Pending home sales down 5.7% Y/Y, 31.5% from three years ago; market significantly slowed.

by
Sharing is Caring!

According to recent data, pending home sales have decreased by 5.7% year-over-year. Additionally, when compared to three years ago, pending home sales have dropped by 31.5%. This decline reflects broader trends in the market, including rising mortgage rates and reduced buyer activity.

The overall market has been impacted by several factors. For instance, the number of homes actively for sale has decreased by 7.9% compared to last year. This reduction in inventory, coupled with fewer new listings, has contributed to the slower market pace. Homes are also spending more time on the market, with the average days on market increasing.

See also  The US government is closing a women’s prison and other facilities after years of abuse and decay

These trends indicate a cooling housing market, which contrasts sharply with the rapid growth seen in previous years. The combination of higher mortgage rates and limited inventory has made it more challenging for buyers, leading to a notable slowdown in home sales.

See also  Low-income Americans are still struggling after years of high inflation and elevated interest rates, and now they're starting to lose their jobs.

Sources:

https://www.realtor.com/research/august-2023-data/

https://www.realtor.com/research/may-2023-data/