Pending home sales were up 1.1 percent nationally in September, according to the National Association of Realtors. Year-over-year, pending transactions declined 11%. An index of 100 is equal to the level of contract activity in 2001.
“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.”
Month over month, contract signings increased in the Northeast, Midwest and South but decreased in the West.
All four U.S. regions had year-over-year declines in transactions.