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Pending home sales fall 3.7% to a 5-month low as rates rise

Median monthly mortgage payments were $2,631 at a 6.66% mortgage rate, while pending sales slipped to 311,150, the lowest level in over five months.

Reported · Written up by our desk · Residential

Redfin reports that the number of homes going under contract fell 3.7% week over week nationwide to a level not seen in more than five months, as would-be buyers paused in response to higher mortgage rates.

According to Redfin’s weekly housing-market data, pending sales (seasonally adjusted) totaled 311,150, down 3.7% on the week and down 1.9% year over year, alongside a small increase in new listings.

The report also showed median sale prices of $406,362, up 2.9% year over year, and median asking prices of $398,666, up 1.1% year over year, with the median monthly mortgage payment (seasonally adjusted) at $2,631 at a 6.66% mortgage rate.

Redfin said new listings rose 0.2% week over week, active listings fell 0.3% week over week, and months of supply was 3.6, unchanged at 4 to 5 months of supply considered balanced.

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