Pending home sales fell 1.3 percent week-over-week to their lowest level in three months during the four weeks ending July 19, according to a report from Redfin. The decline in homebuying demand comes as weekly average mortgage rates rise to an 11-month high of 6.55 percent. Additionally, home prices remain high, sitting just about $900 shy of their all-time peak. “Homes that have been sitting on the market for longer than a few weeks often come with room to negotiate on price and seller concessions. On the selling side, new listings ticked up 0.4 percent week-over week, though they are still at their second-lowest level since the start of 2026.