Pending Home Sales were unchanged from August to September, coming in slightly below expectations for a modest gain. Still, activity matched the second-strongest pace of the year, according to the National Association of REALTORS® (NAR). Compared to a year ago, contract signings were down just 0.9%.
What’s the bottom line?
Pending Home Sales track signed contracts on existing homes and often signal closings one to two months ahead. While higher rates later in September likely kept some buyers on the sidelines, NAR Chief Economist Lawrence Yun noted that “looking ahead, mortgage rates are trending toward three-year lows, which should further improve affordability.”