03:01 PM EDT, 07/30/2026 (MT Newswires) -- US homebuying demand is slowing amid elevated mortgage rates, with pending sales falling and tour activity sluggish, Redfin.com said Thursday.

Pending home sales reached 322,739 units in the four weeks through July 26 on a seasonally adjusted basis, marking the lowest level in more than three months, according to the online real estate brokerage. As of July 26, touring activity was up 15% from the start of the year, compared with a 31% increase a year earlier, Redfin said, citing ShowingTime data.

The daily average mortgage rate hit 6.85% at the end of last week, the highest level in more than a year, according to the report.

"Rates remain under pressure due largely to inflation concerns and volatile oil prices tied to geopolitical tensions," Redfin said. "Although the labor market remains strong, the combination of high borrowing costs and widespread economic uncertainty is prompting many house hunters to press pause."

Despite elevated rates, the median US housing payment fell 1.3% on an annual basis to a three-month low of $2,575 in the four weeks ended July 26, as sellers' median asking prices dropped to their lowest level in a year, the data showed.

West Palm Beach, Florida, recorded the largest annual increases in both median sale price and pending sales among top US metros. San Jose, California, saw the biggest drop in median price, while Houston posted the steepest decline in pending sales, the report showed.

New listings decreased to their second-lowest level of 2026, though sellers still far outnumber buyers, indicating buyers have negotiating power in most of the US, according to the brokerage.

"Rates are higher now, but bidding wars are unlikely and buyers are often able to negotiate prices down and get concessions from sellers," Redfin Premier agent Bonnie Phillips said. "If you can afford to buy, focus on finding a home you love and negotiating a good deal rather than trying to perfectly time mortgage rates."