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U.S. pending home sales fall to lowest level since 2014

Pending home sales declined 4% month over month in September, the biggest monthly drop in more than three years, as mortgage rates rose above 7%.

Reported · Written up by our desk · Residential

U.S. pending home sales fell to the lowest level since spring 2014, with an exception for April 2020 when the pandemic halted the housing market, according to Redfin News. The outlet said pending sales declined 4% from the prior month in September on a seasonally adjusted basis, the biggest monthly drop in more than three years.

Redfin News attributed the contraction largely to mortgage rates rising steadily and surpassing 7% by the end of September. The report also said pending home sales fell year over year across all 50 of the most populous U.S. metros, the first time this has happened in three years.

The biggest year over year declines were on the West Coast, Redfin News reported. Seattle posted the largest drop at minus 24.4%, followed by Los Angeles at minus 16.0%, San Diego at minus 15.8%, and Anaheim, California at minus 15.5%.

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