The National Association of Realtors is reporting that pending home sales were up 0.3% in August but were down 4.7% year over year. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 71.2 in August. Month-over-month sales increased in the South and West but declined in the Northeast and Midwest. Year-over-year sales declined in all four major U.S. regions.
“Buyers steadily entered into contracts in August even though mortgage rates increased…However, the housing market is still sluggish, with contract signings below last year. This is due to higher mortgage rates offsetting the increased buying power created by job gains and income growth outpacing home price growth” Said the NAR’s Chief Economist, Lawrence Yun.
Click here to read the full release at the National Association of Realtors.
