Homebuyers in the United States are approaching the spring selling season with caution due to high borrowing costs and ongoing economic shifts. A report from Redfin revealed that homes in February 2026 spent an average of 66 days on the market—the longest duration for this month in a decade. Despite conditions becoming somewhat more favorable for buyers, demand remains limited.
Mortgage rates briefly fell below 6% in early 2026, leading to a temporary improvement in affordability. However, rates soon climbed again, creating hesitation among buyers.
Meanwhile, sellers outnumbered buyers by more than 40%, giving buyers stronger negotiating power and resulting in homes being sold at discounts, with prices averaging 1.8% below their listing values.
Home prices saw a modest annual increase of 0.9%, bringing the median price to $429,259—marking a significant slowdown compared to the pandemic-era boom. Market activity also declined, with pending home sales and new listings dropping by 0.8% and 1.2%, respectively. In March, early indicators began to suggest a potential shift in seller behavior, with a gradual increase in property listings.
