1025 ET - Pending sales fell 3.5% year-over-year during the four weeks ending July 6, according to Redfin. That was the second biggest decline since early February, trailing only last week's 4.1% fall. There were some encouraging signs for sellers with mortgage purchase applications rising 9% from a week ago as the weekly average mortgage rate dropped to 6.67%, the lowest level since early April. Touring activity is up 25% from the start of the year, and Google searches for "homes for sale" are at the highest level in a year, Redfin says. Prices are still as high as they have ever been. The median U.S. home sale price hit a record $399,633, up 1% year-over-year, but with homes sitting longer, the market is slowly turning in buyers' favor, Redfin says. (chris.wack@wsj.com)

(END) Dow Jones Newswires

July 10, 2025 10:25 ET (14:25 GMT)

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