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Redfin Reports Pending Sales Fall as U.S. Home Prices Hit Another Record High

The median U.S. home sale price hit a record $399,633, up 1% year over year

SEATTLE--(BUSINESS WIRE)-- Pending sales fell 3.5% year over year during the four weeks ending July 6, according to a new from , the real estate brokerage powered by Rocket. That was the second biggest decline since early February, trailing only last week鈥檚 4.1% fall.

There were some encouraging signs for sellers with mortgage purchase applications rising 9% from a week ago as the weekly average mortgage rate dropped to 6.67%, the lowest level since early April. Touring activity is up 25% from the start of the year, and Google searches for 鈥渉omes for sale鈥� are at the highest level in a year.

鈥淪ome homes are moving fast, others are seeing multiple price reductions,鈥� said , a Redfin agent in Boston. 鈥淚t鈥檚 not location or price-tier specific; the mixed results permeate in every corner of the market. Prices are still as high as they have ever been, but with homes sitting longer, the market is slowly turning in buyers鈥� favor.鈥�

For Redfin economists鈥� takes on the housing market, please visit Redfin鈥檚 鈥溾�� page.

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About Redfin

Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin鈥檚 clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.

You can find more information about Redfin and get the latest housing market data and research at . For more information about Rocket Companies, visit .

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Contact Redfin

Redfin Journalist Services:

Tana Kelley

[email protected]

Source: Redfin