Home prices hit new high as pending sales slip

Home prices continued to rise in June even as softer demand dampened sales and kept homes on the market for longer.

The median home sales price hit $399,633 for the four weeks ending July 6, according to Redfin, setting a new record. The prices are up 1% from the same time last year.

But signs of buyer fatigue are emerging. Pending sales fell 3.5% year-over-year, according to the report, the biggest drop since February. Homes also took longer to sell, with properties on the market for a median of 37 days, one day longer than a month ago and up five days year-over-year. Fewer homes are going under contract within two weeks or selling above their list price compared to this time last year.

A number of factors may be keeping buyers on the sidelines, including elevated mortgage rates and…