New listings inched up week over week, but they’re near their lowest level since the start of 2026. Still, there are many more sellers than buyers in the market, giving buyers negotiating power. 

U.S. pending home sales fell 1.3% week over week to their lowest level in three months during the four weeks ending July 19.

The decline in homebuying demand comes as weekly average mortgage rates rise to a 11-month high of 6.55%. Additionally, home prices are stubbornly high, sitting just about $900 shy of their all-time peak. The topsy turvy U.S. economy, including the resurgence of the Iran war and rising oil prices, is another factor driving would-be homebuyers to the sidelines.