On a seasonally adjusted basis, U.S. pending home sales increased 9.6% year-over-year to reach its highest level since September 2022, according to a recent report from Redfin. With the exception of three major U.S. metro areas (Houston, Detroit, and Seattle, WA), pending sales are increasing. Applications for mortgage purchases are climbing 4% per week.
Prices are rising due to increased demand. During the four weeks ending May 10, the median home-sale price increased 2.2% year-over-year—the second-largest gain in the previous seven months. The strengthening job situation is contributing to an increase in homebuyers, as some Americans feel more confident about making a significant purchase.
Although the daily average mortgage increased to 6.57% on Wednesday, close to the highest level since August, mortgage rates fell for three consecutive weeks in April, which is another factor giving homebuyers greater confidence. Furthermore, the home market is usually busiest in the spring, and late this year may be the start of that cycle.
U.S. Highlights: Four weeks ending May 10, 2026
| Metric | Four weeks ending May 10, 2026 | YoY change |
| Median sale price | $397,740 | 2.2% |
| Median asking price (seasonally adjusted) | $404,727 | 1.4% |
| Median monthly mortgage payment (seasonally adjusted) | $2,609 at a 6.37% mortgage rate | -1.7% |
| Pending sales (seasonally adjusted) | 346,104 | 9.6% |
| New listings (seasonally adjusted) | 370,261 | -1.6% |
| Active listings (seasonally adjusted) | 1,486,721 | 1.2% |
| Months of supply | 3.5 | -0.1 pts. |
Note: Redfin’s 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.
Metro-Level Highlights (Four weeks ending May 10, 2026):
Top five metros with biggest YoY increases in pending sales:
- Pittsburgh (17.3%)
- Minneapolis (17.3%)
- Newark, NJ (16.7%)
- Miami (16.3%)
- New Brunswick, NJ (15.9%)
Overall pending sales declined in just three metros nationwide, the fewest share since December 2024.
U.S. pending sales declined in:
- Houston (-7.8%)
- Detroit (-4%)
- Seattle, WA (-3.6%)
Top five metros with biggest YoY increases in median sale price:
- Kansas City, MO (9%)
- San Francisco (7.9%)
- Cincinnati (5.4%)
- Nassau County, NY (5.2%)
- Chicago (5.1%)
Top five metros with biggest YoY increases in new listings:
- Cincinnati (11.3%)
- West Palm Beach, FL (9.8%)
- Columbus, Ohio (8.3%)
- Milwaukee (7.7%)
- Newark, NJ (7.4%)
The study also showed that homebuyers are more eager than sellers. For the third week in a row, new listings decreased 1.6% year over year. Some prospective sellers are still hesitant to give up extremely low mortgage rates, and others are waiting to see if increased demand drives up property prices later this year. Additionally, some homeowners are still hesitant to list their property when the economy feels uncertain because of the prolonged Iran war and rising oil costs, even though the labor market is solidifying.
Although it may be over the peak buyer’s market, the housing market has been heavily favoring purchasers for at least the past year. The difference between buyers and sellers has narrowed, and if demand for homes keeps rising, it might get even smaller in the upcoming months.
“House hunters should take note: As more buyers enter the market, they may lose some negotiating power,” said Chen Zhao, Head of Economics Research at Redfin. “Even 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 and make it harder to secure that perfect home.”
To read the full report, click here.
