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US Pending Home Sales Dip 2.3% in September
Pending home sales dipped in September, retreating slightly following a previous month of growth, according to the National Association of Realtors®. Each of the four major U.S. regions saw contract activity decline month-over-month and year-over-year, with the Northeast weathering the largest yearly drop. The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, decreased 2.3% to 116.7 in September. Year-over-year, signings decreased 8.0%. An index of 100 is equal to the level of contract activity in 2001. “Contract transactions slowed a bit in September and are ... (full story)
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US Pending Home Sales Unexpectedly Tumble In September
After surging an unexpected 8.1% MoM in August, and on the heels of rebounds in new- and existing-home sales, Pending Home Sales in September were expected to scrape out a modest 0.5% MoM rise, but that was a long way off as Pending Home Sales tumbled 2.3% MoM... chart That is the 3rd monthly drop in the last 4 months and leaves pending home sales down over 7% year-over-year. “Contract transactions slowed a bit in September and are showing signs of a calmer home price trend, as the market is running comfortably ahead of pre-pandemic activity,” said Lawrence Yun, NAR’s chief economist. “It’s worth noting ... (full story)