28 September 2023
Pending home sales in August plummeted 7.1% MoM, drastically worse than the forecasted 1% drop, marking the sharpest decline since September 2022. This downturn mirrors the record lows during the COVID lockdown. Every region faced setbacks, with some regions hitting their weakest since 2001. Experts warn of a bleak outlook with rising mortgage rates, raising concerns about the housing market’s prolonged instability.