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July Home Sales Log Strongest Annual Growth of 2026 But Could Mark Year's Peak, Zillow Says

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July Home Sales Log Strongest Annual Growth of 2026 But Could Mark Year's Peak, Zillow Says

US home sales in July logged their strongest annual gain for the year, though certain key indicators suggest a slower second half, Zillow Group (Z, ZG) said Thursday.

Sales rose 7% year over year to 382,898 homes last month. Newly pending listings -- which the real estate marketplace said is a leading indicator of future closings -- rose 0.3% annually, but dropped 7.7% sequentially in July.

The latest sales data reflect contracts signed weeks earlier, when mortgage rates were hovering in a range of 6.5%. A surge in oil prices last month amid renewed hostilities between the US and Iran sent mortgage rates higher, which is expected to have prompted many home shoppers to pause their search, according to Zillow.

"July was a strong month for existing home sales, but unfortunately it may represent the peak of what we can expect for the rest of the year," Zillow Chief Economist Mischa Fisher said. "Closed sales in July mostly reflect offers accepted in June, when underlying pent-up demand for housing, combined with an improving rate environment, drove strong activity."

There were 1.41 million homes for sale in the US last month, with active inventory up 1.5% from a year earlier. Home values are up 1.1%, the report showed.

"The affordability edge that has been a silver lining to an otherwise disappointing home shopping season may disappear in the coming months," Zillow said. "Unless they reverse course, mortgage rates will be higher than last year in August, likely enough to push the typical mortgage payment above year-ago levels."

Last week, S&P Global (SPGI) division S&P Dow Jones Indices said US home price growth accelerated annually in May, though values dropped in real terms for a 12th straight month amid continued affordability headwinds.

Price: $32.82, Change: $-3.28, Percent Change: -9.09%

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