The latest data from Redfin highlights a cooling trend in buyer activity, as the number of homes going under contract fell 3.7% week-over-week. This contraction brings pending sales to their lowest level in more than five months. While the supply of new listings saw a modest 1% increase during the same period, buyer appetite has weakened significantly in the face of persistent rate pressure.

Regional disparities remain pronounced. Markets such as Seattle, Houston, and Phoenix recorded double-digit declines in pending sales, while Newark and West Palm Beach saw continued price growth. Despite the overall slowdown, the national median sale price holds at $406,362. With the average mortgage payment now sitting at $2,631, high entry costs continue to dictate the pace of transactions, leaving the market in a precarious state as it nears the end of the summer.