Redfin: U.S. Pending Home Sales Sink Near 12-Year Low, Down 4% in September; Los Angeles −16%, San Diego −15.8%
SEATTLE — U.S. pending home sales fell to their lowest level since spring 2014 — with the exception of April 2020, when the onset of the pandemic ground the market to a halt — according to a Redfin report released Oct. 12 via PR Newswire. Pending sales declined 4% from a month earlier in September on a seasonally adjusted basis, the biggest monthly drop in more than three years, while closed sales fell 1.6% month over month to their lowest level since the end of 2023.
Redfin said fewer homes went under contract largely because mortgage rates rose steadily, surpassing 7% by the end of September. Freddie Mac's weekly survey put the average 30-year fixed rate at 7.40% as of Oct. 8.
For the first time in three years, pending sales declined year over year in all 50 of the most populous U.S. metros — last seen in September 2023, also the last time rates sustained levels above 7%. The biggest declines were on the West Coast: Seattle fell 24.4% year over year, followed by Los Angeles (−16%), San Diego (−15.8%) and Anaheim, California (−15.5%). Redfin noted those Southern California metros are among the priciest in the U.S., so rising rates hit on-the-fence buyers hard, while Seattle also faces a bumpy local job market. The total supply of homes for sale rose to its highest level since March 2020, and 14.5% of homebuying deals fell through in September — the highest share in Redfin's records.
(Source: Redfin)
Source: Redfin
Published by GSM · USA (original Chinese edition)
Photo: 加州湾区住宅区航拍，CC0（Wikimedia Commons，摄影：Alfred Twu）
