Key Takeaways
- The median monthly mortgage payment fell to $2,755 in the four weeks ending November 8, 2026, its lowest level in six weeks, down from $2,820 a month earlier.
- Home-sale prices fell for a fourth straight week, to a median of $388,613, down 0.9% year over year, while the median asking price rose 0.9% to $400,636.
- Pending sales held essentially flat from a week earlier at 275,980, but stayed at the lowest level in Redfin records dating back to 2021, down 15.54% year over year.
- The payment low was built on a 7.18% weekly average rate, and daily rates have already ticked back up after a hot inflation report, so the saving is perishable.
The cheapest monthly payment in six weeks showed up in a market where almost nobody is buying. Redfin’s housing market update for the four weeks ending November 8, released November 12, put the median monthly mortgage payment at $2,755, seasonally adjusted.
That payment is $65 a month below the $2,820 level from a month earlier, an author’s subtraction of Redfin’s two figures. It is still 9% higher than a year ago, so this is relief at the margin, not a return to cheap money.
The Payment Fell, but the Rate Behind It Has Already Moved
The fresh insight in this release is timing. The $2,755 payment was calculated at a 7.18% mortgage rate, the weekly average for the period.
Daily average rates fell to a six-week low of 7.17% last week. Redfin reports they have since ticked back up after a hot inflation report, which means a buyer pricing a home off the $2,755 headline today is likely looking at a higher payment unless the price or the rate gives way.
Pending sales show why sellers cannot count on that payment dip alone. Pending sales were essentially flat from a week earlier, down 0.1%, and Redfin says dipping rates likely held off a bigger decline.
- Pending sales: 275,980, down 15.54% year over year and the lowest level in records dating back to 2021.
- Worst metro drops: pending sales fell in every metro Redfin analyzed, led by Seattle at -31.1%, San Diego at -26.9%, and Denver at -26.4%; Las Vegas fell 23.8%.
- Closed sales context: the weakness lines up with existing-home sales falling 5.5% in October to 3.75 million, the lowest since August 2010.
For a beginner investor, the lesson is to underwrite with today’s daily rate, not last week’s weekly average. A payment built on 7.18% is a snapshot, and this snapshot is already a week old.
Prices Fell a Fourth Week While Sellers Asked for More
The median home-sale price was $388,613, down 0.9% year over year. That is four straight weeks of declines after three years of increases, in Redfin’s words.
Sellers are not asking less, though. The median asking price, seasonally adjusted, was $400,636, up 0.9% year over year, which leaves a $12,023 gap between what sellers ask and what homes are closing for, an author’s subtraction of the two medians.
| Measure, four weeks ending November 8, 2026 | Level | Year-over-year change |
|---|---|---|
| Median sale price | $388,613 | -0.9%, fourth straight weekly decline |
| Median asking price (seasonally adjusted) | $400,636 | +0.9% |
| Median monthly mortgage payment (seasonally adjusted) | $2,755 at a 7.18% rate | +9%, lowest in six weeks |
| Active listings (seasonally adjusted) | 1,501,320 | +3.3%, essentially unchanged from a week earlier |
| New listings (seasonally adjusted) | 342,369 | -4.7%, and -1.3% from a week earlier |
| Months of supply | 4.7 | Up from 4 a year ago |
Supply held steady rather than surging. Active listings were essentially unchanged from a week earlier, and new listings slipped 1.3% in the week.
At 4.7 months of supply, the market sits inside the 4 to 5 months Redfin calls balanced. That balance exists alongside record-weak demand, which is why sellers still outnumber buyers by a record 70.5% in Redfin’s separate October count.
Metro prices split hard. San Francisco posted the biggest year-over-year gain among the 50 most populous metros at 18%, while Austin, TX fell 9.3%, Fort Lauderdale, FL fell 6.9%, and Nashville, TN fell 4.4%.
Use the Negotiation Numbers, Not the Headline Payment
The most usable figures in this report are not the price or the payment. They are the terms homes are actually closing on, because those set a realistic opening offer.
- Sale-to-list ratio: 98.2%, essentially unchanged year over year, so the typical closing still lands below asking.
- Price drops: 21% of listings had a price drop, up from 20.5% a year ago.
- Sold above list: just 22.7% of homes, down from 23% a year ago.
- Speed: the median home took 51 days to go under contract, 2 days longer than a year ago, and 25.8% of homes went off the market in two weeks, down from 27.4%.
Owners who do not need to move are still holding back, a pattern that fits the lock-in math that would raise the typical mortgage holder’s payment 85.3% if they moved. The homes that do list and linger are where a disciplined buyer has room.
- Re-price the payment before you offer. Ask your lender for today’s rate and payment, not the 7.18% weekly average behind the $2,755 figure, because daily rates have already ticked back up.
- Start from the closing gap. With a 98.2% sale-to-list ratio and asking prices $12,023 above closing medians, a below-ask opening offer is the market norm, not a lowball.
- Target the 21% with a price drop. A seller who has already cut once has shown flexibility; pair the next cut request with the 51-day median time on market for homes sitting longer than that.
- Pick your metro on purpose. The same week brought an 18% price gain in San Francisco and a 9.3% drop in Austin, so a national strategy priced off one median will misprice both.
Redfin’s national metrics cover more than 900 U.S. metro areas and are based on homes listed and/or sold during the period. Its weekly housing-market data goes back through 2021 and is subject to revision.
Data source: Redfin, housing market update for the four weeks ending November 8, 2026, released November 12, 2026, and the same report issued through PR Newswire the same day.
