{"id":994068,"date":"2026-08-12T09:30:13","date_gmt":"2026-08-12T13:30:13","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/home-sales-drop-to-lowest-level-in-nearly-2-years-with-texas-and-seattle-driving-decline\/"},"modified":"2026-08-12T09:30:13","modified_gmt":"2026-08-12T13:30:13","slug":"home-sales-drop-to-lowest-level-in-nearly-2-years-with-texas-and-seattle-driving-decline","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/home-sales-drop-to-lowest-level-in-nearly-2-years-with-texas-and-seattle-driving-decline\/","title":{"rendered":"Home Sales Drop to Lowest Level in Nearly 2 Years, With Texas and Seattle Driving Decline"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n Near-record home prices, elevated mortgage rates and economic instability drove down <\/i>
\n U.S. home sales in July<\/i>\n <\/p>\n

\n SEATTLE<\/span>, Aug. 12, 2026<\/span> \/PRNewswire\/ — U.S. home sales fell 4.1% from a month earlier in July, dropping to their lowest level in nearly two years on a seasonally adjusted basis. That’s according to a new report<\/a>\u00a0from Redfin<\/a>, the real estate brokerage powered by Rocket.<\/p>\n

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\n \"Redfin,\n <\/p>\n<\/p><\/div>\n

Pending home sales, a real-time indicator of homebuying demand, fell 2.5% to their lowest level since December.<\/p>\n

Homebuying demand is slipping largely because housing costs are historically high, pricing many would-be buyers out of the market. The median U.S. home-sale price rose 3.2% year over year to $407,730, the highest July level on record, and the monthly average mortgage rate rose to a one-year high of 6.54%.<\/p>\n

Widespread economic uncertainty was another factor that kept some would-be homebuyers on the sidelines in July. Concerns about the labor market<\/a>, inflation<\/a>\u00a0and the broader economy<\/a>\u00a0made some buyers hesitant to make a major financial commitment, especially with housing costs already near record highs. That uncertainty likely contributed to the decline in sales and pending sales. It’s also worth noting that some buyers backed out after making offers on homes: 14% of July’s home-sale agreements fell through, the highest share since 2023.<\/p>\n

“The housing market suffered from a mid-summer slump in July as would-be buyers grappled with record-high home prices, increasing mortgage rates and growing financial insecurity,” said Chen Zhao<\/a>, Redfin’s head of economics research. “Many Americans simply can’t afford<\/a>\u00a0today’s housing costs, while others are holding off because they’re worried about the economy and\/or their job security. The silver lining is that the buyers who can afford a home may be able to negotiate<\/a>\u00a0on price and get concessions from sellers who are eager to offload their house.”<\/p>\n

\n Homebuying Demand Slumps Most in Texas and Tech-Heavy Seattle<\/b>\n <\/p>\n

Certain parts of the country are driving homebuying demand down. Home sales are falling fastest in Texas\u2014San Antonio (-12.6% year over year), Dallas (-10%) and Fort Worth (-9.9%), specifically. Detroit (-9.3%) and Seattle (-9.1%) round out the top five.<\/p>\n

Pending\u00a0home sales are falling fastest in Seattle, where they declined 15.6% year over year. Seattle is followed by Houston (-14.3%) and Phoenix (-13.3%).<\/p>\n

Texas’ housing market is slowing partly because buyers have a lot to choose from after years of homebuilding, reducing urgency and competition. In some neighborhoods, sellers are also competing with builders offering incentives on new homes, according to Redfin agents.<\/p>\n

In Seattle, meanwhile, pending sales are dropping as would-be buyers contend with stubbornly high housing costs; the metro area’s median home-sale price is $809,479, roughly double the national average. Prospective house hunters are also grappling with a shaky tech job market: Layoffs at major employers like Microsoft and Amazon have hit some workers’ finances hard, and made others less confident about their job security.<\/p>\n

