Market outlook
If September’s slowdown hinted at a fall stall for the housing market, October confirmed it. Mortgage rates peaked at 7.40% in mid-October, capping a six-week 74 basis point surge. And although rates have since eased to 7.24%, the damage to purchasing power has been done. The same monthly principal and interest payment now supports a loan nearly 6% smaller than it did in late August.
The October Realtor.com® data show a market where almost everyone has pressed pause for now. Buyers on the sidelines are staying there, and sellers – whether they’re on or off market – are disengaging as well. New listings fell at their fastest rate in three years, while current sellers are not slashing prices or pulling listings at meaningfully higher rates than last year, when falling mortgage rates kept the market unseasonably warm.
What happens next depends on the broader economy. A dip in the 10-year Treasury yield could restore some purchasing power, but it could also tempt buyers to wait for further progress. Our base case is that mortgage rates remain above 7% in the near term, with the market facing an early chill as winter approaches.
In This Report
October’s top storylines, according to the data
Buyers pull back, as they battle mortgage rates and loss of purchasing power
Pending sales are down 10.5% year over year, the steepest annual decline since October 2023, and contract signings are also down 17%. With 30-year rates averaging 7.33% in October, 107 basis points above a year ago, buyers have lost real purchasing power.
Sellers freeze rather than panic
New listings fell 7.5% year over year, the steepest drop since September 2023, but delistings and price cuts are moving sideways. About 4.4% of active listings were delisted, versus 4.6% a year ago, and the share with a price cut (20.5%) is just 0.2 points above last year and down from September. Sellers are disengaging rather than showing signs of real distress. About 43% of current active listings have ever had their price reduced, down from nearly 55% a year ago.
Inventory growth accelerates for fourth straight month, closest to pre-pandemic norm yet
Active listings grew 7.4% year over year, topping 1.18 million homes for sale, the fourth straight month of faster growth. National inventory sits 6.7% below pre-pandemic norms, the narrowest gap we have seen yet.
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Key questions
Q: Mortgage rates averaged 7.33% in October, the highest since 2023. Where is that showing up in the market, and is the impact the same everywhere?
A: Even with rates dipping slightly in the latest reading (7.24% on Oct 29, down from 7.40% in mid-October), 30-year rates are still 107 basis points above this time last year and 53 above the start of September. That loss of purchasing power (a 10.4% loss compared to a year ago and a 5.2% loss since the start of September) is showing up first in the demand indicators. The stock of homes under contract is down about 10.5% year over year, contract signings are down by 17%, and mortgage applications for purchase are down more than 18% from a year ago over the past two weeks.
Q: Last month, we said sellers were the thing to watch. Are they responding to weaker demand by cutting prices, pulling listings, or sitting out altogether?
A: Right now it looks more like a seller pause than an exodus. For the fourth consecutive month, more than 1 in 5 listings saw a price cut, but the share is only 0.2 points above last year and slipped from September. New listings are down year over year at a time of year when they are already seasonally low. Sellers know this is a poor time to list, and you do not list into weak demand unless you need to.
What we have not seen is a meaningful increase in delistings. That matters for two reasons. First, sellers are not giving up yet. And second, we also need to reframe the delisting conversation this time of year, because a higher count, even if it were happening, would not signal seller stress as we approach the holidays. A seller throwing in the towel in July is different from one calling it quits around Halloween or nearing Thanksgiving.
Q: What should we be monitoring heading into the holiday months as 2026 comes to a close?
A: Prices vs. inventory. More inventory and slower sales mean rising months of supply, but if sellers are not cutting prices more deeply, the market may not be getting as buyer-friendly as the inventory numbers imply. List prices are down 2.2%, the 12th straight year-over-year decline, but with mortgage rates still significantly higher than this time last year, potential buyers are still operating at a loss when it comes to purchasing power. The Realtor.com® 2026Q3 Market Clock® Report found the US housing market is on the cusp of buyer’s market territory, and about two-thirds of the 100 largest metros were either outright buyer’s markets or trending in that direction. Still, buyers gaining ground at the negotiating table is different from gaining enough purchasing power to pull would-be buyers off the sidelines. Until the affordability math shifts notably, do not expect swings in housing demand.
