{"id":86611,"date":"2026-07-30T05:00:43","date_gmt":"2026-07-30T12:00:43","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=86611"},"modified":"2026-07-29T10:10:55","modified_gmt":"2026-07-29T17:10:55","slug":"housing-market-update-demand-slows-rates-hit-high-level","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-update-demand-slows-rates-hit-high-level\/","title":{"rendered":"Homebuying Demand Slows As Mortgage Rates Hit Highest Level in a Year"},"content":{"rendered":"

Today\u2019s housing market rewards patience over panic: With hundreds of thousands more sellers than buyers in the U.S., buyers in most of the country have time to peruse options and negotiate.\u00a0<\/i><\/strong><\/p>\n

U.S. pending home sales fell to their lowest level since early April during the four weeks ending July 26, dropping 1.7% in the last week alone. Tours of home listings are up 15% since the start of the year, compared with a 31% increase at this time last year, according to data from <\/span>ShowingTime<\/span><\/a>.\u00a0<\/span><\/p>\n

Homebuying demand is declining partly because mortgage rates are rising: The daily average rate rose to <\/span>6.85%<\/span><\/a> at the end of last week, the highest level in over a year\u2013and there\u2019s <\/span>little relief<\/span><\/a> on the horizon. Rates remain under pressure due largely to inflation concerns and volatile oil prices tied to <\/span>geopolitical tensions<\/span><\/a>. Although the labor market <\/span>remains strong<\/span><\/a>, the combination of high borrowing costs and widespread economic uncertainty is prompting many house hunters to press pause.\u00a0<\/span><\/p>\n

There are a few bright spots for the buyers who are in the market. Despite stubbornly high rates, the median U.S. housing payment fell to $2,575\u2013its lowest level in three months\u2013because sellers\u2019 median asking prices dropped to <\/span>their <\/span><\/i>lowest level in a year. And while some would-be sellers are backing off as demand declines, with new listings dipping to their second-lowest level since the start of 2026, there are still hundreds of thousands <\/span>more sellers than buyers<\/span><\/a> in the market. That means buyers have negotiating power in most of the country.\u00a0<\/span><\/p>\n

\u201cIt\u2019s important for house hunters to remember that while mortgage rates were much lower during the pandemic, every listing was ultra-competitive; buyers often had to pay tens of thousands of dollars over the asking price to win a home,\u201d said <\/span>Bonnie Phillips<\/span><\/a>, a Redfin Premier agent in Cleveland<\/a>. \u201cRates are higher now, but bidding wars are unlikely and buyers are often able to negotiate prices down and get concessions from sellers. Today\u2019s housing market rewards patience over panic: If you can afford to buy, focus on finding a home you love and negotiating a good deal rather than trying to perfectly time mortgage rates.\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>\n6.78% (July 29)<\/span><\/td>\nNear highest level in a year<\/span><\/td>\nEssentially unchanged<\/span><\/td>\nMortgage News Daily\u00a0<\/span><\/a><\/td>\n<\/tr>\n
Weekly average 30-year fixed mortgage rate<\/b><\/td>\n6.58% (week ending July 23)<\/span><\/td>\nHighest level in 11 months\u00a0<\/span><\/td>\nDown from 6.74%<\/span><\/td>\nFreddie Mac<\/span><\/a><\/td>\n<\/tr>\n
Mortgage-purchase applications (seasonally adjusted)<\/b><\/td>\n<\/td>\nDown 4% from a week earlier (as of week ending July 29)<\/span><\/td>\nUp 3%<\/span><\/td>\nMortgage Bankers Association<\/span><\/a>\u00a0<\/span><\/td>\n<\/tr>\n
Google searches of \u201chomes for sale\u201d<\/b><\/td>\n<\/td>\nUp about 5% from a month earlier (as of July 25)<\/span><\/td>\nDown 7%<\/span><\/td>\nGoogle Trends<\/span><\/a><\/td>\n<\/tr>\n
Touring activity<\/b><\/td>\n<\/td>\nUp 15% from the start of the year (as of July 26)<\/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 26, 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 26, 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$407,752<\/span><\/td>\n2.8%<\/span><\/td>\n<\/td>\nRoughly $2,000 shy of record high<\/span><\/td>\n<\/tr>\n
Median asking price (seasonally adjusted)<\/b><\/td>\n$392,760<\/span><\/td>\nUnchanged\u00a0<\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Median monthly mortgage payment (seasonally adjusted)<\/b><\/td>\n$2,575 at a 6.58% mortgage rate<\/span><\/td>\n-1.3%<\/span><\/td>\n<\/td>\nLowest level in 3 months\u00a0<\/span><\/td>\n<\/tr>\n
Pending sales (seasonally adjusted)<\/b><\/td>\n322,739<\/span><\/td>\n1.5%<\/span><\/td>\n-1.7%<\/span><\/td>\nLowest level in over 3 months<\/span><\/td>\n<\/tr>\n
New listings (seasonally adjusted)<\/b><\/td>\n351,078<\/span><\/td>\n0.2%<\/span><\/td>\n-0.4%<\/span><\/td>\nSecond-lowest level since first week of 2026<\/span><\/td>\n<\/tr>\n
Active listings (seasonally adjusted)<\/b><\/td>\n1,490,916<\/span><\/td>\n0.7%<\/span><\/td>\n0.3%<\/span><\/td>\n<\/td>\n<\/tr>\n
Months of supply\u00a0<\/b><\/td>\n3.6<\/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>\n31.5%<\/span><\/td>\nDown slightly\u00a0<\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Median days on market<\/b><\/td>\n41<\/span><\/td>\nUnchanged<\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Share of home listings with price drops<\/b><\/td>\n20.3%<\/span><\/td>\nDown slightly<\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Share of homes sold above list price<\/b><\/td>\n28%<\/span><\/td>\nUp from about 27%<\/span><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Average sale-to-list price ratio\u00a0<\/b><\/td>\n99%<\/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 26, 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>\n\n

