{"id":86525,"date":"2026-07-23T05:00:11","date_gmt":"2026-07-23T12:00:11","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=86525"},"modified":"2026-07-22T13:28:32","modified_gmt":"2026-07-22T20:28:32","slug":"housing-market-update-pending-sales-fall-rates-increase","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-pending-sales-fall-rates-increase\/","title":{"rendered":"Pending Home Sales Fall to 3-Month Low"},"content":{"rendered":"

New listings inched up week over week, but they\u2019re near their lowest level since the start of 2026. Still, there are many more sellers than buyers in the market, giving buyers negotiating power.\u00a0<\/i><\/strong><\/p>\n

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.<\/span><\/p>\n

The decline in homebuying demand comes as weekly average mortgage rates rise to a 11-month high of <\/span>6.55%<\/span><\/a>. Additionally, home prices are stubbornly high, sitting just about $900 shy of their all-time peak. The topsy turvy U.S. economy, including the <\/span>resurgence<\/span><\/a> of the Iran war and <\/span>rising oil prices<\/span><\/a>, is another factor driving would-be homebuyers to the sidelines.\u00a0<\/span><\/p>\n

“The buyers who are in the market have <\/span>more leverage<\/span><\/a> than they’ve had in years,” said <\/span>Vanessa Leimback<\/span><\/a>, 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 <\/span>seller concessions<\/span><\/a>. 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. That’s why the biggest bargains are often on fixer-uppers.”<\/span><\/p>\n

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.\u00a0<\/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>\n6.77% (July 22)<\/span><\/td>\nUp from 6.75% one week earlier to highest level in a year<\/span><\/td>\nDown from 6.78%<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.55% (week ending July 16)<\/span><\/td>\nUp from 6.43% two weeks earlier\u00a0<\/span><\/td>\nDown from 6.75%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nUp 6% from a week earlier (as of week ending July 22)<\/span><\/td>\nUp 0.2%<\/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 about 5% from a month earlier (as of July 18)<\/span><\/td>\nDown 15%<\/span><\/td>\nGoogle Trends<\/span><\/a><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 18% from the start of the year (as of July 20)<\/span><\/td>\nAt this time last year, it was up 36% 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 19, 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 19, 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$408,795<\/span><\/td>\n2.5%<\/span><\/td>\n<\/td>\nAbout $900 shy of record high<\/span><\/td>\n<\/tr>\n
Median asking price (seasonally adjusted)<\/b><\/td>\n$400,257<\/span><\/td>\n2.3%<\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment (seasonally adjusted)<\/b><\/td>\n$2,618 at a 6.55% mortgage rate<\/span><\/td>\n0.7%<\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Pending sales (seasonally adjusted)<\/b><\/td>\n327,188<\/span><\/td>\n3.1%<\/span><\/td>\n-1.3%<\/span><\/td>\n<\/td>\n<\/tr>\n
New listings (seasonally adjusted)<\/b><\/td>\n352,350<\/span><\/td>\n0.5%<\/span><\/td>\n0.4%<\/span><\/td>\n<\/td>\n<\/tr>\n
Active listings (seasonally adjusted)<\/b><\/td>\n1,485,408<\/span><\/td>\n0.5%<\/span><\/td>\n-0.1%<\/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>\n31.7%<\/span><\/td>\nDown slightly\u00a0<\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n41<\/span><\/td>\n+1 day<\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Share of home listings with price drops<\/b><\/td>\n20.2%<\/span><\/td>\nDown from 21%<\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n28.3%<\/span><\/td>\nUp slightly\u00a0<\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99.1%<\/span><\/td>\nUp slightly\u00a0<\/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 19, 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>\n\n

Notes<\/b><\/p>\n<\/th>\n<\/tr>\n

Median sale price<\/b><\/th>\n\n

West Palm Beach, FL (11%)<\/span><\/p>\n

Pittsburgh (7.2%)<\/span><\/p>\n

Virginia Beach, VA (6.9%)<\/span><\/p>\n

Detroit (6.7%)<\/span><\/p>\n

Philadelphia (6.5%)<\/span><\/p>\n<\/th>\n

San Jose, CA (-3.3%)<\/span><\/p>\n

Seattle (-3.2%)<\/span><\/p>\n

Nashville, TN (-0.9%)<\/span><\/p>\n

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

Boston (-0.8%)<\/span><\/th>\n

Declined in 8 metros<\/span><\/th>\n<\/tr>\n<\/thead>\n
Pending sales<\/b><\/td>\n\n

West Palm Beach, FL (13.2%)<\/span><\/p>\n

Austin, TX (10.8%)<\/span>
\n<\/span>New York (9.8%)<\/span><\/p>\n

Boston (9.5%)<\/span><\/p>\n

Nassau County, NY (8.2%)<\/span><\/td>\n

Seattle (-14.5%)<\/span><\/p>\n

Houston (-13.6%)<\/span><\/p>\n

Phoenix (-8.3%)<\/span><\/p>\n

Denver (-6.5%)<\/span><\/p>\n

Miami (-2.8%)<\/span><\/td>\n

<\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSt. Louis (13.2%)<\/span><\/p>\n

Anaheim, CA (10.7%)<\/span><\/p>\n

Pittsburgh (9.3%)<\/span><\/p>\n

Boston (9.3%)<\/span><\/p>\n

Warren, MI (8.8%)<\/span><\/td>\n

Fort Worth, TX (-11.9%)<\/span><\/p>\n

Dallas (-10.7%)<\/span><\/p>\n

Miami (-8.9%)<\/span><\/p>\n

Atlanta (-8.1%)<\/span><\/p>\n

San Antonio (-6.8%)<\/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":"

New listings inched up week over week, but they\u2019re near their lowest level since the start of 2026. Still, there are many more sellers than buyers in the market, giving buyers negotiating power.\u00a0 U.S. pending home sales fell 1.3% week over week to their lowest level in three months during the four weeks ending July […]<\/p>\n","protected":false},"author":13153,"featured_media":86526,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,615],"tags":[623,655,654],"dashboard":[],"coauthors":[124],"class_list":["post-86525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-weekly-market-update","tag-national","tag-weekly-market-tracker","tag-weekly-market-update"],"acf":[],"yoast_head":"\nPending Home Sales Fall to 3-Month Low<\/title>\n<meta name=\"description\" content=\"New listings inched up week over week, but they\u2019re near their lowest level since the start of 2026. 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