Housing market activity weakened further in September as sales contracts fell sharply, reflecting the growing impact of higher borrowing costs on potential homebuyers. The decline suggests a deepening slowdown in the sector, with rising interest rates making mortgages less affordable and cooling demand. Experts warn the trend could persist if financing conditions remain tight, raising concerns over a broader downturn in real estate transactions. The data underscores how sensitive the market has become to economic shifts in recent months.
Sales contracts dropped 7.3% in September as rising borrowing costs deepened housing market slowdown