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Core metrics: October 2026
Median list price: $415,000
- vs. previous month: Down 1.0%, the fourth straight monthly decline which follows seasonal patterns
- vs. previous year: Down 2.2%, the 12th consecutive month of year-over-year declines. This represents a widening from September’s 1.4% and puts asking price changes back in the 2% range, where it was most of spring and summer
Prices per square foot: -1.5% year over year, a shallower decline than the headline price change.
Regional: Median list prices fell year over year in three of four regions, especially in the Northeast (-4.8%), followed by the South (-2.6%) and the West (-1.7%). The Midwest rose 0.8%, its strongest reading since January.
Adjusting for home size, the Midwest is again the only region with a rising price per square foot (+1.7%). The Northeast (-1.4%), West (-1.1%), and South (-2.4%) are all negative, but less so than the headline figure, suggesting a shift toward smaller properties on the market for sale.
Metro: Median list price per square foot is falling in 37 of the top 50 metros, unchanged from September. The largest per-square-foot declines were in Austin (-8.2%), Tampa (-5.2%), and Denver (-3.6%). The largest gains were Providence (+7.7%), Indianapolis (+5.2%), and Chicago (+3.9%).
On headline list price, 9 of 50 metros are positive year over year, up from 8 last month. These positive movers are led by Virginia Beach (+4.4%) and Chicago (+4.1%).
Active listings: 1,183,500
- vs. previous month: +1.9%
- vs. previous year: +7.4%, an acceleration from September’s +5.4% and August’s +3.6%. This marks the fourth straight month of accelerating listing growth and the fastest year-over-year growth in eight months (since February’s +7.9%).
- vs. pre-pandemic: Inventory is now just 6.6% below typical pre-pandemic levels, down from September’s 9.1% and August’s 11.1%, the narrowest gap since the pandemic.
Part of this is a base effect from last fall, when inventory flatlined from July through October (see figure below). Still, the fact that active listings have grown in each month going back to February, rather than peaking in late summer or early fall, is evidence of how surging mortgage rates have slowed demand and pushed inventory higher through fall.
Regional: Active listings rose in all four regions for a third straight month. Every region accelerated as well. The Northeast (+16.5% year over year) and Midwest (+13.8%) remain the fastest growing, with the West (+9.0%) and South (+3.8%) both rising from September.
Versus typical 2017-2019 inventory, the Northeast (-40.2%) and Midwest (-26.9%) are still well undersupplied, but have each closed more than 10 percentage points of the gap since April. The West (+12.4%) and South (+8.6%) remain above pre-pandemic levels, but those gaps have moved far less since April.
Metro: 44 of the 50 largest markets recorded year-over-year inventory growth, up from 43 in September and 37 in August. The sharpest increases were Buffalo (+34.4%), Minneapolis (+32.7%), and Seattle (+30.6%). The steepest declines were Jacksonville (-10.9%), Miami (-9.4%), and San Francisco (-7.8%).
New listings: 357,000
- vs. previous month: -9.5%, a more pronounced seasonal slowdown than September’s -1.7% decline and last October’s -2.8% monthly drop
- vs. previous year: -7.5%, the steepest decline since September 2023.
Regional: The Northeast (+0.6%) was the only region with higher new listings. The Midwest (-4.8%), South (-6.5%), and West (-10.8%) were all down.
A Note on Delisting Trends:
The number of homes delisted was up 2.7% year over year, but by far less than overall inventory growth. As a result, the delisting rate (delistings as a share of active listings) is little changed from this time last year at 4.4%, versus 4.6%.
The delisting rate has ticked up from about 4.0% in September, in line with the usual fall seasonal rise. But even with higher mortgage rates and weakening buyer demand, there is no evidence of a delisting spike.
