Pending Home Sales Sink to 5-Month Low As Mortgage Rates Rise
The number of homes going under contract fell 3.7% week over week nationwide—the steepest decline since 2022—as would-be buyers pressed pause amid high mortgage rates. New listings ticked up.
Leading indicators
Indicators of homebuying demand and activity
Value (if applicable)
Recent change
Year-over-year change
Source
Daily average 30-year fixed mortgage rate
6.82% (Aug. 3)
Near highest level in over a year
Up from 6.57%
Mortgage News Daily
Weekly average 30-year fixed mortgage rate
6.66% (week ending July 30)
Highest level in nearly a year
Down from 6.72%
Freddie Mac
Mortgage-purchase applications (seasonally adjusted)
Down 4% from a week earlier (as of week ending July 29)
Up 3%
Mortgage Bankers Association
Google searches of “homes for sale”
Down about 3% from a month earlier (as of Aug. 2)
Down 6%
Google Trends
Touring activity
Up 12% from the start of the year (as of July 26)
At this time last year, it was up 29% from the start of 2025
ShowingTime
Key housing-market data
U.S. highlights: Four weeks ending Aug. 2, 2026
Redfin’s 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.
Four weeks ending Aug. 2, 2026
Year-over-year change
Week-over-week change (where applicable)
Notes
Median sale price
$406,362
2.9 %
Median asking price (seasonally adjusted)
$398,666
1.1 %
Median monthly mortgage payment (seasonally adjusted)
$2,631 at a 6.66% mortgage rate
0.6 %
Pending sales (seasonally adjusted)
311,150
-1.9 %
-3.7 %
Lowest level in over 5 months, biggest weekly decline since 2022
New listings (seasonally adjusted)
354,313
0.2 %
1 %
Active listings (seasonally adjusted)
1,468,943
-0.3 %
-1.5 %
Months of supply
3.6
Unchanged
4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions
Share of homes off market in two weeks
31.5 %
Unchanged
Median days on market
41
-1 day
Share of home listings with price drops
21.5 %
Unchanged
Share of homes sold above list price
27.6 %
Up from about 27%
Average sale-to-list price ratio
99 %
Up from 98.8%
Metro-level highlights: Four weeks ending Aug. 2, 2026
Redfin’s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.
Metros with biggest year-over-year increases
Metros with biggest year-over-year decreases
Notes
Median sale price
Newark, NJ (9.8%)
West Palm Beach, FL (9.5%)
Baltimore (7.6%)
St. Louis (6.8%)
Cleveland (6.5%)
San Jose, CA (-4.2%)
Seattle (-1.8%)
Dallas (-1.6%)
Los Angeles (-0.8%)
Indianapolis (-0.4%)
Portland, OR (-0.4%)
Las Vegas (-0.3%)
Declined in 7 metros
Pending sales
West Palm Beach, FL (13%)
Cincinnati (7.1%)
Pittsburgh (6.7%)
St. Louis (3.9%)
Chicago (3.4%)
Seattle (-19.8%)
Houston (-17.1%)
Phoenix (-15%)
Denver (-10.9%)
Atlanta (-9.8%)
New listings
St. Louis (13%)
San Jose, CA (11.7%)
Montgomery County, PA (9.7%)
Boston (9.4%)
Chicago (8.1%)
Dallas (-12.6%)
Atlanta (-10.9%)
Fort Worth, TX (-10.8%)
Miami (-10.1%)
San Antonio (-9.8%)
To view the full report, including charts, please visit:https://www.redfin.com/news/housing-market-update-homebuying-demand-stalls-summer
