Pending Home Sales Plummet to Record Low
Contract signings for existing homes plunged 7.3% in September, the biggest drop since December, far worse than the 3.9% decline expected and taking the index to a record low.
▪️ The index fell to 66.0, a record low in data back to 2001, well below January’s prior low of 70.8
▪️ All four regions saw declines, led by the West (-9.2% month-over-month, -15.0% year-over-year)
▪️ 30-year mortgage rates per Freddie Mac averaged 6.86% in September, the highest since January 2025
And these do not account for cancellations, which have been rising.
