From The Real Deal · Holden Walter-Warner · · 50s
Pending home sales hit decade low
Mortgage rates surge as home sales drop to 10-year low.
In brief
Mortgage rates surge as home sales drop to 10-year low. U.S. pending home sales fell 4% from August and 8.6% year over year in September, marking the lowest level since 2014 excluding pandemic months. Originally reported by The Real Deal.
Pending home sales down
Pending home sales fell 4 percent from August and 8.6 percent year over year in September, according to Redfin.
Lowest since 2014
The tally marked the lowest total since spring 2014, excluding pandemic-addled April 2020.
Seattle decline
Seattle saw a 24.4 percent year-over-year drop in pending home sales, the largest decline among major markets.
Closed sales drop
Closed home sales hit their lowest levels since end of 2023 with 14.5 percent of deals collapsing in September.
What to remember
U.S. pending home sales fell 4% from August and 8.6% year over year in September, marking the lowest level since 2014 excluding pandemic months.
