In September, U.S. pending home sales rose by 7.4%, reaching their highest level since March, as reported by the National Association of Realtors (NAR) on Wednesday.
The pending home sales index, a predictive measure based on signed contracts, climbed to 75.8 in September, surpassing market expectations of a 1.9% rise and well above August’s 0.6% increase.
The NAR noted that pending home sales increased across all U.S. regions in September. Chief Economist Lawrence Yun attributed the rise to favorable late-summer mortgage rates and a broader selection of available properties, adding that further gains are likely if job growth, inventory, and mortgage rates remain stable.
Compared to September last year, pending home transactions were also up by 2.6%.
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