{"id":86369,"date":"2026-07-09T05:00:07","date_gmt":"2026-07-09T12:00:07","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=86369"},"modified":"2026-07-09T05:01:02","modified_gmt":"2026-07-09T12:01:02","slug":"housing-market-update-pending-sales-increase-summer-starts","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-pending-sales-increase-summer-starts\/","title":{"rendered":"U.S. Pending Home Sales Rise to Highest Level in 6 Weeks"},"content":{"rendered":"

Pending home sales ticked up as housing payments temporarily dipped down.\u00a0<\/i><\/strong><\/p>\n

U.S. pending home sales rose 1.3% from a week earlier to their highest level since the first half of May during the four weeks ending July 5. This data is seasonally adjusted.\u00a0<\/span><\/p>\n

Homebuying demand picked up partly because of temporarily declining mortgage rates. The weekly average rate dipped to <\/span>6.43%<\/span><\/a> on July 2, its lowest level in six weeks, as <\/span>negotiations<\/span><\/a> between the U.S. and Iran to end the war eased financial turmoil. That pushed the median monthly housing payment down to $2,598, <\/span>its <\/span><\/i>lowest level in six weeks. The mortgage-rate respite was brief; rates have since bounced back up, with the daily average rising to <\/span>6.68%<\/span><\/a> on July 8.\u00a0<\/span><\/p>\n

Home-sale prices remain stubbornly high: The median sale price rose 2.2% year over year to $408,808, just about $500 shy of the all-time high.\u00a0<\/span><\/p>\n

On the listing side, would-be home sellers haven\u2019t caught up to the recent uptick in demand from buyers.\u00a0 New listings fell 2.5% week over week to their lowest level since January.\u00a0<\/span><\/p>\n

\u201cThe housing market is kicking off the summer by showing a bit of resilience,\u201d said <\/span>Chen Zhao<\/span><\/a>, Redfin\u2019s head of economics research. \u201cWhile near-record prices and a lack of new listings are keeping many would-be buyers on the sidelines, there are enough house hunters hitting the pavement to push pending sales up. If that trend continues, we may get more fresh listings from sellers hoping to take advantage of demand and high prices.\u201d<\/span><\/p>\n

For Redfin economists\u2019 takes on the housing market, please visit Redfin\u2019s \u201c<\/span><\/i>From Our Economists<\/span><\/i><\/a>\u201d page.\u00a0<\/span><\/i><\/p>\n

Leading indicators\u00a0<\/b><\/h3>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n
Indicators of homebuying demand and activity<\/b><\/td>\n<\/tr>\n
<\/td>\nValue (if applicable)<\/b><\/td>\nRecent change<\/b><\/td>\nYear-over-year change<\/b><\/td>\nSource<\/b><\/td>\n<\/tr>\n
Daily average 30-year fixed mortgage rate<\/b><\/td>\n6.68% (July 8)<\/span><\/td>\nUp from 6.53% one week earlier\u00a0<\/span><\/td>\nDown from 6.73%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.43% (week ending July 2)<\/span><\/td>\nDown from 6.49% one week earlier\u00a0<\/span><\/td>\nDown from 6.67%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 1% from a week earlier (as of week ending July 3)<\/span><\/td>\nUp 5%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Google searches of \u201chomes for sale\u201d<\/b><\/td>\n<\/td>\nDown more than 10% from a month earlier (as of July 5)<\/span><\/td>\nDown 5%<\/span><\/td>\nGoogle Trends<\/span><\/a><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 14% from the start of the year (as of July 5)<\/span><\/td>\nAt this time last year, it was up 31% from the start of 2025<\/span><\/td>\nShowingTime<\/span><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Key housing-market data<\/b><\/h3>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
U.S. highlights: Four weeks ending July 5, 2026<\/b><\/p>\n

Redfin\u2019s 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.\u00a0<\/span><\/i><\/td>\n<\/tr>\n

