\nU.S. pending home sales fell 2.2% week over week during the four weeks ending July 12, the first decline in a month. That\u2019s according to a new report<\/a> from Redfin<\/a>, the real estate brokerage powered by Rocket.<\/p>\n
\nSome house hunters backed off due to stubbornly high housing costs. The weekly average mortgage rate rose back up to 6.49% after dipping to 6.43% the previous week, and the daily average rate shot up to its highest level in nearly a year. The median home-sale price was just about $800 shy of the all-time high. Another factor is the shaky global economy, which grew more uncertain last week as the U.S.-Iran ceasefire ended and oil prices jumped. But note that the decline may also reflect normal week-to-week volatility rather than a major shift in demand.<\/p>\n
\nOn the selling side, new listings fell 1.2% week over week to their lowest level since the start of the year. While there are still hundreds of thousands more sellers than buyers<\/a> in the market, fresh listings are sliding because some homeowners are opting to stay put rather than try to sell during a time of subdued demand.<\/p>\n \n\u201cFirst-time buyers are having a tough time breaking into the market,\u201d said Christine Kooiker<\/a>, a Redfin Premier<\/a> agent in Grand Rapids, MI. \u201cHigh mortgage rates mean that even homes in the most affordable price point\u2014under $350,000 in the Grand Rapids area\u2014are a stretch for a lot of buyers, and they\u2019re hard to find and competitive. A lot of move-up buyers are sitting on the sidelines, too, because they\u2019re locked into low mortgage rates or can\u2019t find a new home they love. High-income buyers and retirees who spend the summer in Michigan are most active, scooping up newly built single-family homes and luxury condos.\u201d<\/p>\n \nFor Redfin economists\u2019 takes on the housing market, please visit Redfin\u2019s \u201cFrom Our Economists<\/a>\u201d page.<\/p>\n Leading indicators<\/b><\/p>\n