US Pending Home Sales Decline as Prices Hit New Record High

On Thursday, Redfin reported that in the week four-week period ending on July 6, pending home sales declined 3.5% year-over-year.

This was the second largest decline in pending homes sales since early February, trailing only last week’s four-week period, which saw a 4.1% decline.

The median home-sale price hit a new record high of $399,633 during the same period, up 1% from a year ago.

Redfin points out that 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 “homes for sale” are at the highest level in a year.