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This chart shows the Pending Home Sales Index collapsing to one of the lowest levels in over a decade.
After peaking in 2021 during the housing boom, demand sharply declined as interest rates rose and affordability worsened.
Since 2022, pending sales have remained weak and continue trending downward, signaling that buyers are staying on the sidelines.
This reflects a frozen housing market where high mortgage rates and economic uncertainty are suppressing new home purchase activity, bringing demand back to levels last seen during major economic slowdowns.