Today’s housing market rewards patience over panic: With hundreds of thousands more sellers than buyers in the U.S., buyers in most of the country have time to peruse options and negotiate.

U.S. pending home sales fell to their lowest level since early April during the four weeks ending July 26, dropping 1.7% in the last week alone. Tours of home listings are up 15% since the start of the year, compared with a 31% increase at this time last year, according to data from ShowingTime.

Homebuying demand is declining partly because mortgage rates are rising: The daily average rate rose to 6.85% at the end of last week, the highest level in over a year–and there’s little relief on the horizon. Rates remain under pressure due largely to inflation concerns and volatile oil prices tied to geopolitical tensions. Although the labor market remains strong, the combination of high borrowing costs and widespread economic uncertainty is prompting many house hunters to press pause.

There are a few bright spots for the buyers who are in the market. Despite stubbornly high rates, the median U.S. housing payment fell to $2,575–its lowest level in three months–because sellers’ median asking prices dropped to their lowest level in a year. And while some would-be sellers are backing off as demand declines, with new listings dipping to their second-lowest level since the start of 2026, there are still hundreds of thousands more sellers than buyers in the market. That means buyers have negotiating power in most of the country.

“It’s important for house hunters to remember that while mortgage rates were much lower during the pandemic, every listing was ultra-competitive; buyers often had to pay tens of thousands of dollars over the asking price to win a home,” said Bonnie Phillips, a Redfin Premier agent in Cleveland. “Rates are higher now, but bidding wars are unlikely and buyers are often able to negotiate prices down and get concessions from sellers. Today’s housing market rewards patience over panic: If you can afford to buy, focus on finding a home you love and negotiating a good deal rather than trying to perfectly time mortgage rates.”

For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page.

Redfin’s national metrics include data from 900+ U.S. metro areas and are based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2021. Subject to revision.

Metro-level highlights: Four weeks ending July 26, 2026

Redfin’s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.

Metros with biggest year-over-year increases

Metros with biggest year-over-year decreases

Virginia Beach, VA (6.4%)

Charlotte, NC (-0.3%)

Sacramento, CA (5.9%)

Providence, RI (7.7%)

Refer to our metrics definition page for explanations of all the metrics used in this report.

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