Currently the default method to rearrange WordPress pages or posts is to go to All Posts / All Pages. Click “Quick Edit” of the page/post you would like to have for instance in the top and be sure it has 0 (rewrite it to become 0). Select various other pages/posts and add another number in the Order field.
Using plugins to rearrange the order of pages and posts.
Nested Pages plugin
Reorder Posts plugin
CMS Tree Page View plugin
Post Types Order plugin
Has a settings page to where one can decide to re-order Posts, Media, Reusable blocks and Navigation Menu. By default reordering pages in always on.
Simple Page Ordering plugin
Simple Page ordering also has a drop and drop similar to Post Types Order, but does not have a settings page.
Drag and drop in WordPress Core
There is a trac ticket ages old. Since no one has really taken a hold of implementing ordering and a tree view for core.
Check out the Trac ticket: https://core.trac.wordpress.org/ticket/2702
The first version of this article was originally written 15 January 2015.