Pending home sales saw a bump of 0.5 percent in September compared with August but continued to decline year-over-year, falling 1 percent from September 2017 sales, according to the National Association of Realtors (NAR).
Despite the year-over-year decline, the small spurt in September is a good sign that buyers are ready to jump into the market once inventory becomes available and the price is right, according to NAR Chief Economist Lawrence Yun. Both a low supply and high home prices have been a deterrent for sales recently.
“The general condition of the economy is excellent; it simply has not lifted home sales this year,” Yun said in a statement. “Home prices are rising, so people who are purchasing are still seeing wealth gains.”
Northeast sales fell 0.4 percent (falling 2.7 percent year-over-year); Midwest sales rose 1.2 percent (falling 1.1 percent year-over-year); South sales dropped 1.4 percent (rising 3.3 percent year-over-year); and West sales increased 4.5 percent (falling 7.4 percent year-over-year).
