Pending home sales post steepest monthly drop of 2026
The median sales price for an existing US home reached approximately $441,000 in June, an all-time high, according to NAR.
Mortgage rates hovered near 6.5% during the month and have since risen further. The 30-year fixed-rate mortgage hit its highest reading since August 2025, reaching 6.65% in the week ending July 10, according to the Mortgage Bankers Association (MBA).
Regional bright spots emerge
Despite the broad monthly decline, several metro areas held up on an annual basis. Among the 50 largest US markets, Virginia Beach-Chesapeake-Norfolk, Virginia-North Carolina, led the nation with a 15.4% year-over-year gain in pending sales, followed by Sacramento-Roseville-Folsom, California, at 15.2% and Kansas City, Missouri-Kansas, at 14.4%, according to Realtor.com Economics data.
Richmond, Virginia, and Buffalo-Cheektowaga, New York, rounded out the top five with gains of 14.0% and 12.1%, respectively.
| # | Metro area | Year-over-year change |
|---|---|---|
| 1 | Virginia Beach-Chesapeake-Norfolk, VA-NC | ▲ 15.4% |
| 2 | Sacramento-Roseville-Folsom, CA | ▲ 15.2% |
| 3 | Kansas City, MO-KS | ▲ 14.4% |
| 4 | Richmond, VA | ▲ 14.0% |
| 5 | Buffalo-Cheektowaga, NY | ▲ 12.1% |
| 6 | Austin-Round Rock-San Marcos, TX | ▲ 11.1% |
| 7 | San Francisco-Oakland-Fremont, CA | ▲ 10.7% |
| 8 | Los Angeles-Long Beach-Anaheim, CA | ▲ 9.6% |
| 9 | Miami-Fort Lauderdale-West Palm Beach, FL | ▲ 9.5% |
| 10 | St. Louis, MO-IL | ▲ 9.1% |
| Figures reflect year-over-year percentage change in pending home sales, June 2026. Rankings based on the 50 largest US metro areas. | ||
The squeeze hits first-time buyers hardest. These buyers are increasingly turning to unconventional financing strategies to bridge a widening gap between income and access.
