1037 ET - Homes are selling at their slowest pace since the start of the pandemic, with mortgage rates near 7% and home prices up 4.8% year over year, according to Redfin. The average home took 54 days to go under contract, the longest since March 2020, compared to 35 days in 2022. There are now 5.2 months of housing supply, up from 4.9 last year, indicating a buyer's market. Pending sales dropped 9.4% from last year, the largest decline since September 2023. High costs, extreme weather, and hopes for rate drops keep buyers cautious, but new listings and slight rate decreases might help increase activity soon. (chris.wack@wsj.com)
(END) Dow Jones Newswires
January 30, 2025 10:37 ET (15:37 GMT)
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