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Pending home sales decline as mortgage rates hit a one-year high

Zillow data showed new pending sales fell sharply from June after mortgage rates reached their highest level in about a year.

Reported · Written up by our desk · Residential

Zillow Research reported that new pending home sales jumped 7% in July, but leading indicators suggest momentum may fade in the second half of the year.

According to the Zillow July market report, newly pending sales fell sharply from June as mortgage rates moved to their highest point in about a year, pressuring affordability.

The report frames July as a near-term lift, but links the pullback in pending activity to higher borrowing costs, implying the July sales surge may not be sustained.

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