The Pending Home Sales Index rose 0.3 percent to 105 in September from 104.7. The figure is 1 percent higher than September 2013, and above 100 for the fifth consecutive month and at its second-highest level since last September.
The Pending Home Sales Index rose 0.3 percent to 105 in September from 104.7. The figure is 1 percent higher than September 2013, and above 100 for the fifth consecutive month and at its second-highest level since last September.
Buyer conditions are favorable because of moderating price growth and sustained inventory levels.
"Housing supply for existing homes was up in September 6 percent from a year ago, which is preventing prices from rising at the accelerated clip seen earlier this year,” NAR Chief Economist Lawrence Yun said in a statement. “Additionally, the current spectacularly low mortgage rates should help more buyers reach the market.”