According to the National Association of Realtors (NAR), pending home sales increased by 1.1% in September 2023. The NAR’s Pending Home Sales Index, which is based on contract signings, recorded a value of 72.6 for September. However, the NAR reports that all four regions in the United States experienced a decline in transactions compared to the previous year.
NAR’s Chief Economist, Lawrence Yun, commented on the situation, stating that despite the slight increase, pending contracts remain at historically low levels due to the highest mortgage rates in 20 years. Additionally, the tight inventory of homes available for sale is affecting sales but keeping home prices elevated.
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