U.S. pending home sales fell 1.3% week over week to their lowest level in three months during the four weeks ending July 19. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket.
The decline in homebuying demand comes as weekly average mortgage rates rise to a 11-month high of 6.55%. Additionally, home prices are stubbornly high, sitting just about $900 shy of their all-time peak. The topsy turvy U.S. economy, including the resurgence of the Iran war and rising oil prices, is another factor driving would-be homebuyers to the sidelines.
“The buyers who are in the market have more leverage than they’ve had in years,” said Vanessa Leimback, a Redfin Premier agent in Seattle. “Homes that have been sitting on the market for longer than a few weeks often come with room to negotiate on price and seller concessions. But buyers should remember that desirable, move-in ready homes can still be competitive because many people don’t want to take on renovation costs while mortgage payments are high. Thas why the biggest bargains are often on fixer-uppers.”
On the selling side, new listings ticked up 0.4% week over week, though they are still at their second-lowest level since the start of 2026. Some would-be sellers are holding out, waiting for demand to improve.
For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page.
Leading indicators
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Indicators of homebuying demand and activity |
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Value (if applicable) |
Recent change |
Year-over-year change |
Source |
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|
Daily average 30-year fixed mortgage rate |
6.77% (July 22) |
Up from 6.75% one week earlier to highest level in a year |
Down from 6.78% |
Mortgage News Daily |
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Weekly average 30-year fixed mortgage rate |
6.55% (week ending July 16) |
Up from 6.43% two weeks earlier |
Down from 6.75% |
Freddie Mac |
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Mortgage-purchase applications (seasonally adjusted) |
Up 6% from a week earlier (as of week ending July 22) |
Up 0.2% |
Mortgage Bankers Association |
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Google searches of “homes for sale” |
Down about 5% from a month earlier (as of July 18) |
Down 15% |
Google Trends |
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Touring activity |
Up 18% from the start of the year (as of July 20) |
At this time last year, it was up 36% from the start of 2025 |
ShowingTime |
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Key housing-market data
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U.S. highlights: Four weeks ending July 19, 2026 Redfin’s national metrics include data from 900+ U.S. metro areas and are based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2021. Subject to revision. |
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Four weeks ending July 19, 2026 |
Year-over-year change |
Week-over-week change (where applicable) |
Notes |
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Median sale price |
$408,795 |
2.5% |
About $900 shy of record high |
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Median asking price (seasonally adjusted) |
$400,257 |
2.3% |
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Median monthly mortgage payment (seasonally adjusted) |
$2,618 at a 6.55% mortgage rate |
0.7% |
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Pending sales (seasonally adjusted) |
327,188 |
3.1% |
-1.3% |
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New listings (seasonally adjusted) |
352,350 |
0.5% |
0.4% |
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Active listings (seasonally adjusted) |
1,485,408 |
0.5% |
-0.1% |
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Months of supply |
3.4 |
-0.2 pts. |
4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions |
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Share of homes off market in two weeks |
31.7% |
Down slightly |
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Median days on market |
41 |
+1 day |
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Share of home listings with price drops |
20.2% |
Down from 21% |
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Share of homes sold above list price |
28.3% |
Up slightly |
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Average sale-to-list price ratio |
99.1% |
Up slightly |
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Metro-level highlights: Four weeks ending July 19, 2026 Redfin’s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy. |
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Metros with biggest year-over-year increases |
Metros with biggest year-over-year decreases |
Notes |
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Median sale price |
West Palm Beach, FL (11%) Pittsburgh (7.2%) Virginia Beach, VA (6.9%) Detroit (6.7%) Philadelphia (6.5%) |
San Jose, CA (-3.3%) Seattle (-3.2%) Nashville, TN (-0.9%) Los Angeles (-0.8%) Boston (-0.8%) |
Declined in 8 metros |
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Pending sales |
West Palm Beach, FL (13.2%) Austin, TX (10.8%) Boston (9.5%) Nassau County, NY (8.2%) |
Seattle (-14.5%) Houston (-13.6%) Phoenix (-8.3%) Denver (-6.5%) Miami (-2.8%) |
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New listings |
St. Louis (13.2%) Anaheim, CA (10.7%) Pittsburgh (9.3%) Boston (9.3%) Warren, MI (8.8%) |
Fort Worth, TX (-11.9%) Dallas (-10.7%) Miami (-8.9%) Atlanta (-8.1%) San Antonio (-6.8%) |
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To view the full report, including charts, please visit:
https://www.redfin.com/news/housing-market-update-pending-sales-fall-rates-increase
