US housing data deteriorated sharply in September, with pending home sales hitting a record low since 2001, down 7.3% for the month and 11.3% year-over-year. Housing starts fell 5.2% month-over-month, far exceeding expectations, while 30-year mortgage rates averaged 7.43%. This combination of housing weakness and persistent inflation complicates the Federal Reserve’s rate decision. Goldman Sachs forecasts residential investment to decline over the next three quarters, with existing home sales expected at 3.9 million in 2027, representing a 26% drop from 2019 levels.
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