The typical home is taking 67 days to go under contract, the longest span in seven years

U.S pending home sales fell 5.8% from a year earlier during the four weeks ending February 15, the biggest decline in a year. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket.

The typical home that does go under contract is taking 67 days to do so—a week longer than last year and the longest span since early 2019.

Would-be buyers are sitting on the sidelines largely because it’s expensive to purchase a home. The median home-sale price rose 1.1% year over year, the biggest uptick in two months, and the weekly average mortgage rate is 6.09%—near the lowest level in three years, but double pandemic-era lows. The median monthly mortgage payment is $2,601, down 2.9% from a year ago, but only about $200 shy of the all-time high.

Additionally, severe winter weather across much of the country kept house hunters at home over the last several weeks. And some prospective buyers are wary due to economic uncertainty, especially for lower-income Americans. But there are recent signals painting a more positive picture of the economy: The most recent jobs report was stronger than expected, and inflation is easing.

On the selling side, new listings dropped 3.1% year over year and the total number of homes for sale fell 1.5%, the second straight decline after roughly two years of increases. Potential sellers are backing off because they’re noticing that demand is tepid; many only want to sell for top dollar.

“There are a few things keeping buyers at home, like snowy weather and 6%-plus mortgage rates,” said Aaron Glicken, a Redfin Premier agent in Nashville, TN. “But for the house hunters who are venturing out, it’s the strongest buyer’s market I can remember. Buyers are able to be picky, ask for concessions, and come in below asking price. Some sellers won’t budge because they bought at the height of the market a few years ago and prices have corrected a bit. But some need to offload their homes–and in those cases, buyers have leverage. I’m advising buyers who are serious about moving to take advantage of the slow market; it should pick up in the spring, especially if rates come down.”

For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page.

Leading indicators

Key housing-market data

To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-pending-sales-fall-slow-winter

About Redfin

Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin’s clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.

You can find more information about Redfin and get the latest housing market data and research at https://www.redfin.com/news. For more information about Rocket Companies, visit https://www.rocketcompanies.com.

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