Homebuyers Gain More Choices as Inventory Grows

Pending home sales in the U.S. dropped to their lowest in nearly three years, with a 3.5% weekly decline and 5.4% year-over-year decrease, reflecting pressure from high mortgage rates. New listings slightly decreased but remained above last year’s levels, and active inventory rose to about 1.5 million homes. Mortgage rates averaged 6.76%, increasing monthly payments by 3.4%. Despite weaker demand, median home prices rose 2%, with more price reductions but stable market time.