A precipitous 31.1% drop in pending home sales nationwide in October was the largest year-over-year decline recorded since at least 2013, according to Redfin. (File photo)
Pending home sales in Oklahoma City fell by 16.6% in October, according to data collected by online brokerage Redfin.
The local dip reflected a much steeper decline in pending sales nationwide, as rising interest rates, uncertainties over the economy and other influences factored into a widescale slowdown of the real estate industry.
In fact, Redfin said a 31.1% falloff in pending sales nationwide in October was the largest year-over-year decline recorded since it started tracking data in 2013.
Home price cuts also hit record highs, it said.
Nearly 60,000 home-purchase agreements fell through last month. Nearly a quarter – 23.9% – of people selling homes made decisions to reduce asking prices. That was double the rate of a year earlier, Redfin reported.
Some would-be sellers have opted to change plans altogether and keep homes off the market. Redfin noted a 24% drop in year-over-year new listings nationwide.
The average 30-year-fixed mortgage was 6.9% in October, up 3.83 percentage points from a year earlier. That represented the largest year-over-year increase in any month since 1981.
“The Fed’s actions to curb inflation are causing the housing market to slow at a pace not seen since the financial crisis,” said Redfin Economics Research Lead Chen Zhao. “There are already early but promising signs that inflation is cooling, which caused mortgage rates to drop last week. If that progress continues, buyers who recently backed out of deals may return to the market and sellers may be less inclined to slash their prices.”
The median U.S. home sale price declined 1.4% month-over-month in October, but prices were still up by 4.9% from a year earlier.
Prices may further ease as listings linger and competition slows, Zhao said. Homes that sold in October were on the market for a median of 35 days, up from 21 days a year earlier, and less than half (44.6%) of home offers written by Redfin agents faced competition. That compared with more than two-thirds (67.3%) that faced competition in October 2021.
In terms of days spent on market prior to sale, the fastest market last month was Rochester, New York, where half of all homes reached pending status within 10 days. Other fast markets included Omaha, Nebraska; Grand Rapids, Michigan; Columbia, South Carolina; and Buffalo, New York.
Slowest markets were Chicago, with 61 median days on market, followed by Honolulu; West Palm Beach, Florida; and New York City.
Pending homes sales dip in OKC, reflecting national trend - Journal Record
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