November 2026 data shows U.S. housing market competition easing as median days on market rise and fewer offers face bidding wars amid 7.24% 30-year mortgage rates.
As of November 5, 2026, the U.S. housing market continues a multi-year cooling trend. Redfin data through early 2024 already documented the shift, and the pattern has persisted: fewer buyers are competing for the same homes, and listings are taking longer to sell. The 30-year fixed mortgage rate sits at 7.24% (FRED, October 29, 2026), up from pandemic-era lows and a key factor behind reduced buyer urgency.
Nationwide, homes that sold in February 2024 spent a median of 59 days on the market before going under contract—two days longer than the same month a year earlier. This marked the third straight year of lengthening marketing periods after three consecutive years of acceleration. In several Sun Belt metros, the share of unsold listings that have remained on the market for at least 30 days has risen sharply. Fort Lauderdale saw this share climb to 75.5% from 68.2% year-over-year, while Tampa and Jacksonville posted similar increases. Dallas also recorded a higher percentage of stale listings.
Redfin’s offer-competition tracker shows dramatic drops in bidding intensity since 2020. In Salt Lake City, 75% of Redfin offers faced competition at the 2020 peak; by 2024 that share had fallen well below 50% in most tracked markets. Phoenix posted the lowest figure among large metros, with only 26.6% of offers encountering competing bids. Riverside, California, saw its share drop from 71% in June 2023 to 32% in June 2024. Raleigh and Charlotte, North Carolina, experienced comparable declines.
| Metro Area | % Offers Facing Competition (June 2023) | % Offers Facing Competition (June 2024) | Change (pp) |
|---|---|---|---|
| Phoenix, AZ | 48.0 | 26.6 | –21.4 |
| Riverside, CA | 71.0 | 32.0 | –39.0 |
| Raleigh, NC | 62.0 | 35.0 | –27.0 |
| Charlotte, NC | 58.0 | 33.0 | –25.0 |
The 30-year fixed rate of 7.24% (FRED) and the 10-year Treasury yield of 4.91% keep monthly payments elevated, narrowing the buyer pool. Meanwhile, active inventory has climbed to 852,241 listings—an increase of 10,694 week-over-week—giving shoppers more choices and sellers less leverage. The 15-year fixed rate at 6.6% offers modest relief for refinancers but has not reversed the broader slowdown in purchase demand.
Not every market has cooled uniformly. Supply-constrained coastal cities still see occasional bidding wars, yet the national data show a clear directional shift. Markets that experienced pandemic-era migration surges—Phoenix, Las Vegas, Austin—now post some of the largest year-over-year increases in days on market and the steepest drops in competitive offers.
Housing market competition in 2026 remains materially lower than 2020–2022 peaks. With the 30-year fixed rate at 7.24% and inventory rising, buyers face fewer multiple-offer situations and sellers must price accurately to avoid 60-plus-day listings. Users can run live scenarios at HomeRates.ai to model how today’s rate environment and local competition levels translate into monthly payments and offer strategies.
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