Real Estate

Pending home sales fell 10% in September from August

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A Coldwell Banker “Under Contract” sign stands outside a property in Washington, D.C.

Andrew Harrer | Bloomberg | Getty Images

Pending home sales, a measure of signed contracts on existing homes, dropped a much worse-than-expected 10.2% in September from August, according to the National Association of Realtors.

Economists had predicted a 4% drop. Sales were down 31% year over year.

This marks the lowest level on the pending sales index since June 2010, excluding April 2020, when the Covid pandemic was in its early days.

Realtors point squarely to sharply higher mortgage rates, which had sat at record lows for the first two years of the pandemic. The average rate on the popular 30-year fixed…



Source cnbc.com

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