Pending home sales increased 1.1% in September to a level of 72.6 on the National Association of Realtors Pending Home Sales Index. Compared with September 2022, pending home sales declined 11%.
Month-over-month pending sales grew 0.8% in the Northeast, 4.1% in the Midwest and 0.7% in the South, declining 1.8% in the West.
“Despite the slight gain, pending contracts remain at historically low levels due to the highest mortgage rates in 20 years,” stated NAR Chief Economist Lawrence Yun. “Furthermore, inventory remains tight, which hinders sales but keeps home prices elevated.”
Yun predicted sales will turn positive by early next year.
The full NAR report can be found here.
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