Mortgage & housing market update
Pending Home Sales Fall 2.3% as Affordability Pressures Continue
Signed contracts on existing homes declined in July as mortgage rates and high home prices continued to limit buyer demand.
The National Association of REALTORS® Pending Home Sales Index fell 2.3% from June and 2.2% from a year earlier, reaching its lowest level since January 2026. Pending sales measure signed contracts and often provide an early view of future existing-home closings.
The gap between employment growth and housing activity suggests that many potential buyers remain on the sidelines. A more stable rate environment or improved affordability could bring some of that demand back, although the effect would likely vary by price range and local inventory.
For Northeast Florida buyers, slower contract activity can sometimes create more room to negotiate, but it does not automatically mean every seller or neighborhood is offering concessions. A current pre-approval and property-specific payment estimate remain important before making an offer.
Mortgage-rate information is provided for education only and is not a rate quote, offer, or commitment to lend. Actual rates, fees and terms vary by borrower, property, loan program, market conditions and lock period. Home-price indexes are not appraisals or forecasts for a specific property.
Source reporting: Housing Brief Housing News. This market update is an original summary and commentary prepared by the Carson Home Team.