Pending home sales declined for the fourth month in a row, falling 10.2% to a level of 79.5 on the National Association of Realtors’ Pending Home Sales Index. A level of 100 on the index is equal to the level of contract activity in 2001.
Compared with September 2021, pending home sales declined 31.0%. All four regions saw contract-signing declines both month-over-month and year-over-year.
“Persistent inflation has proven quite harmful to the housing market,” stated NAR Chief Economist Lawrence Yun. “The Federal Reserve has had to drastically raise interest rates to quell inflation, which has resulted in far fewer buyers and even fewer sellers.”
The full NAR report can be found here.
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