Pending home sales fell to their lowest level since early April during the four weeks ending July 26 and dropped 1.7 percent in the last week alone, according to a report from Redfin. Rates remain under pressure due largely to inflation concerns and volatile oil prices tied to geopolitical tensions. Despite high rates, the median 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. “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.”