Summary
Pending home sales in the U.S. decreased by about 6% in the four weeks ending February 15 compared to the previous year. This drop reflects a slowdown in the housing market due to high costs and cold weather. In response, some sellers are choosing to remove their properties from the market instead of selling at lower prices.
Key Facts
- Pending home sales fell nearly 6% compared to the same period last year.
- Homes took an average of 67 days to sell, the longest time since early 2019.
- The median home-sale price rose by 1.1% year-over-year.
- The average mortgage rate was 6.09%, higher than pandemic-era levels.
- The median monthly mortgage payment is now $2,601, nearly at an all-time high.
- New home listings dropped by 3.1% year-over-year in the same period.
- The total number of homes for sale decreased by 1.5%.
