Pending home sales just fell off a cliff—down 7.3% in September when everyone expected a tiny 0.5% dip. That's not a miss, that's a collapse. And the index hit a record low.
This isn't about rates being "a bit high." This is about affordability being broken. Most people can't afford homes at these prices with these mortgage rates. The math doesn't work.
What's wild is how disconnected this is from the narrative that housing would stabilize. Buyers aren't stepping in. They're stepping back. And sellers? Still holding out for 2021 prices that aren't coming back.
Housing moves slow. But when it moves, it moves hard. And right now, it's moving in one direction.
This isn't about rates being "a bit high." This is about affordability being broken. Most people can't afford homes at these prices with these mortgage rates. The math doesn't work.
What's wild is how disconnected this is from the narrative that housing would stabilize. Buyers aren't stepping in. They're stepping back. And sellers? Still holding out for 2021 prices that aren't coming back.
Housing moves slow. But when it moves, it moves hard. And right now, it's moving in one direction.