Time on the market: 63 Days
- vs. previous month: +2 days, a slightly larger seasonal step-up than September’s +1 day and in line with last October’s +1 day
- vs. previous year: +1 day, ending a run of 4 straight months at or below year-ago levels
Regional and metro: Time on market rose year over year in the Midwest (+3 days), Northeast (+1), and South (+1). It was unchanged in the West. Days on market rose compared to October 2025 in 33 of the top 50 metros, up from 27 in September and 25 in August. The largest increases were Birmingham (+7 days year over year), Charlotte (+7), and St. Louis (+6). The largest declines were Jacksonville (-10 days), Miami (-7), and Sacramento (-6).
Pending sales
Stock of listings in pending status:
- vs. previous year: -10.5%. A third consecutive negative month, and more than double last month’s decline of -4.1%. This is the greatest year over year drop since -12.0% in October 2023. Changes in average monthly mortgage rates alone have eroded buyer purchasing power by 6.5% since August, over 12% since February, and 10.4% relative to October 2025.
- vs. previous month: -10.2%, compared to September’s 6.2% monthly decline
Flow of listings entering pending status (contract signings):
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- Contract signings in October were down 17.0% year over year and 8.1% from September. That is the steepest annual decline since March 2023. Contract signings hit their lowest October level on record.
- This marks the fourth straight month of negative year over year signings, following -2.7% in July, -3.5% in August, and -9.7% in September. Q3 2026 signings were -5.2% YoY and -14.3% compared to Q2.
- The contract cancellation rate (share of pending homes that returned to active status) was 7.8% in October, up a hair from 7.5% both last month and a year ago. Despite surging mortgage rates, contract cancellations are not elevated. The relevant margin remains homes failing to go under contract rather than those falling out of contract.
Price cuts: 20.5% of listings saw a price cut in October
- vs. previous month: -0.3 percentage points, snapping a nine-month streak of month over month increases.
- vs. previous year: +0.2 percentage points, a second straight month above last year’s pace, but less than the +0.9pp difference last month. At 20.5%, price cuts are at the highest October share since 2022 (21.5%) and the second highest of 2026, behind September’s 20.8%, which remains the highest in nearly four years.
Regional: Price reductions remain least common in the Northeast (16.8% of listings in October) and most common in the West (21.6%). The Midwest (20.9%) and South (21.0%) were neck and neck. The Northeast and Midwest are running above their year-ago pace.
Metro: October price cuts were least common in the New York (12.6%), Buffalo (12.8%), and Hartford (14.2%) metros – all in the still-tight Northeast. Reductions were most common in Indianapolis (31.8%), Denver (31.3%), and Portland (31.1%).
Twelve of the top 50 metros saw price cuts on a quarter or more of listings, unchanged from September and down from 13 in August. Thirty-four of 50 metros are running above their year-ago cut rate, down from 36 in September and up from 27 in August. The largest year-over-year increases were Minneapolis (+3.7pp), Washington (+3.7pp), and New York (+2.9pp). The largest decreases were Memphis (-2.7pp), Milwaukee (-2.5pp), and Columbus (-2.5pp).
