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U.S. Housing Cools as Pending Sales Stall and Price Growth Slumps

Labor-market anxiety is keeping buyers on the sidelines despite easing borrowing costs.

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A "sold" sign is seen outside of a recently purchased home in Washington, U.S., July 7, 2022. REUTERS/Sarah Silbiger/File Photo
A "For Sale" sign stands at a house in Miami, Florida, U.S. April 16, 2025. REUTERS/Marco Bello/File Photo

Overview

  • Pending home sales were unchanged in September at an index reading of 74.8 and fell 0.9% from a year earlier, with gains in the Northeast and South offset by declines in the Midwest and West.
  • Mortgage rates have eased to about 6.19%, a one-year low, but economists say recent declines have mostly lifted refinancing rather than purchase applications.
  • Existing-home inventory reached about 1.55 million in September, up 14% year over year to a five-year high, giving shoppers more choices and bargaining power.
  • Home-price appreciation slowed further in August as the Case‑Shiller national index rose 1.5% year over year, the weakest in over two years, while FHFA reported a 0.4% monthly gain and 2.3% annual increase.
  • Regional splits widened, with New York (+6.1%), Chicago (+5.9%) and Cleveland (+4.7%) leading gains as Tampa (−3.3%), Miami (−1.7%) and Phoenix (−1.7%) fell, and several Western markets showed fresh monthly declines.