Key facts
- National active housing inventory fell 0.4% to 898,139 homes in the week ending Oct. 9.
- New pending sales were down 15.4% year-over-year.
- Over 42% of active listings had price reductions, an increase from the previous year.
- Mortgage rates stood at 7.48%, with the 10-year Treasury yield near 5.35%.
- Dallas-Fort Worth saw a 3.3% inventory decline alongside a 32% drop in pending sales.
- Denver experienced an 11.4% inventory increase with a 9.1% decline in pending sales.
The national housing market is experiencing a seasonal slowdown with falling inventory, but this trend may not signal improved conditions for sellers due to weakening buyer demand and persistent price reductions. National active inventory decreased by 0.4% to 898,139 single-family homes in the week ending Oct. 9, though it remains 4.8% higher than the same week in 2025.
Buyer activity has softened, with new pending sales falling 15.4% compared to the previous year. Additionally, the percentage of active listings that experienced a price reduction increased to 42.89%, up from 41.84% a year prior. Mortgage rates are a key factor, standing at 7.48% with the 10-year Treasury yield near 5.35% and mortgage spreads widening to 2.12%. Analyst Logan Mohtashami identified 6.64% as a critical threshold for housing demand, which current rates have surpassed.
Regional markets show varied dynamics. In Dallas-Fort Worth, active inventory fell 3.3% from July 17 to Oct. 9, but new pending sales dropped 32% in the same period. Pending sales were also 25.7% below the comparable week in 2025. Approximately 52% of listings had price reductions, and the median list price declined from $450,000 to $435,000. Seller withdrawals also increased significantly.
Denver, conversely, saw active inventory rise 11.4% between July 17 and Oct. 9, while weekly new pending sales declined 9.1%. Pending activity was 14.8% below the equivalent week in 2025. The share of listings with price reductions reached 54.6%, and the median list price decreased from $675,000 to $650,000.
San Francisco presents a different picture, with a modest 2.1% increase in active inventory between July 17 and Oct. 9. However, new pending sales surged 39.3% in the same period. Despite this improvement, pending sales remained 16% below the comparable week in 2025, and the share of listings with price reductions increased from 25.4% in July.