10:50 AM EDT, 10/03/2024 (MT Newswires) -- Redfin (RDFN) said Thursday that September may have been a turning point for the US residential real estate market, with pending home sales flat nationwide last month compared with year-ago levels and snapping a string of nine consecutive months of year-over-year declines.

Gains in pending sales were observed in 27 of the 50 largest US markets, the real estate brokerage company said, led by a 13% year-over-year increase in Phoenix, a 12% rise in San Jose, California, and climbing 10% in Portland, Oregon.

The local advances coincide with a drop in borrowing costs, with the US Federal Reserve last month lowering its benchmark interest rate by 50 basis points and the average rate for a 30-year fixed mortgage dropping to some of its lowest levels since February 2023, Redfin said.

To the downside, Redfin said Florida remains in a steep slump for home sales. Pending sales were off 18% in West Palm Beach compared with September 2023 and fell 16% year-over-year in both Miami and Fort Lauderdale, the company said, citing recent tropical storms along with rising insurance and home-owner association costs as the likely cause.

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