US pending home sales tumble to record low in September
Rising mortgage rates and stretched affordability pushed contract activity down 11.3% from a year earlier, the National Association of Realtors said.
- 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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(LILAMAX)- Rising mortgage rates are putting additional pressure on the U.S. housing market, with pending home sales falling sharply in September. According to the National Association of Realtors, pending home sales, which measure signed contracts on existing homes, dropped 7.3% from August and declined 11.3% compared with September of last year. Home construction also weakened during the month, with both...
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Americans are struggling to buy homes amid rising costs - Regional Media News
There has never been a worse month for pending home sales than September 2026. Data released Tuesday shows the housing market weakening sharply, squeezed by rising mortgage rates and elevated home prices. Pending home sales fell 7.3% in September from the previous month, according to [...]
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