The National Association of Realtors is reporting that pending home sales were down 7.3% in September and were down 11.3% year over year. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 66 in September. They report that both month-over-month and year-over-year pending home sales declined in all four major U.S. regions.
“Market conditions weakened in September due to fast-rising mortgage rates…Although job growth and income gains can support home purchases, housing affordability is more affected by changes in mortgage rates.” Said the NAR’s Chief Economist, Lawrence Yun.
Click here to read the full release at the National Association of Realtors.
