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Weekly Pending Sales Fall 9% as Mortgage Rates Near 7.5%
HousingWire's weekly tracker shows pending sales down about 9% year over year as rates neared 7.5%. Dallas shows the split.
Weekly pending home sales fell to 59,316, compared with 65,152 a year earlier, a drop of about 9% (our calculation), HousingWire's Housing Market Tracker showed as mortgage rates peaked near 7.49%.
Key numbers
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Price cuts: 42.50% of listings
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Inventory: 895,398 active listings, up 5,095 on the week
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New listings: 66,907
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Purchase applications: down 11% year over year
HousingWire lead analyst Logan Mohtashami called it the first noticeable hit to weekly demand this year that was not tied to a holiday. He has argued that housing slows when rates exceed 6.64%, and more so above 7%.