Pending home sales for the fourth consecutive month in September, the largest single monthly decline since onset of the coronavirus pandemic, the National Association of Realtors reported Friday, with all four regions reporting both month-over-month and year-over-year declines in transactions.
With mortgage interest rates pushing well above 6 percent—the Mortgage Bankers Association on Wednesday reported 30-year rates up by 24 basis points to 6.25%–a growing number of homeowners are reluctant to sell because they have a lower rate locked in, said Redfin, Seattle.
Redfin, Seattle, reported nearly one-third (31.4%) of U.S. home purchases were paid for with all cash in July, near the eight-year high reached in February and up from 27.5% a year earlier. In a separate report, Redfin said higher interest rates have given home buyers the upper hand after several years of a “sellers’ market.”
Redfin, Seattle, said demand for vacation homes has fallen below the pre-pandemic baseline for the first time in two years, with mortgage-rate locks for second homes down 4 percent from before the pandemic in May.
Redfin, Seattle, said sales of luxury U.S. homes fell 17.8% year over year during the three months ending April 30, the largest drop since the onset of the coronavirus pandemic sent shockwaves through the housing market.