Pending Home Sales Slip for First Time Since Early April as Mortgage Rates Climb
Redfin, a subsidiary of Rocket Companies, reported that U.S. pending home sales fell 1.1% week-over-week for the week ending May 17, marking the first decline since early April. The dip coincides with mortgage rates jumping to a 10-month high of 6.75%, driven by geopolitical tensions including the Iran war and Strait of Hormuz closure, which also caused mortgage-purchase applications to drop 4%.
Key figures
- Months of supply
- 3.5
- Median sale price
- 398653
- Median asking price
- 403140
- Pending sales volume
- 342047
- Median days on market
- 41
- Daily avg mortgage rate
- 6.75
- Avg sale to list ratio pct
- 98.9
- New listings yoy change pct
- -0.5
- Pending sales yoy change pct
- 7.8
- Share listings price drops pct
- 18.8
- Pending sales weekly change pct
- -1.1
- Share homes sold above list pct
- 27.1
- Median sale price yoy change pct
- 2.2
- Median asking price yoy change pct
- 1.4
- Share homes off market 2 weeks pct
- 39.4
- Mortgage purchase applications yoy change pct
- 8
AI analysis
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AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.