US Pending Home Sales Plummet to Historic Lows Amid Rising Interest Rates

Pending home sales in the US fell to their lowest level on record in October, declining at a faster rate than during the 2008 housing collapse. The National Association of Realtors reported a 1.5% slump in transactions, bringing the index down to its lowest figure since 2001. Soaring mortgage rates and high house prices have dampened the property market, with limited housing inventory preventing demand from being fully satisfied. However, sales of homes priced above $750,000 saw a spike, and newly built home sales increased due to a rise in construction. Buyers are currently facing one of the least affordable housing markets in recent memory.