Redfin: US pending home sales slide to lowest since 2014 as mortgage rates top 7%
RDFN•Pending home sales fell 4% month over month in September to their lowest level since spring 2014, excluding the April 2020 pandemic freeze. Mortgage rates ended September at a 7.28% weekly average, while homes for sale rose 1.2% and cancellations reached a record 14.5%.
1. Sales and cancellations
Redfin analysis showed pending home sales fell 4% month over month in September, the steepest monthly decline in more than three years, reaching their lowest level since spring 2014 excluding the April 2020 pandemic freeze. Mortgage rates ended September at a 7.28% weekly average, and contract cancellations reached a record 14.5% of deals.
2. More homes for sale
Total homes for sale rose 1.2% month over month to the highest level since March 2020. The analysis said higher mortgage rates tightened affordability and curbed demand across major metros.
