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2026-02-19 23:47:05
[US Home Sales Decline Due to High Costs and Mortgage Rates] Redfin reported that pending home sales in the US fell 5.8% year-over-year in the four weeks ending February 15, the largest drop in a year. A typical home now takes 67 days from listing to signing, a week longer than last year. Potential buyers are holding back, primarily due to the continued high cost of homeownership. The median monthly mortgage payment is $2,601, just about $200 away from the all-time high. Furthermore, severe winter weather in much of the country over the past few weeks has kept homebuyers at home. On the seller's side, new listings fell 3.1% year-over-year, and the total number of homes for sale fell 1.5%. Redfin stated that potential sellers are backing away as they notice weak demand; many are only willing to sell at the highest possible price.