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Summary tables
National
| Metric | October 2026 | Change over September 2026 (MoM) | Change over October 2025 (YoY) | Change over October 2019 | Change over October 2022 |
| Median listing price | $415,000 | -1.0% | -2.2% | 33.9% | -2.4% |
| Active listings | 1,183,520 | 1.9% | 7.4% | -2.1% | 57.2% |
| New listings | 357,268 | -9.5% | -7.5% | -16.3% | -0.8% |
| Median days on market | 63 | 2 | 1 | -1 | 13 |
| Price reductions | 20.5% | -0.3 | 0.2 | 3.1 | -1.0 |
| Median List Price Per Sq.Ft. | $222 | -0.5% | -1.5% | 47.6% | 1.5% |
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Regional Listings
| Active Listings | New Listings | ||||||
| Oct. 2026 | YoY | vs. Pre-Pandemic | Oct. 2026 | YoY | vs. Pre-Pandemic | ||
| USA Avg. | 1,183,520 | 7.4% | -6.6% | 357,268 | -7.5% | -17.1% | |
| Northeast | 131,192 | 16.5% | -40.2% | 51,108 | 0.6% | -21.1% | |
| Midwest | 191,386 | 13.8% | -26.9% | 74,632 | -4.8% | -14.8% | |
| South | 609,199 | 3.8% | 8.6% | 163,944 | -6.5% | -9.3% | |
| West | 249,423 | 9.0% | 12.4% | 70,588 | -10.8% | -28.8% | |
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Regional Prices
| Median List Price | Median List Price Per Sq. Ft. | ||||||
| Oct. 2026 | YoY | vs. Pre-Pandemic | Oct. 2026 | YoY | vs. Pre-Pandemic | ||
| USA Avg. | $415,000 | -2.2% | 41.4% | $222 | -1.5% | 55.4% | |
| Northeast | $500,000 | -4.8% | 50.8% | $292 | -1.4% | 72.8% | |
| Midwest | $317,500 | 0.8% | 48.4% | $179 | 1.7% | 59.0% | |
| South | $375,000 | -2.6% | 34.8% | $200 | -2.4% | 51.5% | |
| West | $589,000 | -1.7% | 38.5% | $314 | -1.1% | 52.4% | |
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Regional Market Pressure
| Median Days on Market | Price-Reduced Share | ||||||
| Oct. 2026 | YoY | vs. Pre-Pandemic | Oct. 2026 | YoY | vs. Pre-Pandemic | ||
| USA Avg. | 63 | 1 | -2 | 20.5% | 0.2 | 1.3 | |
| Northeast | 52 | 1 | -19 | 16.8% | 2.2 | -0.6 | |
| Midwest | 50 | 3 | -11 | 20.9% | 0.6 | 0.7 | |
| South | 69 | 1 | -1 | 21.0% | -0.4 | 2.2 | |
| West | 65 | 0 | 11 | 21.6% | 0.0 | 1.4 | |
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Appendix: October 2026 statistics
October 2026 National and Regional Housing Overview
| Region | Active Listing Count, YoY | New Listing Count, YoY | Median List Price | Median List Price, YoY | Median List Price Per SF, YoY | Median Days on Market, Y-Y (Days) | Price Reduced Share | Price Reduced Share, Y-Y (Percentage Points) |
| Northeast | 16.5% | 0.6% | $500,000 | -4.8% | -1.4% | 1 | 16.8% | 2.2 |
| Midwest | 13.8% | -4.8% | $317,500 | 0.8% | 1.7% | 3 | 20.9% | 0.6 |
| South | 3.8% | -6.5% | $375,000 | -2.6% | -2.4% | 1 | 21.0% | -0.4 |
| West | 9.0% | -10.8% | $589,000 | -1.7% | -1.1% | 0 | 21.6% | 0.0 |
| National Average | 7.4% | -7.5% | $415,000 | -2.2% | -1.5% | 1 | 20.5% | 0.2 |
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October 2026 Housing Overview of the 50 Largest Metros
| Metro | Active Listing Count YoY | New Listing Count, YoY | Median List Price | Median List Price, YoY | Median List Price Per SF, YoY | Median Days on Market, YoY (Days) | Price-Reduced Share | Price-Reduced Share, YoY (Percentage Points) |
