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Two Florida metros see over 10% of listings priced below purchase value
Redfin said US home sales fell 4.1% in July versus June, as record home prices and mortgage rates around 6.5% weighed on demand.
A Redfin analysis linked a mid-summer slowdown in the US housing market to historically high home prices and mortgage rates that are moving back up. The data showed US home sales fell 4.1% in July compared with June, the lowest level in nearly two years, with the median home-sale price at $407,730, up 3.2% year over year.
Redfin pointed to pressure on would-be buyers as home prices remained elevated and mortgage rates rose, citing the average 30-year fixed mortgage rate at about 6.5%, the highest monthly average since August 2025. In its report, the company said buyers faced record-high prices, higher borrowing costs, and growing financial insecurity.
The report also highlighted regional stress, with one real estate data platform showing Florida metros where more than 10% of sellers listed homes below the purchase price they paid. The broader pattern extended beyond Florida, with Texas, Arizona, and Colorado metros also showing list prices below prior purchase prices for more than 10% of listings, according to the same data provider. Redfin said home sales were falling fastest in Texas, including San Antonio (-12.6% year over year), Dallas (-10.0%), and Fort Worth (-9.9%).