Metros with biggest year-over-year increases<\/b><\/p>\n<\/th>\n

\n

Metros with biggest year-over-year decreases<\/b><\/p>\n<\/th>\n

\n

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

Median sale price<\/b><\/th>\nWest Palm Beach, FL (12.2%)<\/span><\/p>\n

Newark, NJ (6.8%)<\/span><\/p>\n

Detroit (6.5%)<\/span><\/p>\n

St. Louis (6.5%)<\/span><\/p>\n

Virginia Beach, VA (6.4%)<\/span><\/th>\n

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

Seattle (-2.7%)<\/span><\/p>\n

Austin, TX (-1.2%)<\/span><\/p>\n

Orlando, FL (-0.3%)<\/span><\/p>\n

Charlotte, NC (-0.3%)<\/span><\/p>\n

Portland, OR (-0.3%)<\/span><\/p>\n

Dallas (-0.2%)<\/span><\/th>\n

\n

Declined in 7 metros<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n

Pending sales<\/b><\/td>\nWest Palm Beach, FL (15.4%)<\/span><\/p>\n

Boston (9.4%)<\/span><\/p>\n

Pittsburgh (8.5%)<\/span><\/p>\n

Cincinnati (8.2%)<\/span><\/p>\n

Sacramento, CA (5.9%)<\/span><\/td>\n

Houston (-15.4%)<\/span><\/p>\n

Seattle (-13.9%)<\/span><\/p>\n

Phoenix (-12.5%)<\/span><\/p>\n

Denver (-7.7%)<\/span><\/p>\n

San Diego (-7.1%)<\/span><\/td>\n

<\/td>\n<\/tr>\n
New listings<\/b><\/td>\nSt. Louis (13.5%)<\/span><\/p>\n

San Jose, CA (10.3%)<\/span><\/p>\n

Warren, MI (8.6%)<\/span><\/p>\n

Providence, RI (7.7%)<\/span><\/p>\n

Indianapolis (7.6%)<\/span><\/td>\n

Fort Worth, TX (-12.3%)<\/span><\/p>\n

Dallas (-11.4%)<\/span><\/p>\n

Miami (-11.3%)<\/span><\/p>\n

Atlanta (-9.9%)<\/span><\/p>\n

San Antonio (-9.7%)<\/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":"

Today\u2019s housing market rewards patience over panic: With hundreds of thousands more sellers than buyers in the U.S., buyers in most of the country have time to peruse options and negotiate.\u00a0 U.S. pending home sales fell to their lowest level since early April during the four weeks ending July 26, dropping 1.7% in the last […]<\/p>\n","protected":false},"author":13153,"featured_media":86612,"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 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