Redfin Reports Pending Home Sales Sink to 5-Month Low As Mortgage Rates Rise
New listings edged higher, but buyers pulled back as mortgage rates climbed to their highest level in nearly a year
SEATTLE, Aug. 6, 2026 /PRNewswire/ -- 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. That's according to a new report from Redfin, the real estate brokerage powered by Rocket.
Redfin is taking a break from analysis this week, but please see the tables and charts below for this week's housing-market data.
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
About Redfin
Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin's clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.
You can find more information about Redfin and get the latest housing market data and research at https://www.redfin.com/news. For more information about Rocket Companies, visit https://www.rocketcompanies.com.
SOURCE Redfin