Redfin: Asking Prices Fall for the First Time Since March as Price Drops Hit a Record

Sellers are starting to lower their sights. The median U.S. asking price fell 0.3% year over year in the four weeks ending Oct. 11, the first decline since March, according to a Redfin report released Oct. 15. The median sale price rose just 0.5% year over year to $391,116, the slowest growth since March.

Payments are the constraint. Redfin put the typical monthly mortgage payment at $2,777 at a 7.4% rate, up 8.8% year over year and the highest in its records except for the prior week. That math is why demand stays weak even as prices flatten.

Pending sales ticked up 1.5% from a week earlier but were down 12.7% year over year and still near their lowest level in Redfin's records dating back to 2021. Pending sales fell year over year in all 50 of the most populous metros. Homes took a median 49 days to sell, and supply stood at 4.2 months, which Redfin notes is in the 4-to-5-month range considered balanced.

Seller flexibility is at a record. About 22% of active listings had a price drop, up from 20.9% a year earlier and the highest share in Redfin's records. Only 23.6% of homes sold above list, and the average sale-to-list ratio was 98.4%. Active listings rose 2% year over year while new listings fell 1.3%.

For South Bay sellers, the national pattern matches the local one seen in recent weeks: the first asking price matters more than it did in spring, and a planned reduction is now a common, visible part of selling. For buyers, record price-drop share and a balanced months-of-supply reading mean more room to negotiate than the headline rates suggest.

Source: Redfin via PR Newswire, Oct. 15, 2026 - https://www.prnewswire.com/news-releases/redfin-reports-list-prices-fall-for-the-first-time-since-march-302909482.html

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