Homes in the United States sold at the slowest pace in almost half a decade last month as elevated mortgage rates and high prices impacted buyers, according to real estate brokerage Redfin.
For the four weeks ending Jan. 26, “the typical U.S. home listing that went under contract sat on the market for 54 days before the seller accepted an offer, the longest span since March 2020 and a week longer than this time last year,” the company said in a Jan. 30 statement.
“At this time in 2022, during the pandemic-driven homebuying boom, the typical home was selling in 35 days.”
The slow pace of home sales occurred as the average weekly rate for a 30-year fixed-rate mortgage hovered near 7 percent last month….