International

US Asking Prices Fall for the First Time Since March

  • by- Grihik
  • Oct 17, 2026
Redfin says median asking prices fell 0.3% year over year and a record 22% of listings cut prices. Monthly payments hit a record $2,777.
US Asking Prices Fall for the First Time Since March

The median U.S. asking price fell 0.3% year over year in the four weeks ending October 11, the first annual decline since March, according to Redfin's weekly report released on October 15.

What are the key numbers?

  • Median asking price: $396,881 (seasonally adjusted)

  • Price drops: a record 22% of listings cut their asking price, up from 20.9% a year earlier

  • Median sale price: $391,116, up only 0.5%, the slowest growth since March

  • Pending sales: 286,531, down 12.7% from a year earlier, though up 1.5% from the prior week; still near the lowest in Redfin's records going back to 2021

  • Monthly payment: $2,777 at a 7.4% mortgage rate, up 8.8% from a year ago and the highest in the records apart from the prior week

  • Supply: 1.51 million active listings, up 2% on the year; new listings 359,859, down 1.3%

  • Time on market: 49 days, one day longer; 29% of homes went off the market within two weeks

 

Is the market still competitive anywhere?

Nationally, 23.6% of homes sold above list price and the average sale-to-list ratio was 98.4%, both a touch higher than a week earlier. Redfin says supply stood at 4.2 months, within its 4-to-5-month "balanced" range.

What about rates?

Pending sales ticked up as daily rates eased from roughly 7.61% a week earlier to 7.45% on October 14, though Redfin cautions its daily figures are not the same as Freddie Mac's weekly average of 7.40%.

Why does it matter?

Asking prices are the first thing sellers can change, so a record share of cuts shows sellers adjusting to a much weaker demand picture. Note that Redfin's 22% differs from Realtor.com's 20.8% and Zillow's 27.4%: each defines price cuts differently.