Redfin Reports Pending Home Sales Slip As Would-Be Buyers Wait For Lower Rates and Economic Clarity

The homes that do sell are taking a long time to find buyers, who are wary of high housing costs and economic instability

U.S. pending home sales fell 0.3% from a year earlier during the four weeks ending November 9, a tiny decline but the first in four months, according to a new report from Redfin, the real estate brokerage powered by Rocket.

The homes that are selling are staying on the market longer: Homes are taking a median of 49 days to go under contract, the longest span for this time of year since 2019.

House hunters are hesitant because costs are high and the economy is uncertain:

• The weekly average mortgage rate rose to 6.22% after dropping to a year-low of 6.17% a week earlier after the Fed indicated it may not cut interest rates in December.
• The median home-sale price increased 2.4% year over year, the biggest jump in six months.
• Many would-be buyers are wary of purchasing a home while the U.S. economy feels unstable. More than 20% of Americans are delaying a major purchase like a home or car due to the government shutdown, and another 15% have canceled a major purchase altogether, per a recent Redfin survey.

The selling side is holding up better, with hundreds of thousands more sellers than buyers in the market nationwide. Redfin agents recommend sellers price their home realistically from the start to attract buyers. This week, new listings of homes for sale are up 3.4% year over year, similar to the increases Redfin has seen over the last month.

Agents also report that some would-be buyers are waiting for mortgage rates to dip below 6% before making a move.

"House hunters are sensitive to rates and prices; many are waiting for one or both to drop before buying," said W.J. Eulberg, a Redfin Premier agent in Milwaukee. "But that's not always a great strategy. If mortgage rates come down significantly, there will be more bidding wars. And if prices drop, it will probably be because the economy has weakened and people are losing their jobs. For people who can afford a home now, they may consider jumping into the market while competition is low and many sellers are willing to negotiate on price or offer concessions like funds to cover closing costs."

For Redfin economists' takes on the housing market, please visit Redfin's "From Our Economists" page.

Leading indicators

Key housing-market data

To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-pending-sales-decline-buyers-waiting-for-lower-rates

About Redfin

Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE:RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin's clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.

You can find more information about Redfin and get the latest housing market data and research at Redfin.com/news. For more information about Rocket Companies, visit RocketCompanies.com.

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Tana Kelley

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