Summary
The U.S. housing market is experiencing a decline in pending home sales, with only five metropolitan areas seeing an increase. This decline is due to high housing costs and economic uncertainty, which make buyers hesitant. However, some cities like West Palm Beach and Jacksonville have seen a rise in pending sales.
Key Facts
- Pending home sales are down in almost all large U.S. metropolitan areas except for five.
- The cities with increased pending home sales are West Palm Beach, Jacksonville, Columbus, and Chicago.
- Oakland and Minneapolis have seen the largest declines in pending home sales.
- Nationally, pending sales fell 5.1% year-over-year as of February 8.
- Homes are taking longer to sell, with an average of 66 days on the market.
- Mortgage rates are around 6%, double what they were during the pandemic low.
- New property listings have decreased by 1.8% compared to last year.
- Median home prices grew by 1.2% year-over-year, but some cities saw price declines.
