Housing Data Release: Pending Sales Hit 25-Year Low

The latest pending home sales release confirms a dramatic slowdown, with September contract signings falling to their lowest level in 25 years. The data, tied directly to the 30-year mortgage rate crossing above 7%, signals buyers are exiting the market at a pace not seen in decades.

Builder press statements accompanying the figures reveal four in 10 construction firms are now cutting prices to stimulate demand, even as input costs climb. Buyer traffic has simultaneously dropped to a 14-year low, according to companion releases from major homebuilders.

Together these disclosures paint a consistent picture: affordability pressure is forcing both demand-side retreat and supply-side discounting, a combination rarely seen simultaneously in housing cycle data.