Would-be sellers backed off, too, with new listings falling to their lowest level since the start of 2026.
U.S. pending home sales fell 2.2% week over week during the four weeks ending July 12, the first decline in a month.
Some house hunters backed off due to stubbornly high housing costs. The weekly average mortgage rate rose back up to 6.49% after dipping to 6.43% the previous week, and the daily average rate shot up to its highest level in nearly a year. The median home-sale price was just about $800 shy of the all-time high. Another factor is the shaky global economy, which grew more uncertain last week as the U.S-Iran ceasefire ended and oil prices jumped. But note that the decline may also reflect normal week-to-week volatility rather than a major shift in demand.