Pending home sales took a slight decline in September, pushing the index down to 130.0. Not all regions experienced this fall in contract signings, as the Northeast maintained a month-over-month gain. Even with the decline in the index, the year-to-year signings are up 20.5% from last year. All four regions felt this double-digit increase as well.
Even with the slight drop in contract signings, NAR’s chief economist believes that the market will remain strong throughout the remainder of the year due to the low mortgage rates and the recovery of the workforce. He explains, “The demand for home buying remains super strong, even with a slight monthly pullback in September, and we’re still likely to end the year with more homes sold overall in 2020 than in 2019.” Many factors play into this; homeowners who did not consider moving before the pandemic are reconsidering for several reasons. Whether it be moving to a less densely populated area, a large family home or new opportunities brought on by work-from-home flexibility.
Information provided by NAR – View Original Article Here
Pending Home Sales Falter 2.2% in September. (2020, October 29). Retrieved November 05, 2020, from https://www.nar.realtor/newsroom/pending-home-sales-falter-2-2-in-september