Pending home sales dipped 2.2% in September, but climbed 20.5% year-over-year, the National Association of Realtors reports.
The 2.2% decline halts a four-month streak of housing contract growth.
“The demand for home buying remains super strong, even with a slight monthly pullback in September, and we’re still likely to end the year with more homes sold overall in 2020 than in 2019,” NAR Chief Economist Lawrence Yun said in a statement. “With persistent low mortgage rates and some degree of a continuing jobs recovery, more contract signings are expected in the near future.”
Regionally, year-over-year pending home sales grew 27.7% in the Northeast, 18.5% in the Midwest, 19.6% in the South and 19.3% in the West.
The full NAR report can be found here.
