Rocket Companies Inc. Press Release: Market Turbulence Hits Pending Home Sales

On April 9, 2026, Rocket Companies Inc. announced a significant decline in pending home sales through its subsidiary, Redfin. The report highlighted a 2.4% year-over-year drop in pending home sales during the four-week period ending April 5, marking the most substantial decline seen in the past three months. This downturn can be attributed to a combination of rising mortgage rates, escalating home prices, and broader economic uncertainties exacerbated by the ongoing conflict in Iran.

The weekly average mortgage rate surged to 6.46%, the highest level recorded since September 2025. This increase in rates has made home financing less accessible for many potential buyers, leading to a slowdown in market activity. As a result, the typical home that went under contract during this period took an average of 51 days to sell—signifying the longest time on market for this time of year since 2019.

The ongoing war in Iran has contributed to instability in various markets, further influencing mortgage rates and dampening buyer sentiment. The recent announcement of a ceasefire brought brief relief to financial markets, causing a dip in oil prices and raising hopes that mortgage rates might stabilize. Nonetheless, the war's overall impact continues to create a chilling effect on homebuying activity.

The Easter weekend, which fell within the reporting period, also resulted in decreased homebuying activity as many prospective buyers took a break from their house-hunting efforts. This seasonal dip compounded the challenges faced by sellers as new listings fell by 2.6% year-over-year, marking the most significant decline in a month.

The report detailed a stark contrast in regional sales activity. Areas like Providence, RI (-15.5%), Houston, TX (-15.4%), and New York City (-15.3%) saw the most significant drops in pending sales. This trend underscores the varying dynamics within local markets, where economic conditions and buyer behavior can differ greatly.

Conversely, some metro areas experienced increases in pending home sales. West Palm Beach, FL (20.9%), San Francisco, CA (16.7%), and San Jose, CA (11.4%) reported the most substantial gains. These pockets of growth reveal that while the overall market is cooling, opportunities still exist in certain regions.

As the market shifts toward a buyer’s market, sellers are encouraged to adopt strategies to make their homes stand out. Redfin Premier agent Jesse Landin emphasized the importance of presentation, advising sellers to invest in quality photography and necessary repairs to attract buyers.

“There are more homes on the market than there are buyers, so sellers need to make sure their house stands out," said Landin. This statement reflects the current market dynamics where quality and presentation can significantly impact the speed and success of a sale.

The press release provided several key metrics for the housing market:

As Rocket Companies Inc. navigates the current housing market landscape, the latest data from Redfin underscores the challenges posed by rising mortgage rates and economic uncertainty. While certain regions exhibit resilience with positive sales activity, the overall trend indicates a cautious approach among buyers. As the market continues to evolve, both buyers and sellers will need to adapt to new realities to achieve their homeownership goals.