Pending home sales have indeed seen a significant decline recently, despite easing mortgage rates. In July 2024, pending home sales dropped by 5.5%, and during the four weeks ending August 25, 2024, they fell by 6.9%. The year-over-year (YoY) drop in pending home sales for July 2024 was 14.6%. This decline is attributed to ongoing affordability challenges for homebuyers, even as mortgage rates have improved.
Put this another way, we likely have the worst Sept pending home sales since the 1990s https://t.co/9OTeAHS9d0
— Darth Powell (@VladTheInflator) September 14, 2024
Sources:
https://www.realtor.com/research/pending-home-sales-july-2024/
https://www.redfin.com/news/housing-market-update-pending-sales-housing-payments-fall/
https://www.redfin.com/news/housing-market-update-pending-home-sales-record-decline/