Rate surge drives home buyers to the sidelines this summer
“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.”
The median sale price reached $408,795 for the period, a 2.5% annual gain, while the median monthly mortgage payment sat at $2,618 at a 6.55% rate.
Some 20.2% of listings carried a price drop, edging down from 21% a year earlier.
The average sale-to-list ratio held at 99.1%, and 28.3% of homes sold above list price, signaling that correctly priced inventory still attracts competition even as broader demand softens.
Rate sensitivity defines broker conversations heading into fall
The week-over-week swings in pending sales have tracked mortgage rate movements with unusual precision across 2026.
