Pending Home Sales rose 1.9% from September to October, beating expectations and reaching their strongest pace of the year, according to the National Association of REALTORS® (NAR). Contract signings were down only 0.4% compared to a year ago.
What’s the bottom line?
Because Pending Home Sales lead closings by one to two months, October’s gain suggests we’ll see a higher volume of finalized transactions in the coming months. Easing mortgage rates and rising inventory are clearly helping bring buyers back into the market.
