Pending Sales Slip as Home Prices Hit All-Time High, Redfin Reports

Seattle, WA, July 15, 2025-Pending home sales in the U.S. dropped 3.5% year-over-year during the four weeks ending July 6, 2025, according to a new housing market update from Redfin. This marks the second-largest decline since early February, just behind the prior week’s 4.1% drop. At the same time, the median home sale price climbed to a record $399,633, up 1% from the same period a year earlier, Redfin reported.

Despite the slowdown in sales activity, Redfin noted signs of renewed buyer interest. Mortgage purchase applications rose 9% from the previous week, fueled by a drop in the average 30-year fixed mortgage rate to 6.67%, the lowest since early April. Additionally, home tour activity was up 25% compared to the start of the year, and Google searches for “homes for sale” hit a 12-month high, according to Redfin’s housing demand tracker.

“There’s a split in the market,” said Redfin Premier agent James Gulden in a statement. “Some homes are moving fast, others are seeing multiple price reductions-it’s not location or price-tier specific. Prices are still as high as they have ever been, but with homes sitting longer, the market is slowly turning in buyers’ favor.”

Redfin also reported a small decline in new listings and a modest rise in inventory. For the four weeks ending June 29, pending sales dipped 3.2% and new listings fell 0.7%, suggesting the typical spring surge in activity is tapering off as affordability challenges persist.