US Pending Home Sales Fall to Lowest Level Since 2021
Redfin Reports U.S. Pending Home Sales Sink to a New Low
On Thursday, October 22, Redfin reported that US pending home sales fell 1.9% from the previous week to their lowest level in records dating back to 2021.
Pending sales declined in all 50 of the most populous US metropolitan areas for the second consecutive week, as weekly average mortgage rates remained elevated at 7.4%.
Redfin’s latest housing market analysis for the four weeks ending October 18 showed that the median monthly housing payment reached $2,796, the second-highest level on record. Meanwhile, the median home-sale price rose just 0.2% year-over-year, following two consecutive weeks of 0.1% increases.
New listings declined 1.4% week-over-week to their lowest level since July, reflecting subdued homebuying demand. Total housing inventory edged up 0.1% over the same period, as slower sales continued to limit the pace at which available homes were absorbed.
Redfin noted that hundreds of thousands more homeowners are looking to sell than buyers are looking to purchase nationwide, giving buyers their strongest negotiating position in more than a decade.
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