
U.S. pending home sales have fallen to their lowest level since 2001, marking a sharp reversal that began in 2021 and accelerated through early 2026. The decline coincides with mortgage rates that remain well above historic averages, squeezing buyer affordability. Policy chatter, including New York Mayor Zoran Mamdani’s proposal to raise property taxes to 9.5%, adds further uncertainty for the housing market. Analysts view the trend as a warning signal for broader economic health.

The average U.S. homeowner now stays in a property for 8.6 years, the longest stretch since the early 2000s. Rising home prices and persistently high mortgage rates are forcing owners to hold onto homes longer, while the share of Americans...