Zillow Report: US Existing Home Sales and Pending Listings Decline Amid Rising Mortgage Rates
The U.S. housing market experienced a significant slowdown in October as mortgage rates climbed above 7%. According to the Zillow October Market Report, existing home sales fell 8.7% year-over-year, while newly pending listings—a key leading indicator for future closed sales—dropped 16.8%, marking the largest annual decline since August 2023. Rising affordability remains a primary headwind, with typical monthly mortgage payments increasing 12.8% compared to last year. While home values saw a slight month-over-month dip of 0.6%, the rental market showed resilience, with the Zillow Observed Rent Index rising 2.9% annually. Zillow's chief economist suggests that while November may see further contraction, the pace of the slowdown is expected to ease in early 2025.
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Topics: existing home sales housing affordability mortgage rates rental market
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Part of the story Zillow Report: US Existing Home Sales and Pending Listings Decline Amid Rising Mortgage Rates (6 articles)