Explore the latest developments concerning September data shows.
September data shows housing market in a deep freeze
Fast-rising mortgage rates in September took a harsh toll on the housing market, according to new monthly data released today.
Pending home sales, a measure of signed contracts on existing homes, dropped 7.3% from August and were down 11.3% year-over-year, according to the National Association of Realtors.
This count reflects buyers out shopping in September, when the average rate on the 30-year fixed mortgage rose sharply. It started the month around 6.8% and hit 7.6% by the end of the month, according to Mortgage News Daily.
"Although job growth and income gains can support home purchases, housing affordability is more affected by changes in mortgage rates," said Lawrence Yun, NAR's chief economist in a release.
Americans are struggling to buy homes amid rising costs
September was the worst month for pending home sales since they’ve been tracked.
There has never been a worse month for pending home sales than September 2026.
Data released Tuesday shows the housing market weakening sharply, squeezed by rising mortgage rates and elevated home prices.
Pending home sales fell 7.3% in September from the previous month, according to the National Association of Realtors (NAR). It was the lowest reading in the history of the Pending Home Sales Index, which began in 2001.
Mortgage rates have also moved higher. Mortgage News Daily put the average 30-year fixed mortgage rate at 7.43% on Monday, up from 7.37% on Friday.
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