Mortgage-purchase applications are requests submitted by consumers to lenders for home loans used to buy properties, as opposed to loans for refinancing existing mortgages. Investors watch the number and trend of these applications because they act like a real-time thermometer of housing demand and consumer confidence—rising applications suggest stronger home sales, construction activity, and related spending, while falling applications can signal cooling in the housing market and pressure on companies tied to mortgages and homebuilding.
seasonally adjustedtechnical
Seasonally adjusted means that figures have been modified to remove the effects of regular and predictable changes that happen at specific times of the year, such as holidays or weather patterns. This adjustment helps reveal the true underlying trend by making comparisons across different periods more accurate. For investors, it provides a clearer picture of whether economic activity is genuinely improving or declining, without the noise of seasonal fluctuations.
months of supplyfinancial
Months of supply measures how long it would take to sell all available homes at the current sales rate. It is calculated by dividing the total number of homes for sale by the number of homes sold each month. A lower number suggests a faster market with high demand, while a higher number indicates a slower market with more choices for buyers.
share of homes off market in two weeksfinancial
Percentage of homes that stop being actively listed for sale within two weeks after appearing on the market, counting properties that go under contract, are sold, are withdrawn, or are temporarily delisted. Think of it like the share of new products that fly off store shelves in the first two weeks: it shows how quickly supply is being absorbed and how fast transactions are happening, which helps investors gauge market liquidity and inventory turnover.
sale-to-list price ratiofinancial
The sale-to-list price ratio measures how much of a property's asking price is actually paid by buyers, expressed as a percentage. For example, if a home is listed at $300,000 and sells for $285,000, the ratio is 95%. This figure helps investors gauge the strength of the market: a higher ratio suggests buyers are willing to pay close to asking prices, indicating high demand.
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New listings inched up week over week, but they’re near their lowest level since the start of 2026. Still, there are many more sellers than buyers in the market, giving buyers negotiating power.
SEATTLE--(BUSINESS WIRE)--U.S. pending home sales fell 1.3% week over week to their lowest level in three months during the four weeks ending July 19. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket.
The decline in homebuying demand comes as weekly average mortgage rates rise to a 11-month high of 6.55%.Additionally, home prices are stubbornly high, sitting just about $900 shy of their all-time peak. The topsy turvy U.S. economy, including the resurgence of the Iran war and rising oil prices, is another factor driving would-be homebuyers to the sidelines.
“The buyers who are in the market have more leverage than they’ve had in years,” said Vanessa Leimback, a Redfin Premier agent in Seattle. “Homes that have been sitting on the market for longer than a few weeks often come with room to negotiate on price and seller concessions. But buyers should remember that desirable, move-in ready homes can still be competitive because many people don’t want to take on renovation costs while mortgage payments are high. Thas why the biggest bargains are often on fixer-uppers.”
On the selling side, new listings ticked up 0.4% week over week, though they are still at their second-lowest level since the start of 2026. Some would-be sellers are holding out, waiting for demand to improve.
For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page.
Leading indicators
Indicators of homebuying demand and activity
Value (if applicable)
Recent change
Year-over-year change
Source
Daily average 30-year fixed mortgage rate
6.77% (July 22)
Up from 6.75% one week earlier to highest level in a year
Up 6% from a week earlier (as of week ending July 22)
Up 0.2%
Mortgage Bankers Association
Google searches of “homes for sale”
Down about 5% from a month earlier (as of July 18)
Down 15%
Google Trends
Touring activity
Up 18% from the start of the year (as of July 20)
At this time last year, it was up 36% from the start of 2025
ShowingTime
Key housing-market data
U.S. highlights: Four weeks ending July 19, 2026
Redfin’s national metrics include data from 900+ U.S. metro areas and are based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2021. Subject to revision.
Four weeks ending July 19, 2026
Year-over-year change
Week-over-week change (where applicable)
Notes
Median sale price
$408,795
2.5%
About $900 shy of record high
Median asking price (seasonally adjusted)
$400,257
2.3%
Median monthly mortgage payment (seasonally adjusted)
$2,618 at a 6.55% mortgage rate
0.7%
Pending sales (seasonally adjusted)
327,188
3.1%
-1.3%
New listings (seasonally adjusted)
352,350
0.5%
0.4%
Active listings (seasonally adjusted)
1,485,408
0.5%
-0.1%
Months of supply
3.4
-0.2 pts.
4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions
Share of homes off market in two weeks
31.7%
Down slightly
Median days on market
41
+1 day
Share of home listings with price drops
20.2%
Down from 21%
Share of homes sold above list price
28.3%
Up slightly
Average sale-to-list price ratio
99.1%
Up slightly
Metro-level highlights: Four weeks ending July 19, 2026
Redfin’s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.
Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin’s clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.
