08/22/2026
π‘ HOUSING MARKET UPDATE β Mid-August
Mortgage rates climbed again in July, and here's the twist: money is now more expensive than it was this time last year. Last August, rates had already peaked and were coming down. This year, they're still climbing. That shift is putting a little extra chill on buyer demand.
Here's where things stand right now:
π New contracts (pending sales): ~77,000 this week β down nearly 4% from a year ago, one of the softest weeks we've seen in 2026.
ποΈ Homes for sale: just over 1.1 million nationally β up about 1.4% from last year, so buyers have a bit more to choose from.
π·οΈ Price cuts: nearly 42% of listings on the market have already had a price reduction. At this pace, that share will pass last year's level by next month.
π° Prices: the national median for single-family homes is $399,000 β basically flat compared to a year ago.
The takeaway: demand is cooling and inventory is rising, but it's happening gradually, not all at once like the sharp slowdown we saw in 2023. And prices? Still holding steady overall β some markets (like Chicago) are still seeing gains, a few (Las Vegas, Seattle) are softening slightly, and others (San Francisco, Miami) have turned positive again. It really depends on where you're shopping.
One thing to keep in mind if you're waiting on the sidelines for rates to drop: when rates do fall, competition usually comes right back with them. More listings and less competition rarely happen at the same time β so the window you're in right now may be worth a second look.
Curious what this means for your neighborhood? Send me a DM and let's talk numbers. π