Source: New York Post —
The US housing market experienced its most significant slump since the Great Recession in October as surging mortgage rates crushed demand, real estate firm Redfin said in a monthly report this week.
The number of pending home sales plunged 32.1% year-over-year to 414,492 in October – the sharpest plunge on record, according to Redfin.
Additionally, a record 17.9% of sales fell out of contract during the month. The share of homes for sale that have slashed their listing price hit nearly 24%, or double the rate in the same month one year ago.
“The Fed’s actions to curb inflation are causing the housing market to slow at a pace not seen since the financial crisis,” Redfin Economics Research Lead Chen Zhao said in a statement.
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