Redfin Reports Pending Home Sales Sink to 5-Month Low As Mortgage Rates Rise

PR Newswire

SEATTLE, Aug. 6, 2026

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 Source change Daily average 30-year 6.82% (Aug. 3) Near highest level in Up from 6.57% Mortgage News Daily fixed mortgage rate over a year Weekly average 30-year 6.66% (week ending Highest level in Down from 6.72% Freddie Mac fixed mortgage rate July 30) nearly a year Mortgage-purchase Down 4% from a Up 3% Mortgage Bankers applications (seasonally adjusted) week earlier (as of Association week ending July 29) Google searches of Down about 3% from Down 6% Google Trends "homes for sale" a month earlier (as of Aug. 2) Touring activity Up 12% from the At this time last year, it ShowingTime start of the year (as of was up 29% from the July 26) start of 2025

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 Notes change (where applicable) Median sale price $406,362 2.9 % Median asking price $398,666 1.1 % (seasonally adjusted) Median monthly mortgage $2,631 at a 6.66% mortgage rate 0.6 % payment (seasonally adjusted) 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- Metros with biggest year-over- Notes year increases year decreases Median sale price Newark, NJ (9.8%) San Jose, CA (-4.2%) Declined in 7 metros

West Palm Beach, FL (9.5%) Seattle (-1.8%)

Baltimore (7.6%) Dallas (-1.6%)

St. Louis (6.8%) Los Angeles (-0.8%)

Cleveland (6.5%) Indianapolis (-0.4%)

Portland, OR (-0.4%)

Las Vegas (-0.3%) Pending sales West Palm Beach, FL (13%) Seattle (-19.8%)

Cincinnati (7.1%) Houston (-17.1%)

Pittsburgh (6.7%) Phoenix (-15%)

St. Louis (3.9%) Denver (-10.9%)

Chicago (3.4%) Atlanta (-9.8%) New listings St. Louis (13%) Dallas (-12.6%)

San Jose, CA (11.7%) Atlanta (-10.9%)

Montgomery County, PA (9.7%) Fort Worth, TX (-10.8%)

Boston (9.4%) Miami (-10.1%)

Chicago (8.1%) 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 .

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SOURCE Redfin

Contact Redfin Journalist Services: Tana Kelley, press@redfin.com

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