US Housing Market at Historic Freeze
Three separate metrics just hit all-time extremes: pending home sales at COVID-lockdown lows, seller-buyer gap at a record 560K, and September cancellation rate at an all-time high.
What we know
Charlie Bilello documented a trifecta of historic housing data in rapid succession. Pending home sales fell to their lowest since April 2020 — an account on X. US home sellers now outnumber buyers by 560K (58%), the largest gap since data began in 2013 — another account on X. Over 14% of home purchases were canceled in September, the highest cancellation rate for any September on record — another account on X. Meanwhile, US equity markets are so quiet that SPY posted its lowest full-session volume in at least 8 years on Monday — another account on X.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.