Redfin sees pending home sales fall by a record in October, as cancellations surge

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Shares of Redfin Corp. RDFN, -9.33% tumbled 9.6% in midday trading Monday, after the real estate services company said pending home sales plunged 32.1% in October from a year ago, the most since it started keeping records in 2013. The drop off in pending sales comes as deal cancellations jumped to a record 17.9% of home that went under contract, and a record 23.9% of homes for sales experienced a price drop. “The Fed’s actions to curb inflation are causing the housing market to slow at a pace not seen since the financial crisis,” said Redfin Economics Research Lead Chen Zhao. Meanwhile, the median U.S. home sale price in October fell 1.4% from September, the biggest month-over-month drop for any October since 2012, but prices were still up 4.9% from a year ago. Redfin’s stock has plummeted 88.0% year to date, while the S&P 500 SPX, -0.29% has lost 17.3%.

This article was originally published by Marketwatch.com. Read the original article here.

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