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US Pending Home Sales Sink Near 12-Year Low as Rates Top 7%: Report
Mortgage rates above 7% pushed cancellations to a record 14.5% as buyer demand weakened and supply climbed, Redfin said.
- On Monday, October 12, 2026, Redfin reported that U.S. pending home sales fell 4% in September, reaching their lowest level since spring 2014, excluding the April 2020 pandemic freeze.
- Rising mortgage rates, which surpassed 7% by the end of September, pushed potential buyers to the sidelines as widespread economic uncertainty persisted throughout the market.
- Nationwide, 14.5% of homebuying deals that went under contract in September were canceled—the highest share on record—while 19.8% of U.S. home sellers with active listings reduced their asking prices.
- "Less competition means more room to negotiate," said Chen Zhao, Redfin's head of economic research, as buyers gain leverage on prices and closing costs despite high borrowing rates.
- The total number of homes for sale rose 1.2% from August to its highest level since March 2020, exposing market fragility after years of soaring prices and economic shifts.
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Trump-era mortgage shock blasts home sales back to plague years
It’s here, reports Bloomberg. “The return of 7 percent mortgage rates in the Trump era has hit the US housing market like a thunderbolt, sending pending sales tumbling to near 12-year lows.“The mood in the real estate industry has significantly shifted,” said Daryl Fairweather, Redfin Corp.’s chief economist. “When interest rates go up like this, fewer people can afford to buy homes, which means sales have to fall.”President Donald Trump and MAG…
·Miami Beach, United States
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The IndependentReposted by 
The Independent (US)
The Independent (US)Home sales under contract plummet to 12-year low in US
Pending sales dropped in all 50 states
·London, United Kingdom
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Coverage Details
Total News Sources13
Leaning Left5Leaning Right0Center3Last UpdatedBias Distribution63% Left
Bias Distribution
- 63% of the sources lean Left
63% Left
L 63%
C 37%
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