Rocket Companies Inc., through its real estate brokerage Redfin, has reported that pending U.S. home sales fell by about 1% year-over-year over the four weeks ending September 21, marking the first decline in nearly three months. Despite a steady drop in mortgage rates-now averaging 6.26%, the lowest in nearly a year-homebuying demand remains subdued. Refinancing activity surged by 58% in mid-September, but mortgage applications for home purchases edged up just 3%. Redfin cites economic uncertainty, including concerns about layoffs, stock market volatility, tariffs, and recession fears, as key factors holding back prospective buyers. Some house hunters are moving forward with greater caution, often submitting offers with contingencies and remaining prepared to walk away during the inspection period. Regional trends show median sale prices rising most in Milwaukee, Cleveland, and Detroit, while markets like San Francisco and Austin saw price declines. New listings increased in cities such as Baltimore and Pittsburgh but dropped in several Florida metros and Riverside, California. The report highlights the ongoing hesitancy among buyers, even as borrowing costs ease.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Rocket Companies Inc. published the original content used to generate this news brief via Business Wire (Ref. ID: 20250925933346) on September 25, 2025, and is solely responsible for the information contained therein.
Comments