Pending Home Sales, which are signed contracts on existing homes, rose 7.4% from August to September, hitting their highest level since March. The National Association of REALTORS® (NAR) also reported that sales were 2.6% higher than they were a year earlier.
What’s the bottom line?
“Contract signings rose across all regions of the country as buyers took advantage of the combination of lower mortgage rates in late summer and more inventory choices,” said NAR Chief Economist Lawrence Yun. “Further gains are expected if the economy continues to add jobs, inventory levels grow, and mortgage rates hold steady.”