Buyers are pulling back — and they’re gaining leverage because of it.
U.S. pending home sales fell 1.3 percent week over week to their lowest level in three months during the four weeks ending July 19, according to Redfin. The decline came as mortgage rates climbed to an 11-month high and home prices held near record levels, leaving many sellers outnumbering buyers in the market.
The weekly average 30-year fixed rate rose to 6.55 percent, Redfin reported. The median sale price was $408,795, about $900 below the all-time peak.
Redfin tied part of the pullback in buyer activity to broader economic uncertainty, including oil-price increases tied to the conflict in Iran.
“The buyers who are in the market have more leverage than they’ve had in years,” said Vanessa Leimback, a Redfin Premier agent in Seattle, in a statement. “Homes that have been sitting on the market for longer than a few weeks often come with room to negotiate on price and seller concessions. But buyers should remember that desirable, move-in ready homes can still be competitive because many people don’t want to take on renovation costs while mortgage payments are high. That’s why the biggest bargains are often on fixer-uppers.”
New listings ticked up 0.4 percent week over week but remained near their second-lowest level since the start of 2026, as some sellers hold off in hopes demand will improve.
Pending sales rose 3.1 percent year over year despite the weekly decline. Active listings were up 0.5 percent year over year, and homes sat on the market a median of 41 days, one day longer than the prior period.
