U.S. Pending Home Sales Hit Record Low Amid Elevated Mortgage Rates
U.S. pending home sales fell 1.9% week-over-week to 281,749 units for the four weeks ending October 18, 2026, marking the lowest level in Redfin's records since 2021. The decline was widespread, with pending sales dropping across all 50 of the most populous U.S. metro areas for the second consecutive week. The slowdown is primarily driven by high borrowing costs, as average mortgage rates remain at approximately 7.4%, pushing median monthly payments to $2,796—the second-highest level on record. While home prices showed minimal year-over-year growth of 0.2%, the lack of buyer demand has increased negotiating power for consumers, even as new listings saw their largest weekly decline in three months.
Topics: home prices housing inventory mortgage rates pending home sales
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Part of the story U.S. Home Affordability Hits Historical Lows Amid Rising Mortgage Rates (2 articles)