Part 6/9:
The housing market, a critical barometer of economic sentiment, reveals troubling signs as well. Data from Redfin shows a 6% year-over-year decline in pending home sales, with current buyer demand at an all-time low. This lack of buyer interest is further illustrated by a poll in which 92% of respondents indicated they would only consider purchasing a home if prices drop significantly or mortgage rates fall to 4%.
This reluctance to invest in the housing market is another layer of evidence suggesting that economic confidence is wavering as consumers delay significant financial commitments until conditions improve.