Pending home sales declined 2.3% in September to a level of 116.7 on the Pending Home Sales Index, the National Association of Realtors reported. Year-over-year, pending home sales fell 8.0%. Index levels above 100 are equal to the level of contract activity in 2001.
“Contract transactions slowed a bit in September and are showing signs of a calmer home price trend, as the market is running comfortably ahead of pre-pandemic activity,” stated Lawrence Yun, NAR’s chief economist. “It’s worth noting that there will be less inventory until the end of the year compared to the summer months, which happens nearly every year.”
Regionally, pending home sales fell 3.2% in the Northeast, 3.5% in the Midwest, 1.8% in the South and 1.4% in the West.
The full NAR report can be found here.