| Atlanta-Sandy Springs-Roswell, GA | 5.6% | -12.1% | $412,000 | -0.7% | -1.2% | 1 | 23.9% | -0.2 |
| Austin-Round Rock-San Marcos, TX | 1.3% | -11.9% | $439,650 | -10.2% | -8.3% | 5 | 26.2% | -0.6 |
| Baltimore-Columbia-Towson, MD | 19.7% | -1.7% | $375,000 | -2.0% | -2.9% | 5 | 22.1% | 1.7 |
| Birmingham, AL | 9.2% | -10.3% | $290,000 | -3.3% | -1.0% | 7 | 18.3% | -1.7 |
| Boston-Cambridge-Newton, MA-NH | 24.9% | 4.6% | $765,000 | -4.4% | -2.7% | 2 | 21.3% | -1.4 |
| Buffalo-Cheektowaga, NY | 34.4% | 13.1% | $259,999 | -2.8% | 0.1% | 0 | 13.0% | 2.7 |
| Charlotte-Concord-Gastonia, NC-SC | 13.2% | -5.5% | $419,900 | -4.1% | -1.6% | 7 | 27.1% | 0.0 |
| Chicago-Naperville-Elgin, IL-IN | -0.2% | -7.4% | $380,000 | 4.1% | 3.7% | -1 | 17.6% | 0.5 |
| Cincinnati, OH-KY-IN | 21.6% | 7.8% | $340,000 | 0.0% | -0.6% | 6 | 21.4% | -1.5 |
| Cleveland, OH | 21.5% | 2.3% | $259,900 | 0.0% | -0.7% | 3 | 22.5% | 1.2 |
| Columbus, OH | 14.6% | -3.5% | $370,000 | 1.2% | 1.0% | 3 | 27.6% | -2.5 |
| Dallas-Fort Worth-Arlington, TX | -1.7% | -6.1% | $419,900 | -1.2% | -2.2% | 0 | 26.4% | -1.8 |
| Denver-Aurora-Centennial, CO | 9.1% | -5.7% | $564,900 | -5.0% | -3.7% | -3 | 30.9% | -0.6 |
| Detroit-Warren-Dearborn, MI | 16.1% | 0.1% | $269,999 | 0.8% | 3.2% | 3 | 22.1% | 1.8 |
| Hartford-West Hartford-East Hartford, CT | 17.6% | -5.0% | $439,900 | 0.1% | 2.0% | 1 | 14.2% | 2.3 |
| Houston-Pasadena-The Woodlands, TX | 4.9% | -12.2% | $350,000 | -2.2% | -2.3% | 1 | 20.3% | 0.1 |
| Indianapolis-Carmel-Greenwood, IN | 21.3% | -5.7% | $305,000 | -4.7% | 5.2% | 6 | 31.7% | 0.6 |
| Jacksonville, FL | -10.9% | -1.2% | $375,000 | -3.6% | -1.3% | -10 | 24.3% | -2.3 |
| Kansas City, MO-KS | 3.1% | -4.0% | $385,000 | 0.9% | 1.8% | 1 | 21.5% | 0.2 |
| Las Vegas-Henderson-North Las Vegas, NV | 9.8% | -10.5% | $459,900 | -2.6% | -2.7% | 2 | 23.8% | -1.4 |
| Los Angeles-Long Beach-Anaheim, CA | 9.9% | -6.2% | $1,000,000 | -9.0% | -3.1% | 0 | 17.5% | 1.9 |
| Louisville/Jefferson County, KY-IN | 30.6% | -6.8% | $300,000 | -4.8% | -0.4% | 4 | 23.8% | 0.3 |
| Memphis, TN-MS-AR | 8.2% | 3.7% | $299,900 | -7.5% | -1.8% | 6 | 22.6% | -2.7 |
| Miami-Fort Lauderdale-West Palm Beach, FL | -9.4% | -4.3% | $496,000 | -0.8% | -0.5% | -7 | 15.5% | -1.1 |
| Milwaukee-Waukesha, WI | 8.8% | -5.2% | $389,900 | 0.0% | 2.6% | 6 | 17.5% | -2.5 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 32.7% | -14.0% | $399,900 | -4.8% | -2.6% | 2 | 23.8% | 3.7 |
| Nashville-Davidson–Murfreesboro–Franklin, TN | 11.9% | -8.2% | $529,900 | -1.3% | -0.9% | 3 | 21.4% | 0.1 |
| New York-Newark-Jersey City, NY-NJ | 11.5% | 0.7% | $745,000 | -2.3% | -1.4% | -1 | 12.6% | 2.9 |
| Oklahoma City, OK | 10.1% | -8.6% | $314,950 | -1.4% | 0.4% | 5 | 21.8% | -2.2 |
| Orlando-Kissimmee-Sanford, FL | 2.8% | -0.6% | $405,000 | -3.6% | -2.7% | -3 | 23.7% | 0.6 |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 19.7% | -3.8% | $375,000 | -1.3% | -1.4% | 5 | 20.0% | 1.7 |
| Phoenix-Mesa-Chandler, AZ | 9.6% | -11.3% | $475,000 | -4.0% | -2.1% | 1 | 29.5% | -0.1 |
| Pittsburgh, PA | 15.9% | -2.5% | $242,750 | -2.9% | -1.9% | 4 | 22.9% | 0.1 |
