Pending home sales in July decreased by 2.3% month-over-month and 2.2% year-over-year, according to the National Association of Realtors. Pending home sales in July fell to the lowest level since January 2026.
“The highest mortgage rates of the year hit right in the middle of summer, and that’s pulling back contract signings,” NAR Chief Economist Lawrence Yun said. “Home prices are at record highs so houses for sale are sitting on the market longer, and fewer buyers are bidding above the asking price than a year ago, though there are large local market variations.”
