US Pending Home Sales Sink Near 12-Year Low as Rates Top 7%: Report
Mortgage rates above 7% pushed cancellations to a record 14.5% as buyer demand weakened and supply climbed, Redfin said.
- On Monday, October 12, 2026, Redfin reported that U.S. pending home sales fell 4% in September, reaching their lowest level since spring 2014, excluding the April 2020 pandemic freeze.
- Rising mortgage rates, which surpassed 7% by the end of September, pushed potential buyers to the sidelines as widespread economic uncertainty persisted throughout the market.
- Nationwide, 14.5% of homebuying deals that went under contract in September were canceled—the highest share on record—while 19.8% of U.S. home sellers with active listings reduced their asking prices.
- "Less competition means more room to negotiate," said Chen Zhao, Redfin's head of economic research, as buyers gain leverage on prices and closing costs despite high borrowing rates.
- The total number of homes for sale rose 1.2% from August to its highest level since March 2020, exposing market fragility after years of soaring prices and economic shifts.
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15 Articles
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America’s housing market was showing growing signs of distress as home sales plunged toward decade-old lows, foreclosures climbed and soaring mortgage rates squeezed buyers and homeowners alike. Pending home sales fell 4% in September, their steepest monthly decline in more than three years, as borrowing costs surged above 7%, according to a Redfin report released Monday. Meanwhile, foreclosure filings rose 13% from a year earlier in August, wit…
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