US Home Sales See Biggest Decline in a Year

Fewer Americans are looking to buy homes this winter compared to last year as higher costs continue to impact demand.

Published on Feb. 28, 2026

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Pending home sales in the U.S. plunged by nearly 6% year-over-year in the four weeks ending February 15, according to a new Redfin report. This is the biggest decline in a year and a clear sign of the slowdown the U.S. housing market has been facing this winter, with freezing temperatures exacerbating the squeeze on demand already held by higher costs.

Why it matters

Even with mortgage rates coming down slightly and home price growth slowing, buying a home remains much more expensive than it used to be in 2019 - and for many Americans, simply unaffordable. The stark decline in pending home sales shows that would-be homebuyers are sticking to the sidelines of the market, whether that is because of high prices, borrowing costs, or concerns about the economy.

The details

During the four weeks ending February 15, the typical U.S. home took 67 days to go under contract, a week longer than last year and the longest span since early 2019. While home prices are no longer reporting double-digit increases, they are still inching up, with the median home-sale price rising 1.1% year-over-year. The weekly average mortgage rate was 6.09% - near the lowest level in three years, but still double pandemic-era lows. The median monthly mortgage payment is now $2,601, down 2.9% from a year ago, but still only about $200 shy of the all-time high.

  • In the four weeks ending February 15, 2026, pending home sales in the U.S. plunged by nearly 6% year-over-year.
  • During the same four-week period, the typical U.S. home took 67 days to go under contract, a week longer than last year and the longest span since early 2019.
  • In the four weeks to February 15, 2026, the median home-sale price rose 1.1% year-over-year, the biggest uptick in two months.
  • Within the same time frame, the weekly average mortgage rate was 6.09%.

The players

Redfin

A real estate brokerage firm that provides the data on pending home sales and other housing market metrics cited in the article.

Aaron Glicken

A Redfin Premier agent in Nashville, Tennessee who provides commentary on the current state of the housing market and advice for buyers.

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What they’re saying

“There are a few things keeping buyers at home, like snowy weather and 6 percent-plus mortgage rates. But for the house hunters who are venturing out, it's the strongest buyer's market I can remember.”

— Aaron Glicken, Redfin Premier agent in Nashville, Tennessee (Redfin report)

“Buyers are able to be picky, ask for concessions, and come in below asking price. Some sellers won't budge because they bought at the height of the market a few years ago and prices have corrected a bit. But some need to offload their homes—and in those cases, buyers have leverage.”

— Aaron Glicken, Redfin Premier agent in Nashville, Tennessee (Redfin report)

“Especially if rates come down, buyers who are serious about moving should take advantage of the current slow market, as I expect sales to pick up in the spring again.”

— Aaron Glicken, Redfin Premier agent in Nashville, Tennessee (Redfin report)

The takeaway

The sharp decline in pending home sales and the lengthening time it takes for homes to go under contract highlight the ongoing affordability challenges facing the U.S. housing market. While some buyers may find opportunities in the current buyer's market, the overall slowdown in demand suggests the market remains constrained by high costs that are keeping many would-be homebuyers on the sidelines.