Pending Home Sales Drop 7.3 Percent

Pending home sales declined in September, dropping 7.3% from August and 11.3% year-over-year, due to mortgage rates exceeding 7%, which reduced buyers' purchasing power. Despite favorable fall market conditions such as falling home prices and increased inventory, high mortgage rates have dampened buyer activity. Experts predict that elevated rates will persist, continuing to challenge housing affordability through the end of the year.

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