Pending home sales fell 2.5% month-over-month to 335,051 in July, 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. The median home-sale price hit $407,730, 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. A full 14% of pending sales fell through in July, the highest share since 2023.
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