The National Association of Realtors is reporting that pending home sales were down 2% in August, 2022. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) dipped to 88.4. The NAR says rising inflation and higher mortgage rates are driving the numbers.
“The direction of mortgage rates – upward or downward – is the prime mover for home buying, and decade-high rates have deeply cut into contract signings…”
“Only when inflation calms down will we see mortgage rates begin to steady.” Said Lawrence Yun, the NAR’s Chief Economist.
Click here to read the full report at the National Association of Realtors.