US Pending Home Sales Hit Record Low as Mortgage Rates Top 7%
US pending home sales dropped to a record low in September as mortgage rates climbed past 7%, with sources using different figures to describe the decline, while related property weakness is also reported in the UK and Vietnam.
What happened
US pending home sales fell to a record low in September, with contract signings dropping 7.3% according to one report, as the average 30-year mortgage rate crossed over 7%.25
US housing data for September also showed construction and buyer sentiment falling more than expected, alongside the drop in sales.3
Separately, UK property sellers are cutting asking prices on about 3,000 properties a day, the highest rate of price cuts in 15 years.4
Vietnam's property market also hit its lowest sales level since 2021, as high prices squeeze buyers there.1
What's agreed
Reported consistently by outlets in more than one region.
Where accounts differ
Each account is attributed to who makes it. We do not judge between them.
How it's framed
What each perspective puts first, based on headlines and summaries.
| Perspective | How it reads | What it puts first |
|---|---|---|
| UK-based financial and public mediaEurope | Coverage frames the US slowdown through market-data lens, citing a specific percentage drop and surging mortgage rates, while separately covering a domestic UK story of asking-price cuts.24 | record low, surging rates, percentage decline |
| US financial mediaNorth America | US outlets emphasize breadth and severity of the slowdown across multiple housing indicators (sales, construction, sentiment), using terms like a market in a 'deep freeze' and buyers 'fleeing' high rates.35 | deep freeze, buyers fleeing, multiple indicators |
| East Asian business pressEast Asia | Nikkei Asia covers a parallel property slowdown in Vietnam, with its headline framing it primarily as an affordability issue squeezing buyers.1 | affordability squeeze, multi-year low, buyer pressure |
What the coverage leaves out
- None of the outlets reviewed reported comment from US government officials, the Federal Reserve, or real estate industry groups on the pending home sales data.
- None of the outlets reviewed explained whether the Vietnam and UK property trends are linked to the same global interest rate environment affecting the US market.
- None of the outlets reviewed provided a forecast or outlook for when US mortgage rates or home sales might stabilize.
Why it matters
Sources (5)
Every outlet we drew on, grouped by where it is based. Read the originals for the full reporting.
North America
- 3CNBCUSPrivate
- 5MarketWatchUSPrivate
Pending home sales sink to 25-year low as buyers flee high mortgage rates
Europe
- 2Financial TimesGBPrivate
US pending home sales fall to record low as mortgage rates surge
- 4BBC News BusinessGBPublic broadcaster
East Asia
- 1Nikkei AsiaJPPrivate
Vietnam property sales hit lowest level since 2021 as prices squeeze buyers