The National Association of Realtors said on Oct. 20 that pending home sales in the United States dropped to a record low as mortgage rates surged.
The slide occurs alongside a build‑up in housing inventory and a growing proportion of sellers trimming their asking prices, and it is evident across single‑family home markets where buyer activity has slowed.
Analysts view the pattern as a clear sign that rising financing costs are outweighing the market’s price‑cutting efforts and inventory expansion.
