Pending home sales fell 2.5% month-over-month to 335,051 in July 2026, the lowest level since December 2025, according to Redfin’s monthly housing market report published on August 12.
Closed sales dropped 4.1% to 285,312, the lowest count in nearly two years on a seasonally adjusted basis.
Prices up, buyers out
The median home-sale price hit $407,730 in July, up 3.2% year-over-year and the highest figure ever recorded for the month. The average 30-year fixed mortgage rate climbed to 6.54%, its highest point in a full year.
Chen Zhao, Redfin’s Head of Economics Research, pointed to buyer wariness and a shrinking supply of new listings as the primary culprits behind the sales decline. New listings dropped to their lowest level since October 2024. Total active listings edged down 0.3% month-over-month.
