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US pending home sales tumble to record low in September
Contracts to buy previously owned homes fell 7.3% from August as the National Association of Realtors said rising mortgage rates weakened demand.
- 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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Construction and Sales of Single-Family Homes in the U.S. Plummets to Historical Minima in September
According to data from the Department of Commerce, the construction of single-family housing in the U.S. fell by 4.6% year-on-year in September.
·Los Angeles, United States
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(New York = Yonhap News) Correspondent Kim Yeon-sook = As high mortgage rates suppress demand, the number of existing home sales contracts in the U.S. in September fell to an all-time low...
·Seoul, Korea (the Republic of)
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U.S. Housing Market Hits New Low as Mortgage Rates Surge and Home Construction Slumps
American homebuyers are retreating from the market as mortgage rates climb above 7%, sending pending sales to their lowest level on record while builders cut ... The post U.S. Housing Market Hits New Low as Mortgage Rates Surge and Home Construction Slumps first appeared on [your]NEWS.
Coverage Details
Total News Sources50
Leaning Left4Leaning Right11Center11Last UpdatedBias Distribution42% Center, 42% Right
Bias Distribution
- 42% of the sources are Center, 42% of the sources lean Right
42% Right
L 16%
C 42%
R 42%
![[your]NEWS](/_next/image?url=https%3A%2F%2Fgroundnews.b-cdn.net%2Finterests%2Ffb6dc495f74049f513563c33352175eaa0ecd509.jpg%3Fwidth%3D60&w=128&q=75)
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