Pending home sales in the US declined during the four weeks ended March 2 amid economic uncertainty and elevated prices, Redfin (RDFN) said Thursday.

Pending sales fell 6.4% from a year earlier over the four-week period. This marked the second-biggest decline since November 2023, according to Redfin.

Concerns such as slowing economic growth, layoffs and the impact of tariffs have kept potential buyers on the sidelines, the real estate brokerage said in a statement.

The White House on Thursday issued temporary tariff exemptions for Canadian and Mexican goods that comply with a North American trade pact, Reuters reported. The US administration recently doubled its levy on Chinese imports. Canada and China have announced retaliatory measures.

US job cuts in February hit their highest monthly total since July 2020, driven by government workforce reductions, Challenger Gray & Christmas said in a Thursday report.

The median sale price during the four-week period rose 3.2% year over year to $379,350. The mortgage mortgage payment increased 5.3% to $2,772, which was $26 shy of the all-time high, Redfin said.

Mortgage rates have been falling, which is probably starting to attract some buyers, Redfin said.

The 30-year fixed rate dipped to 6.76% last week, the lowest level in nearly three months. Mortgage purchase applications increased 9% week over week, the Mortgage Bankers Association said Wednesday.

Of the 50 most populous US metros tracked by Redfin, six logged annual gains in pending home sales over the four-week period, with four of them in California. Sales in Los Angeles rose 8.5%.