Housing markets

Tariff and layoff worries are leading some to reconsider pending deals, but a surplus of existing homes now has other buyers backing out as well, Redfin said.

Pending sales of existing US homes slumped to a record low in January as severe winter weather slowed activity and consumers balked at high prices and mortgage rates ahead of the vital spring selling season.

January's median payment also grew at its fastest pace since October as volatile interest rates hit homebuyers' wallets, the Mortgage Bankers Association said.

Purchases of new single-family homes decreased 10.5% last month to a 657,000 annualized rate, according to government data issued Wednesday.

Recent housing trends more favorable to buyers will ease some of the pressure for higher down payments in order to secure a winning bid, Redfin finds.

A national gauge of prices rose 3.9% from a year earlier, according to data from S&P CoreLogic Case-Shiller.

Contract closings in January decreased 4.9% to an annualized rate of 4.08 million, data released Friday by the National Association of Realtors show.

As homeowners insurance becomes expensive and hard to find, mortgage loan officers should work closely with insurance agents, said Travis Hodges of Viu by Hub.

The potential impacts of import tariffs cloud the outlook, though, and could lead mortgage rates to surge and fall throughout the coming year.

Reality TV contributed to heightened demand for fixer-uppers and DIY projects, but today's economics are altering consumers' home buying considerations.