Pending Home Sales Drop 10.2% in September
The National Association of Realtors is reporting that pending home sales were down 10.2% in September, 2022. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) dipped to 79.5. The NAR says persistent inflation and higher mortgage rates continue to harm the market
“Persistent inflation has proven quite harmful to the housing market…The Federal Reserve has had to drastically raise interest rates to quell inflation, which has resulted in far fewer buyers and even fewer sellers.” Said the NAR’s Chief Economist, Lawrence Yun.