Pending Sales Posted Only Slight Uptick While Homes Linger Longer on the Market

In a recent study from Redfin, pending sales rose 0.7% year over year during the four weeks ending Nov. 2, the smallest annual gain in four months. At the same time, homes are taking more time to sell: the typical property that closed in October spent 48 days on the market, the slowest pace for that month since 2019.

The cooling activity comes despite a drop in mortgage rates. The weekly average 30-year fixed rate fell to 6.17%, its lowest level in a year, helping push the median monthly housing payment down 2.1% from a year ago to $2,508. But lower rates have not generated a surge in demand. Prices are still climbing — posting their largest increase in six months — and many would-be buyers remain wary of maj

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