Mortgage Rate Dip Fuels Pending Sales Surge, Redfin Reports 

U.S. pending home sales increased by 1.3% compared to the previous week, reaching their highest point since early May during the four-week period ending on July 5. This information is derived from a recent report by Redfin, a real estate brokerage affiliated with Rocket. The data has been seasonally adjusted.

The rise in homebuying demand can be attributed in part to a temporary decrease in mortgage rates. The weekly average rate fell to 6.43% on July 2, marking its lowest level in six weeks, as negotiations between the U.S. and Iran to resolve the conflict alleviated financial instability. This development resulted in a reduction of the median monthly housing payment to $2,598, the lowest it has been in six weeks. However, this reprieve from rising mortgage rates was short-lived; rates have since increased again, with the daily average climbing to 6.68% on July 8.

Home sale prices continue to be persistently elevated: The median sale price increased by 2.2% compared to the previous year, reaching $408,808, which is nearly $500 below the record high. On the listing front, potential home sellers have not yet adjusted to the recent rise in buyer demand. New listings decreased by 2.5% week over week, marking the lowest level since January.

“The housing market is kicking off the summer by showing a bit of resilience,” said Chen Zhao, Head of Economics Research at Redfin. “While near-record prices and a lack of new listings are keeping many would-be buyers on the sidelines, there are enough house hunters hitting the pavement to push pending sales up.”

U.S. Highlights — Four weeks ending July 5, 2026:

Four weeks ending July 5, 2026	Year-over-year (YoY) change	Week-over-week change (where applicable)
$408,808	2.2%
$401,029	2.5%
$2,598 at a 6.43% mortgage rate	0.6%
337,402	6.3%	1.3%
354,412	2%	-2.5%
1,485,211	0.7%	-0.7%

Metro-level highlights — July 2026

Top five metros with the biggest YoY increases in median sale price:

1. Pittsburgh (9.2%)
2. San Francisco (8.2%)
3. West Palm Beach, FL (7.6%)
4. Philadelphia (7.6%)
5. Chicago (6.1%)

Overall, the U.S. median sale price declined in eight metros.

Top five metros with the biggest YoY decreases in median sale price:

1. San Jose, CA (-6%)
2. Seattle (-4.5%)
3. Miami (-2.1%)
4. Dallas (-1.5%)
5. Riverside, CA (-0.4%)

Top five metros with the biggest YoY increases in pending sales:

1. Austin, Texas (17%)
2. West Palm Beach, FL (16.6%)
3. Boston (13.4%)
4. Providence, RI (12.8%)
5. Sacramento, CA (12.7%)

Top five metros with the biggest YoY decreases in pending sales:

1. Houston (-12.2%)
2. Seattle (-10%)
3. Virginia Beach, VA (-1.3%)
4. Denver (-0.8%)
5. San Jose, CA (-0.8%)

Top five metros with the biggest YoY increases in new listings:

1. Anaheim, CA (17.4%)
2. St. Louis (16%)
3. Philadelphia (14.8%)
4. Boston (12.6%)
5. Austin, Texas (11.3%)

Top five metros with the biggest YoY decreases in new listings:

1. Dallas (-13.2%)
2. Fort Worth, Texas (-12.4%)
3. Atlanta (-6.8%)
4. Jacksonville, FL (-6.3%)
5. Miami (-4.2%)

“If that trend continues, we may get more fresh listings from sellers hoping to take advantage of demand and high prices,” Zhao said.

Note: 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. 

The post Mortgage Rate Dip Fuels Pending Sales Surge, Redfin Reports  first appeared on The MortgagePoint.