Real Estate Rundown November 2026

Mortgage Rates Ease for a Second Week but Remain Above Last Year’s Levels

Mortgage rates declined again in late October, offering modest relief for prospective homebuyers. The average 30-year fixed mortgage rate fell to 7.24% on October 29, down from 7.32% the previous week. The average 15-year fixed rate also declined, dropping to 6.60% from 6.68%. Despite the improvement, both remained above their year-earlier levels of 6.17% and 5.41%, respectively. The latest decline brings borrowing costs down slightly, although affordability remains a challenge for households financing a home purchase.

Housing Inventory Grows as New Listings and Asking Prices Decline

Buyers have more homes to choose from as slower activity allows unsold properties to accumulate. Active inventory rose 8% year over year during the week ending October 24, even as new listings declined 1.5%. The median asking price fell 1.4% to $414,000, while homes spent a median of 64 days on the market—one day longer than a year earlier. The report attributes the inventory increase primarily to weaker buyer activity rather than an influx of sellers, reflecting hesitation on both sides of the market.

Buyers Gain Negotiating Power, but Local Markets Tell Different Stories

The balance between buyers and sellers varies widely across the country. The U.S. had an estimated 62.6% more home sellers than buyers in September, the largest gap in its records dating back to 2013. Redfin classified 41 of the 50 largest metropolitan areas it analyzed as buyer’s markets, with Miami, Nashville, and Houston showing the biggest seller surpluses. Just five favored sellers, including Nassau County, New York; Newark, New Jersey; and San Francisco. The findings highlight how national conditions can mask local differences: buyers may have more room to negotiate in many markets, while limited supply continues to support competition in others. Redfin’s buyer and seller estimates are seasonally adjusted and subject to revision.

New-Home Sales Soften as Builders Compete on Price and Incentives

New-home sales edged lower in September as elevated mortgage rates continued to weigh on demand. Sales declined 0.6% from August and 5.3% from a year earlier, while the median sale price fell 3.9% annually to $400,400. Builders are responding with lower prices and buyer incentives while slowing the delivery of additional homes. New-home inventory totaled 476,000 properties, down 2.3% from a year earlier. The figures show a new-construction market adjusting to softer demand, with builders balancing efforts to attract buyers against the pace of future construction.