Overview
- Pending home sales fell 2.2% in the four-week period ending July 12, marking a mid-July pullback in recent buyer activity while pending deals remain 4.6% above a year earlier.
- Redfin shows new listings dropped 1.2% to their lowest seasonally adjusted level since early 2026 and active inventory has not grown enough to restore balance.
- The average 30-year fixed mortgage rate rose to 6.55% on July 16, raising monthly payments and sidelining some marginal buyers.
- Signs of loosening seller leverage include that 19.8% of active listings had a price cut, homes spent a median 40 days on market, and only 28.4% of homes sold above list price during the same period.
- June’s national median sale price hit a record $408,776 even as metros diverge sharply, so the data point to weakening momentum rather than a broad market reversal and merit watching weekly pending-sales and mortgage-rate trends.