US home prices fall 0.4% in October, first annual decline since 2023
SPY•U.S. home-sale prices fell 0.4% year over year in October 2026 to a median $388,634, the first annual decline since May 2023, Redfin reported.
1. Prices and sales fall
U.S. home-sale prices fell 0.4% year over year in October 2026 to a median $388,634, the first decline since May 2023. Pending home sales dropped 3.6% from September to their lowest level since 2013, excluding April 2020.
2. Inventory and discounts rise
Housing inventory rose 0.9% from September to its highest level since early 2020. Homes selling below their original asking price accounted for 61% of sales, while a record 36% had at least one price cut. Mortgage rates averaged 7.33%, a three-year high.
