Pending Home Sales Down For Third Consecutive Month

Pending home sales continued to slide in August according to new numbers out from the National Association of Realtors.

For the third consecutive month, pending sales fell nationally, this time by 2 percent. While the West saw modest gains (up 1.4 percent), year-over-year, all four regions posted double-digit declines. 

Nationally, pending sales were down 24 percent in August 2022 compared to the same time last year.

“The direction of mortgage rates – upward or downward – is the prime mover for home buying, and decade-high rates have deeply cut into contract signings,” said NAR Chief Economist Lawrence Yun. “If mortgage rates moderate and the economy continues adding jobs, then home buying should also stabilize.”