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Pending home sales reportedly fall in October: Redfin

Yahoo Finance Live's Dave Briggs examines home sales data from Redfin for the month of October.

Video Transcript

DAVE BRIGGS: New data showing just how much rising mortgage rates are hurting the housing market. Redfin reporting a 32% year over year drop in pending home sales. That's the largest decline since the company started keeping the records in 2013. Redfin also says nearly 24% of sellers cut the price on their homes in October, double the rate from last year. New listings also fell by 24% year over year. If there's a silver lining here, the median home price still up 4.9% year over year. Rachelle.