U.S. pending home sales fell 1.5% from a week earlier on a seasonally adjusted basis during the week ending May 24, 2026. The decline marked the second consecutive weekly drop following four weeks of gains.
The daily average 30-year fixed mortgage rate reached a 10-month high of 6.75% during the week ending May 24, 2026. That rate was up from 6.51% the prior week, which had already been the highest level since August 2025. Mortgage-purchase applications decreased to their lowest level since early April 2026, reflecting heightened affordability pressures. The median monthly housing payment was $2,637 at a 6.51% mortgage rate, the highest in 11 months.
New listings rose 0.2% from a week earlier during the same period, ending a four-week streak of declines. For the four weeks ending May 24, new listings totaled 368,522 on a seasonally adjusted basis, up 0.5% year-over-year. Pending sales over that four-week span stood at 336,818, up 4.7% compared with the same period in 2025. The median sale price was $398,768, a 2.2% year-over-year increase.
Jason Gale, a Redfin Premier agent, said in a podcast interview that many prospective buyers remain engaged but hesitant. "I’m seeing a lot of house hunters who are what I call ‘tire kickers,’ meaning they’re serious about buying–but they’re cautious, waiting to see if mortgage rates decline or the economy improves." He added that sellers could attract these buyers by adjusting their approach. "Sellers can entice those buyers by pricing slightly below recent comps, making minor repairs and staging so the house makes the best first impression it possibly can, and offering incentives like rate buydowns, repair credits or a flexible closing date."
By May 27, 2026, the daily average 30-year fixed mortgage rate had declined to 6.61%, down from the weekly peak of 6.75% and also lower than the 7.02% rate recorded a year earlier. Mortgage-purchase applications were down 0.4% from a week earlier as of the week ending May 22, 2026, though they remained 5% higher than the same week in 2025. Touring activity was up 20% from the start of 2026 as of May 25, a slower pace than the 33% increase seen at the same point in 2025. Google searches for 'homes for sale' showed no change from a month earlier as of May 23, 2026.