Redfin Reports Falling Mortgage Rates Have Yet to Improve Home Sales, With Buyers Uncertain About NAR Settlement, Election

Pending home sales have dropped 6.9% in the last four weeks, marking the largest decline in nearly a year, despite a decrease in median U.S. housing payments. Many potential buyers are hesitant to enter the market due to uncertainty surrounding the new NAR settlement rules, high home prices, and upcoming election outcomes. Although mortgage-purchase applications have increased slightly, they remain down 9% from last year. Experts anticipate more activity in the market as clarity on these issues develops.