13% Decline in Pending-Home Sales Amid High Mortgage Rates: A Redfin Report

2023-09-25T14:47:12-04:00September 26, 2023|Real Estate Market Analysis|

The housing market is currently grappling with a significant decline in pending-home sales due to the surge in mortgage rates and home prices. A recent report from Redfin reveals a 13% drop in pending-home sales compared to the previous year, underscoring the hurdles faced by potential homebuyers. The affordability crisis in the housing market continues to escalate as mortgage rates and home prices hit record highs. The combination of these factors has led to an unprecedented increase in monthly housing payments, making it increasingly challenging for prospective homebuyers to enter the market.