Pending Home Sales Drop 32% in October: Redfin

Pending home sales dropped 32.1% in October, their largest decline since 2013, with nearly 60,000 home purchase agreements falling through, reported Redfin Monday. Some 23.9% of homes for sale experienced a price drop, double the rate of October 2021, it said. Higher mortgage rates caused would-be sellers to stay put due to the “lock-in effect,” Redfin said, with the average 30-year-fixed mortgage rising 3.8 points to 6.9% in October, the largest monthly increase since 1981. New listings dropped 24% year on year.