Housing market peaks in 2026 as sales surge but pending listings fall

Completed home sales rose 7% year-over-year in July, driven by contracts signed in June when mortgage rates were around 6.5%. However, pending home sales and new listings dropped as mortgage rates climbed to 6.69%, the highest of the year. All U.S. regions saw declines in pending sales, with the West experiencing the largest drop. Inventory increased slightly, while home price growth slowed to 2.1%, the slowest in a decade.