/span><\/td>\nGoogle Trends<\/span><\/a><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 20% from the start of the year (as of May 25)<\/span><\/td>\nAt this time last year, it was up 33% 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 24, 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 24, 2026<\/b><\/td>\nYear-over-year change<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$398,768<\/span><\/td>\n2.2%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median asking price (seasonally adjusted)<\/b><\/td>\n$404,381<\/span><\/td>\n1.9%<\/span><\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment (seasonally adjusted)<\/b><\/td>\n$2,637 at a 6.51% mortgage rate<\/span><\/td>\n-0.9%<\/span><\/td>\nHighest level in 11 months<\/span><\/td>\n<\/tr>\n
Pending sales (seasonally adjusted)<\/b><\/td>\n336,818<\/span><\/td>\n4.7%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings (seasonally adjusted)<\/b><\/td>\n368,522<\/span><\/td>\n0.5%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings (seasonally adjusted)<\/b><\/td>\n1,492,893<\/span><\/td>\n0.8%<\/span><\/td>\n<\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.4<\/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>\n39.3%<\/span><\/td>\nEssentially unchanged<\/span><\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n40<\/span><\/td>\n+2 days<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of home listings with price drops<\/b><\/td>\n18.9%<\/span><\/td>\nDown from 20%<\/span><\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n27.5%<\/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 24, 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 (10.1%)<\/span><\/p>\n

Kansas City, MO (7.8%)<\/span><\/p>\n

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

St. Louis (4.9%)<\/span><\/p>\n

Nassau County, NY (4.8%)<\/span><\/th>\n

San Jose, CA (-4.4%)<\/span><\/p>\n

Orlando, FL (-2.7%)<\/span><\/p>\n

Phoenix (-1.4%)<\/span><\/p>\n

Portland, OR (-0.4%)<\/span><\/p>\n

Fort Worth, TX (-0.4%)<\/span><\/th>\n

<\/th>\n<\/tr>\n<\/thead>\n
Pending sales<\/b><\/td>\nWest Palm Beach, FL (30.8%)<\/span><\/p>\n

San Francisco (19.5%)<\/span><\/p>\n

Nassau County, NY (15.2%)<\/span><\/p>\n

Minneapolis (14%)<\/span><\/p>\n

Milwaukee (12.2%)<\/span><\/td>\n

Houston (-14.5%)<\/span><\/p>\n

Seattle (-8.9%)<\/span><\/p>\n

Denver (-4.4%)<\/span><\/p>\n

Atlanta (-3.1%)<\/span><\/p>\n

Tampa, FL -3.1%)<\/span><\/td>\n

Declined in 8 metros<\/span><\/td>\n<\/tr>\n
New listings<\/b><\/td>\nCincinnati (13.5%)<\/span><\/p>\n

Warren, MI (11.5%)<\/span><\/p>\n

Columbus, OH (11%)<\/span><\/p>\n

San Jose, CA (10.8%)<\/span><\/p>\n

Newark, NJ (10.7%)<\/span><\/td>\n

St. Louis (-15.2%)<\/span><\/p>\n

Denver (-12%)<\/span><\/p>\n

Fort Worth, TX (-11.9%)<\/span><\/p>\n

Dallas (-10.4%)<\/span><\/p>\n

Riverside, CA (-9.7%)<\/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

\"\"<\/p>\n

\"\"<\/p>\n

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

Some would-be homebuyers are hesitating as housing costs rise and the ongoing Iran war makes the economy feel shaky.\u00a0 Fewer house hunters are going under contract to buy homes. U.S. pending home sales fell 1.5% from a week earlier on a seasonally adjusted basis during the week ending May 24, the second straight decline after 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