“Seattle is a tech-driven market, and right now a lot of buyers are feeling cautious about layoffs, AI and job security,” said Chase Costello<\/a>, a Redfin Premier<\/a>\u00a0agent in the Seattle area. “Tech workers aren’t moving between companies\u2014or moving into the area\u2014as much as they used to, and that means fewer people are trading up into new homes. Buyers are still out there, but they’re taking more time and being more careful about making a major purchase.”<\/p>\n

\n Home Sales Surge in West Palm Beach, San Francisco and Milwaukee, Bucking National Trend<\/b>\n <\/p>\n

Demand is strong in some places. Home sales rose fastest in July in West Palm Beach, FL, where they increased 17.1% from a year earlier. It’s followed by San Francisco (8.5%) and Milwaukee (7%).<\/p>\n

In South Florida and the Bay Area, affluent buyers who aren’t sensitive to cost are driving the market<\/a>; in San Francisco specifically, the AI boom is also contributing<\/a>\u00a0to strong home sales.<\/p>\n

Milwaukee is bucking the national slowdown partly because homes remain relatively affordable: The typical home sells for about $383,805, less than the national average. The number of homes for sale in Milwaukee is also rising, and more listings can lead to more sales.<\/p>\n

\n U.S. New Listings Dip to Lowest Level in Nearly 2 Years<\/b>\n <\/p>\n

Nationwide, new listings of homes dropped in July to their lowest level since October 2024. On a month-over-month basis, listings fell just 0.1%.<\/p>\n

Both buyers and sellers are pulling back. High mortgage rates are discouraging some homeowners from listing, especially those who would have to give up a much lower rate to move, keeping new listings in check. Other would-be sellers are holding off as they notice tepid homebuying demand.<\/p>\n

The total\u00a0number of homes for sale dipped 0.3% month over month. Sluggish homebuying demand means the homes that do hit the market are taking longer to sell, preventing the total number of homes for sale from falling significantly.<\/p>\n

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\n
\n July 2026 Housing Market Highlights: United States<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n July 2026<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Month-over-month change<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Year-over-year change<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Median sale price<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n $407,730<\/span>\n <\/p>\n<\/td>\n

\n

\n n\/a<\/span>\n <\/p>\n<\/td>\n

\n

\n 3.2\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Existing-home sales, seasonally adjusted annual rate<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 4,259,358<\/span>\n <\/p>\n<\/td>\n

\n

\n -2.2\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 1\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Pending home sales<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 335,051<\/span>\n <\/p>\n<\/td>\n

\n

\n -2.5\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n -0.7\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Homes sold<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 285,312<\/span>\n <\/p>\n<\/td>\n

\n

\n -4.1\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n -0.6\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n New listings<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 375,149<\/span>\n <\/p>\n<\/td>\n

\n

\n -0.1\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n -0.6\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total homes for sale (active listings)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 1,462,921<\/span>\n <\/p>\n<\/td>\n

\n

\n -0.3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n -0.6\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Months of supply<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 4<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.1<\/span>\n <\/p>\n<\/td>\n

\n

\n -0.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Median days on market<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 49<\/span>\n <\/p>\n<\/td>\n

\n

\n unchanged<\/span>\n <\/p>\n<\/td>\n

\n

\n unchanged<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Share of homes that sold below original list price<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 59.2\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n -0.7 ppts<\/span>\n <\/p>\n<\/td>\n

\n

\n -1.6 ppts<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Average sale-to-original-list-price ratio<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 96.5\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.1 ppt<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.3 ppts<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Pending sales that fell out of contract, as % of overall pending sales<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 14\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.3 ppts<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.7 ppts<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Monthly average 30-year fixed mortgage rate<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 6.54\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.05 ppts<\/span>\n <\/p>\n<\/td>\n

\n

\n -0.18 ppts<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n July 2026 Metro-Level Highlights<\/b>\n <\/p>\n