Pending home sales increased 1.5% in September compared with August, and are up 3.9% year-over-year, the National Association of Realtors (NAR) reports.
NAR credited low mortgage rates for the increase in sales.
“Even though home prices are rising faster than income, national buying power has increased because of better interest rates,” NAR Chief Economist Lawrence Yun stated. “We’ve seen increased foot traffic as more buyers are evidently eager searching to become homeowners.”
Regionally, contract signings increased 3.1% in the Midwest and 2.6% in the South. Pending home sales declined 0.4% in the Northeast and 1.3% in the West. Each region reported an increase in contract signings compared with September 2018.
The full NAR report can be found here.
