U.S. Pending Home Sales Fall to Lowest Level Since 2014
Pending home sales dropped 4% in September as mortgage rates moved above 7%, while the weekly average rate reached 7.28%.
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what happened
Pending home sales in the U.S. fell 4% in September from the previous month, the sharpest monthly decline in more than three years, according to Redfin. The measure reached its lowest point since spring 2014, apart from April 2020, when the start of the pandemic brought the housing market to a standstill.
Fewer properties entered contract in September largely after mortgage rates moved above 7% by month-end. Pending sales declined across all 50 of the most populous U.S. metros for the first time in three years. Nationwide closed-home sales fell 1.6% from August. The weekly average mortgage rate rose to 7.28% at the end of September, its highest level in three years.
why it matters
The figures show how elevated borrowing costs are weighing on activity in the U.S. housing market. The trend may matter for assessments of consumer demand and the dollar, although the report itself does not provide a market forecast.
instruments
sources
- U.S. Pending Home Sales Sink As Mortgages Climb Past 7% — Market Talk — Newsmetry API, 12 October 2026 at 14:22 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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