US Pending Home Sales Fall to Three-Month Low

On Thursday, Redfin reported that US pending home sales fell 1.3% week-over-week during the four weeks ending July 19, reaching their lowest level in three months.

Redfin said homebuying demand weakened as the weekly average mortgage rate rose to an 11-month high of 6.55%. Home prices remained near record levels, about $900 below their all-time peak.

Broader economic uncertainty, including renewed conflict involving Iran and rising oil prices, also kept some prospective buyers on the sidelines, Redfin noted. New listings edged up 0.4% week-over-week but remained at their second-lowest level since the start of the year, as some homeowners waited for demand to improve.