Recent Redfin reports indicate a notable decline in pending home sales, the largest drop since August 2023, with a year-over-year decrease of 6.3%. Despite a slight increase in active listings, homes are staying on the market longer, averaging 56 days in January—an increase from last year. This trend reflects a broader national shift where more homes are listed yet fewer are sold, as economic fears prompt sellers to consider cashing out. Overall, mortgage rates are climbing, exacerbating challenges in the housing market.
Economic fears have been top of mind for people. I have sellers saying, I think we're at the top of the market I'm ready to cash out and put my money into another investment.
The monthly decline in pending sales was the largest on a seasonally adjusted basis since August 2023, with a year-over-year decline of 6.3%.
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