Pending home sales augmented 1.1% in September, according to the National Association of REALTORS®. The Northeast, Midwest and South posted monthly gains in transactions while the West experienced a loss. All four U.S. regions had year-over-year declines in transactions. "Despite the slight gain, pending contracts remain at historically low levels due to the highest mortgage rates in 20 years," said Lawrence Yun, NAR chief economist. "Furthermore, inventory remains tight, which hinders sales but keeps home prices elevated." The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on ... (full story)

After puking 7.1% MoM last month, pending home sales were expected to continue their decline (down 2.0% MoM) in September, following existing home sales weakness (and ignoring new home sales surprising surge). However, pending home sales rose 1.1% MoM (best since Jan 2023), pushing sales up to -13.1% YoY (the smallest decline since May 2022). The Pending Home Sales Index bounced off record low. The South, Midwest and Northeast posted increases in September pending home sales. Contract signings in the West, meantime, fell to a fresh record low. “Despite the slight gain, pending contracts remain at historically low ... (full story)