US Pending Home Sales Fall 6.4% Year-Over-Year in February

On Thursday, Redfin reported that pending US home sales fell 6.4% year-over-year in the four-week period ending March 2. This marks the second-biggest decline since November 2023.

Redfin said sales are sluggish because the median sales price is up 3.2%, and the typical homebuyer’s monthly housing payment is just $26 shy of its all-time high. In addition, some prospective buyers are wary about making a big purchase amid economic uncertainty, including concerns about tariffs, slowing economic growth, and layoffs.

However, the daily average 30-year fixed mortgage rate dipped to 6.7% last week, the lowest level in nearly three months. Redfin said that seems to have brought some people off the sidelines, with mortgage-purchase applications rising 9% week-over-week.