The National Association of Realtors is reporting that pending home sales were down 4.6% in October, 2022 – the fifth consecutive month of declines. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) dipped to 77.1.
“October was a difficult month for home buyers as they faced 20-year-high mortgage rates…The West region, in particular, suffered from the combination of high interest rates and expensive home prices. Only the Midwest squeaked out a gain.” Said the NAR’s Chief Economist, Lawrence Yun.
Click here to read the full report at the National Association of Realtors.