US pending home sales hit lowest October level since 2018

Newly pending home listings in the United States experienced a sharp decline in October, according to report coverage by MPA Magazine and Floor Covering Weekly. MPA Magazine reported that pending listings fell 16.8% year over year, marking the slowest October for contract signings since 2018 and the steepest annual drop since August 2023. Floor Covering Weekly similarly reported a 17% drop in newly pending listings for the month. [1][3]

MPA Magazine reported that mortgage rates entrenched above 7% slowed overall market activity. Year-over-year mortgage costs increased by 12.8%, which stalled real estate transactions and drove renters to a 19-month high in annual gains. [1]

Completed home sales also contracted in October, falling 8.7% compared to the same period last year, according to MPA Magazine. Zillow preliminary figures cited by the outlet registered 304,105 transactions for the month, which represents a 5.4% drop from September levels. MPA Magazine noted that these completed sales statistics mostly reflect contracts that were signed in September. [1]