Pending US Existing-Home Sales Record Sharpest Drop in Three Months

Pending US existing-home sales fell 2.4% year-over-year during the four weeks ending April 5, Redfin reported, marking the largest decline in three months.

Regionally, Providence, RI, posted the steepest drop in pending sales, down 15.5%, followed by Houston, TX, down 15.4%, and New York, down 15.3%. In contrast, West Palm Beach, FL, led gains with a 20.9% increase, followed by San Francisco at 16.7% and San Jose, CA, up 11.4%.

Homes are also taking longer to sell. The typical home went under contract in 51 days nationwide, the longest span for this time of year since 2019.

Redfin attributed the slowdown to a combination of rising mortgage rates and home prices. The weekly average mortgage rate climbed to 6.46%, the highest level since September 2025, while home-sale prices rose 2.2% year-over-year. This pushed the median monthly mortgage payment to $2,750, up 0.2% from a year earlier.

Redfin also cited broader economic uncertainty tied to geopolitical tensions, as well as a calendar effect from Easter, as factors weighing on buyer activity.