Today's Market News:
Pending Home Sales Slipping
As weekly mortgage rates rose, some house hunters backed off, causing pending home sales to fall 2.2% week-over-week during the four weeks ending July 12th. This was the first decline in a month.
Other factors contributed to the downturn, including a shaky global economy which grew more uncertain as the U.S.-Iran ceasefire ended and oil prices rose in response. Affordable properties were difficult to find, as the median home-sale price was just about $800 short of the all-time high.
On the selling side, new listings fell 1.2% week-over-week to their lowest level since the beginning of 2026. While there are still considerably more sellers than buyers in the market, fresh listings are sliding because some homeowners are opting to stay put.
However, some higher-income buyers and retirees are actively buying certain types of properties. A Grand Rapids, Michigan agent noted that new single-family homes and luxury condo units were especially popular with these buyers.1
Builders Continue to Feel Uninspired
The economic uncertainties and affordability challenges that are affecting many consumers are also affecting the nation's home builders. Their confidence in the market for newly built single-family homes fell two points to 34 in July, down from an upwardly revised reading of 36 in June. That's according to the recently released National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI).
Any score below 50 points is considered negative, which translates into an extended case of builder challenges. Sentiment has remained below 40 for 15 consecutive months, the longest such stretch since 2012. Sentiment points last rose above 50 during July 2023.
The latest HMI survey also revealed that more (37%) builders cut prices during July, up from 35% in June. The average price reduction of 6% stayed unchanged from June. The use of sales incentives was 63% in July, up slightly from 62% in June.
Looking at the three-month moving averages for regional HMI scores, the Northeast and Midwest saw some slight improvements. The Northeast rose one point to 45 while the Midwest increased two points to 45. The South HMI region fell one point to 33, and the West dropped one point to 26.2
Safety First. Clean Air Second.
A recent survey of over 1,000 consumers who plan to buy a home soon prioritized clean air over other popular features. More than one-third (36%) of U.S. house hunters want to find a property with high-end air filtration systems. It's their second biggest priority, right behind security systems, which were vital to 38% of these respondents.
Other popular "gotta haves" included scenic/pleasant views, smart technology, and backup power provided by a generator or solar energy system.
These findings came earlier this month, when the smoke produced by hundreds of Canadian wildfires crossed the border and headed to the Midwest and Eastern U.S. Over 100 million people across eighteen states and Washington, D.C. were under air quality alerts as of July 17th.
Different generations had a different emphasis on clean air inside their next home. While 40% of Generation Zers ranked clean homes as a top priority, 37% of Millennials shared their concerns. Boomers prioritized homes with scenic views, with 47% ranking them as a priority, but clean air and water were important to 35% of them.
Generation Xers prioritized security, with 32% ranking security systems important and only 25% prioritizing clean air.
This report is based on a Redfin survey conducted by Ipsos in May 2026, fielded to 4,000 U.S. residents. This report focuses on roughly 1,000 respondents who are planning to move within the next 12 months.3
Housing Issues Affecting Mid-Term Elections
The 2026 midterm elections are already making headlines, but for many voters, the cost of housing is more important than many other issues. A recent CNBC survey of 1,000 registered voters found that the cost of housing was the #1 issue for respondents aged 18 to 34, and for men aged 18 to 49.
CNBC's All-America Economic Survey for the second quarter of 2026 found the cost of housing is an important issue, particularly among the young voters that both parties are hoping to court during the months leading to the 2026 midterm elections.
According to the survey participants interviewed between July 8th and 12th, the costs of housing and healthcare were tied for the fourth-most important issue facing the country right now. These costs trailed the cost of food and groceries, the protection of democracy, and immigration and border security issues.4
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Sources: 1redfin.com, 2nahb.org, 3redfin.com, 4cnbc.com, 5socialmediatoday.com.
Sources: 1cnbc.com, 2redfin.com, 3realestatenews.com, 4cnbc.com, 5theclose.com.
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