Zillow sees an early winter as pending sales drop 8.5%

Newly pending home sales fell 8.5% in September from a year earlier and 11.2% from August, Zillow said in its monthly market report on Tuesday.

Supply barely moved. New listings rose 0.4% to 343,311 and total inventory rose 2.5% to 1.39 million. With buyers pulling back, 27.4% of listings had a price cut. The typical home took 29 days to go under contract.

Zillow’s typical home value was $366,913, up 1.0% from a year earlier but down 0.5% from August. Rents held up better: the typical rent was $1,932, up 2.7%.

The report covers a month in which the 30-year mortgage rate rose from 6.71% to 7.28%.