Business
Redfin Reports Pending Home Sales Decline in All But 5 Major U.S. Metros
SEATTLE, February 12, 2026--U.S. pending home sales fell 5.1% year over year during the four weeks ending February 8, the biggest decline in over a year. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket.
About this update from Rocket Companies, Inc.
[{"type":"text","content":"The typical home that sells takes 66 days to do so—the longest span in seven years—as buyers take their time looking at their options and negotiating with sellers","length":162,"tagName":"p","attribs":{}},{"type":"text","content":"SEATTLE, February 12, 2026--(BUSINESS WIRE)--U.S. pending home sales fell 5.1% year over year during the four weeks ending February 8, the biggest decline in over a year. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket.","length":261,"tagName":"p"},{"type":"text","content":"On a local level, pending sales dropped in all but five of the 50 most populous U.S. metro areas—the most in over two years. The only metros where pending sales increased were West Palm Beach, FL (9.1%), Jacksonville, FL (7.7%), Columbus, OH (1.4%) and Chicago (0.1%). They were flat in Austin, TX.","length":298,"tagName":"p"},{"type":"text","content":"The biggest declines were in Oakland, CA, where pending sales dropped 21.6% year over year, and Minneapolis (-17.5%). This separate Redfin report delves into why homebuying demand is slow in Minneapolis.","length":203,"tagName":"p"},{"type":"text","content":"Homes are also taking a long time to sell. The typical U.S. home that sold took 66 days to go under contract, a week longer than a year earlier and the longest span since early 2019. There are 5.5 months of supply, the most in seven years. Months of supply is the length of time it would take for homes for sale to be bought at the market’s current pace of sales; a higher number indicates more of a buyer’s market.","length":415,"tagName":"p"},{"type":"text","content":"Would-be buyers are hesitant partly because housing costs are high. The median sale price is up 1.2% year over year, and while mortgage rates have come down from their peak, they’re still double pandemic-era lows. Additionally, some house hunters are backing off amid concerns about job security, and in certain parts of the country, they stayed home in recent weeks due to severe winter weather.","length":396,"tagName":"p"},{"type":"text","content":"There are also slightly fewer homes to choose from. New listings fell 1.8% year over year, and the total number of homes for sale dropped about 1%, the first decline since 2023.","length":177,"tagName":"p"},{"type":"text","content":"There are bright spots in the housing market: Buyers ...