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US pending home sales tumble to record low in September
The National Association of Realtors said the index fell 7.3% from August as the 30-year mortgage rate climbed to 7.40%.
- September data shows the housing market in a deep freeze, with pending home sales dropping 7.3% from August and 11.3% year-over-year, according to the National Association of Realtors.
- Mortgage rates surged from around 6.8% to 7.6% in September, hitting sales nationwide; the South dropped 8.2% and the West 9.2%, according to Mortgage News Daily.
- Home construction stalled as single-family starts fell 4.56% to 859,000 annualized, while building permits dropped 4% and builder sentiment hit the lowest level in 14 years, according to the NAHB.
- Robert Dietz, NAHB's chief economist, said "housing remains squeezed by supply-side constraints and significant affordability challenges," while Lawrence Yun noted mortgage rates drive affordability more than job growth.
- Ben Ayers, senior economist at Nationwide Financial, said "we expect home construction activity to remain moribund into 2027" as many builders use price cuts to unload current projects.
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Total News Sources23
Leaning Left1Leaning Right2Center7Last UpdatedBias Distribution70% Center
Bias Distribution
- 70% of the sources are Center
70% Center
C 70%
R 20%
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