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Pending home sales fall nationally, but declines vary by market

For the week ending Sept. 25, pending sales dropped to 59,316, down 4.8% from the prior week and 9.0% from a year ago.

Reported · Written up by our desk · Residential

Pending home sales fell nationally but the slowdown is not hitting every local housing market the same way, HousingWire reports. For the week ending Sept. 25, new pending sales totaled 59,316, down 4.8% from the prior week and 9.0% from a year earlier.

HousingWire also points to signs of more price cutting among sellers. It says 42.5% of active listings had taken a price cut, up from 41.6% a year ago, while active inventory rose to 895,398 homes, up 3.8% year over year.

Inventory is moving more slowly as well, with the national median days on market holding at 70 days, according to HousingWire. The outlet notes that pending sales offer an earlier view of demand than closed sales, and it highlights local data for where weakness could show up next.

One example of demand weakening without an accompanying jump in new supply is Provo-Orem, Utah. HousingWire says only 100 homes went under contract during the week, down 31.5% from 146 in the prior comparison period.

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