“The Pending Home Sales Index increased 0.5 percent to 104.6 in September from 104.1 in August,” the National Association of Realtors reported on Thursday.
Key takeaways from the press release
- Year-over-year, contract signings dropped 1.0 percent make this the ninth straight month of annual decreases.
- Lawrence Yun, NAR chief economist: Even though we are still seeing year-over-year declines, the latest monthly increase is a good, stabilizing trend.
- This shows that buyers are out there on the sidelines, waiting to jump in once more inventory becomes available and the price is right.
- The general condition of the economy is excellent, it simply has not lifted home sales this year.
- Home prices are still rising, so people who are purchasing are still seeing wealth gains.
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