Redfin Reports Pending Home Sales Decline in All But 5 Major U.S. Metros
Rocket Companies, Inc. Class A (RKT)
Company Research
Source: Business Wire
The typical home that sells takes 66 days to do so—the longest span in seven years—as buyers take their time looking at their options and negotiating with sellers SEATTLE--(BUSINESS WIRE)--U.S. pending home sales fell 5.1% year over year during the four weeks ending February 8, the biggest decline in over a year. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket.On a local level, pending sales dropped in all but five of the 50 most populous U.S. metro areas—the most in over two years. The only metros where pending sales increased were West Palm Beach, FL (9.1%), Jacksonville, FL (7.7%), Columbus, OH (1.4%) and Chicago (0.1%). They were flat in Austin, TX.The biggest declines were in Oakland, CA, where pending sales dropped 21.6% year over year, and Minneapolis (-17.5%). This separate Redfin report delves into why homebuying demand is slow in Minneapolis.Homes are also taking a long time to sell. The typical U.S. home that sold took 66 days to
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