Redfin: US pending home sales hit 3-month low as mortgage rates rise to 6.85%
RKT•Housing payments and inventory
The median U.S. housing payment slipped 1.3% year over year to USD 2,575 as median asking prices fell to a 1-year low.
Active listings totaled 1.49 million; months of supply were 3.6, keeping buyers’ leverage elevated with more sellers than buyers.
Homebuying demand slows as rates rise
Redfin flagged a slowdown in U.S. homebuying demand as 30-year mortgage rates climbed to a 1-year high near 6.85%.
Pending home sales fell to the lowest level since early April in the four weeks ended July 26, down 1.7% week over week.
Mortgage-purchase applications dropped 4% week over week; touring activity rose 15% year to date versus 31% at the same point last year.
