Tag Archives: Pending Home Sales

According to a new report from Redfin, high home prices and mortgage rates are pushing the monthly mortgage payment on a median-priced home to $2,573.

“Home sales activity looks to be bottoming out in the first quarter of this year, before incremental improvements will occur,” said NAR Chief Economist Lawrence Yun.

January marked the lowest rate of home appreciation since the spring of 2021, declining for the ninth straight month to 5.7%. Meanwhile, Orlando, Florida posted the country’s largest annual gain for the third consecutive month.

A sign of future activity, mortgage-purchase applications are up, although pending home sales are down 20% year-over-year.

A new report from the National Association of Realtors shows pending home sales numbers improving on a monthly basis for the first time in six months. Click through to read Chief Economist Lawrence Yun’s thoughts on the matter.

Declines in pending home sales were found by Redfin in pandemic homebuying hotspots of Las Vegas, Phoenix, and Austin, with each city reporting that pending sales plummeting more than 50%.

Pending home sales recorded the second-lowest monthly reading in 20 years as pending transactions dropped by nearly 40% year-over-year, while contract signings also slipped from October.

With mortgage rates recently declining, demand has shown early indications of increasing, according to Redfin’s most recent Homebuyer Demand Index.

After experiencing a near 5% monthly drop in pending October sales, NAR reported the near-20-year high in mortgage rates and expensive home prices forced many prospective buyers to the sidelines.

The National Association of Realtors’ latest Pending Home Sales Index showed transactions sliding by 31% year-over-year. Contract signings also pulled back in all four major U.S. regions, with inflated mortgage rates continuing to hinder homebuyers from purchasing a home.