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'Just crying' for lower rates: Homebuying and selling have picked up this year — barely
The traditional peak season for homebuying and selling is winding down after another underwhelming showing.
For the fourth straight year, high home prices and elevated mortgage rates appear to have sidelined many buyers this spring, even though slightly lower mortgage rates, solid wage growth, and higher inventory of for-sale homes improved their buying power.
Home sales so far this year are up less than 1 percentage point from 2025 levels, according to National Association of Realtors data, a particularly meager improvement considering that sales last year tied for a three-decade low.
Read more: Want to buy a house before the end of 2026? Follow these crucial steps.
Mortgage Rate Dip Fuels Pending Sales Surge, Redfin Reports
U.S. pending home sales increased by 1.3% compared to the previous week, reaching their highest point since early May during the four-week period ending on July 5. This information is derived from a recent report by Redfin, a real estate brokerage affiliated with Rocket. The data has been seasonally adjusted.
The rise in homebuying demand can be attributed in part to a temporary decrease in mortgage rates. The weekly average rate fell to 6.43% on July 2, marking its lowest level in six weeks, as negotiations between the U.S. and Iran to resolve the conflict alleviated financial instability. This development resulted in a reduction of the median monthly housing payment to $2,598, the lowest it has been in six weeks. However, this reprieve from rising mortgage rates was short-lived; rates have since increased again, with the daily average climbing to 6.68% on July 8.
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