| Portland-Vancouver-Hillsboro, OR-WA | 9.6% | -11.8% | $580,000 | -3.2% | -2.3% | 0 | 30.6% | -0.5 |
| Providence-Warwick, RI-MA | 29.7% | 4.9% | $574,900 | -1.3% | 7.7% | 3 | 16.4% | 1.3 |
| Raleigh-Cary, NC | 7.6% | -17.8% | $445,000 | -2.6% | -3.1% | 4 | 26.8% | 1.3 |
| Richmond, VA | 24.9% | -11.7% | $435,000 | 1.4% | 0.2% | -1 | 20.6% | 2.2 |
| Riverside-San Bernardino-Ontario, CA | 7.5% | -14.0% | $580,000 | -2.6% | -1.9% | -1 | 17.8% | 0.7 |
| Sacramento-Roseville-Folsom, CA | 5.7% | -8.0% | $599,000 | -1.8% | -0.3% | -6 | 22.7% | 0.7 |
| St. Louis, MO-IL | 20.7% | -2.1% | $285,000 | -3.7% | -1.7% | 6 | 20.9% | 1.4 |
| Salt Lake City-Murray, UT | 17.7% | -10.1% | $559,000 | -3.5% | 0.3% | 4 | 31.8% | 1.6 |
| San Antonio-New Braunfels, TX | 2.5% | -27.5% | $319,900 | -2.5% | -3.7% | 1 | 27.0% | 0.4 |
| San Diego-Chula Vista-Carlsbad, CA | 9.7% | -28.0% | $889,000 | -4.1% | -3.7% | 1 | 20.5% | 2.3 |
| San Francisco-Oakland-Fremont, CA | -7.8% | -2.6% | $958,000 | 0.4% | -3.5% | -4 | 15.0% | -0.5 |
| San Jose-Sunnyvale-Santa Clara, CA | 23.4% | 5.0% | $1,388,000 | 0.5% | -2.1% | -1 | 17.3% | 2.2 |
| Seattle-Tacoma-Bellevue, WA | 29.9% | -10.4% | $749,000 | -1.8% | -3.4% | 4 | 24.0% | 1.7 |
| Tampa-St. Petersburg-Clearwater, FL | -2.3% | -5.4% | $385,000 | -5.9% | -5.3% | -2 | 25.9% | -0.8 |
| Tucson, AZ | 6.3% | -5.5% | $375,000 | -2.6% | -1.2% | -1 | 24.1% | 0.4 |
| Virginia Beach-Chesapeake-Norfolk, VA-NC | 19.7% | 6.9% | $425,000 | 4.4% | 2.2% | 1 | 23.1% | 0.7 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 19.1% | -8.3% | $570,000 | -4.1% | -2.7% | 6 | 22.4% | 3.7 |
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Methodology
Realtor.com housing data as of October 2026. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com. Realtor.com data history goes back to July 2016. The 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB-202301) and Claritas 2025 estimates of household counts.
Beginning with our April 2025 report, we have transitioned to a revised national pending home sales data series that applies enhanced cleaning methods to improve consistency and accuracy over time. While the insights and commentary in this report reflect the new series, the downloadable data remains based on our legacy automated pipeline. As a result, there may be slight differences between the report figures and those in the national download file as we transition.
With the release of its January 2025 housing trends report, Realtor.com has restated data points for some previous months. As a result of these changes, some of the data released since January 2025 will not be directly comparable with previous data releases (files downloaded before January 2025) and Realtor.com economics research reports.
Contract signings represent the flow of homes entering pending status in a given month (i.e., homes that went under contract for the first time in that period). This is a flow measure, not a stock measure. This distinguishes it from the stock of pending listings, which measures the total number of homes under contract at a given point in time regardless of when they entered that status.
