Pending home sales in September rose 1.5 percent to 110 on the Pending Home Sales Index compared with 108.4 in August and were 2.4 percent higher than last September’s 107.4, according to the National Association of Realtors.
“Buyer demand is holding up impressively well this fall with Realtors reporting much stronger foot traffic compared to a year ago,” said Lawrence Yun, NAR chief economist, in a statement. “Although depressed inventory levels are keeping home prices elevated in most of the country, steady job gains and growing evidence that wages are finally starting to tick up are encouraging more households to consider buying a home.”
The PHSI in the Northeast dropped 1.6 percent to 96.5, but is 7.7 percent higher than September 2015. The index inched down 0.2 percent in the Midwest to 104.6, and is 1.0 percent lower year-over-year. Sales in the South grew 1.9 percent to 122.1 and are 1.7 percent higher year-over-year. In the West, the Index climbed 4.7 percent to 107.3, a 4 percent year-over-year gain.