<\/td>\nFour weeks ending July 5, 2026<\/b><\/td>\nYear-over-year change<\/b><\/td>\nWeek-over-week change (where applicable)<\/b><\/td>\nNotes<\/b><\/td>\n<\/tr>\n
Median sale price<\/b><\/td>\n$408,808<\/span><\/td>\n2.2%<\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Median asking price (seasonally adjusted)<\/b><\/td>\n$401,029<\/span><\/td>\n2.5%<\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment (seasonally adjusted)<\/b><\/td>\n$2,598 at a 6.43% mortgage rate<\/span><\/td>\n0.6%<\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Pending sales (seasonally adjusted)<\/b><\/td>\n337,402<\/span><\/td>\n6.3%<\/span><\/td>\n1.3%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings (seasonally adjusted)<\/b><\/td>\n354,412<\/span><\/td>\n2%<\/span><\/td>\n-2.5%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings (seasonally adjusted)<\/b><\/td>\n1,485,211<\/span><\/td>\n0.7%<\/span><\/td>\n-0.7%<\/span><\/td>\n<\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.4<\/span><\/td>\n-0.2 pts.<\/span><\/td>\n<\/td>\n4 to 5 <\/span>months of supply<\/span><\/a> is considered balanced, with a lower number indicating seller\u2019s market conditions\u00a0<\/span><\/td>\n<\/tr>\n
Share of homes off market in two weeks\u00a0<\/b><\/td>\n34.3%<\/span><\/td>\n-0.5 pts.\u00a0<\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n40<\/span><\/td>\n+1 day<\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Share of home listings with price drops<\/b><\/td>\n19.4%<\/span><\/td>\n-1 pt.\u00a0<\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n28.4%<\/span><\/td>\nEssentially unchanged<\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99.1%<\/span><\/td>\nEssentially unchanged<\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n
\n

Metro-level highlights: Four weeks ending July 5, 2026<\/b><\/p>\n

Redfin\u2019s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.\u00a0<\/span><\/i><\/p>\n<\/th>\n<\/tr>\n

<\/th>\nMetros with biggest year-over-year increases<\/b><\/th>\nMetros with biggest year-over-year decreases<\/b><\/th>\nNotes<\/b><\/th>\n<\/tr>\n
Median sale price<\/b><\/th>\nPittsburgh (9.2%)<\/span><\/p>\n

San Francisco (8.2%)<\/span><\/p>\n

West Palm Beach, FL (7.6%)<\/span><\/p>\n

Philadelphia (7.6%)<\/span><\/p>\n

Chicago (6.1%)<\/span><\/th>\n

San Jose, CA (-6%)<\/span><\/p>\n

Seattle (-4.5%)<\/span><\/p>\n

Miami (-2.1%)<\/span><\/p>\n

Dallas (-1.5%)<\/span><\/p>\n

Riverside, CA (-0.4%)<\/span><\/th>\n

\n

Declined in 8 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nAustin, TX (17%)<\/span><\/p>\n

West Palm Beach, FL (16.6%)<\/span><\/p>\n

Boston (13.4%)<\/span><\/p>\n

Providence, RI (12.8%)<\/span><\/p>\n

Sacramento, CA (12.7%)<\/span><\/td>\n

Houston (-12.2%)<\/span><\/p>\n

Seattle (-10%)<\/span><\/p>\n

Virginia Beach, VA (-1.3%)<\/span><\/p>\n

Denver (-0.8%)<\/span><\/p>\n

San Jose, CA (-0.8%)<\/span><\/td>\n

<\/td>\n<\/tr>\n
New listings<\/b><\/td>\nAnaheim, CA (17.4%)<\/span><\/p>\n

St. Louis (16%)<\/span><\/p>\n

Philadelphia (14.8%)<\/span><\/p>\n

Boston (12.6%)<\/span><\/p>\n

Austin, TX (11.3%)<\/span><\/td>\n

Dallas (-13.2%)<\/span><\/p>\n

Fort Worth, TX (-12.4%)<\/span><\/p>\n

Atlanta (-6.8%)<\/span><\/p>\n

Jacksonville, FL (-6.3%)<\/span><\/p>\n

Miami (-4.2%)<\/span><\/td>\n

<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Refer to our<\/span> metrics definition page<\/span><\/a> for explanations of all the metrics used in this report.<\/span><\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Pending home sales ticked up as housing payments temporarily dipped down.\u00a0 U.S. pending home sales rose 1.3% from a week earlier to their highest level since the first half of May during the four weeks ending July 5. This data is seasonally adjusted.\u00a0 Homebuying demand picked up partly because of temporarily declining mortgage rates. The 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