Housing

Newly pending home sales fell sharply in September, and more than a quarter of listings carried a price cut.

As the 10-year yield climbed past 5%, builder shares and property stocks fell harder than the market. The reason runs through incentives.

One in five listings had a price reduction, and inventory is now within 10% of pre-pandemic levels.

Case-Shiller shows a 1.9% annual gain in July, the 14th straight month of declines after inflation.

The 30-year fixed rate rose for a fifth straight week after the Fed’s September hike.

Sales of new homes jumped 6.4% in August as the median price fell 5.8% from a year earlier.

Orders fell 12% and margins narrowed as higher mortgage rates squeezed buyers.

Orders fell 9% and the builder trimmed its delivery target. Management said many visitors can’t qualify for a mortgage.

Pending sales edged up in August, but Redfin’s more recent data show the weakest pace in nearly three years.

Existing-home sales fell to the slowest pace since June 2025, while inventory reached its highest level in more than a decade.

Fewer sellers are pulling listings, and the median list price is down 1.3% from a year ago, Realtor.com says.