U.S. September Pending Home Sales Slip From Record Highs -- NAR
By Xavier Fontdegloria
The number of houses going under contract in the U.S. decreased
slightly in September from August's record high, data from the
National Association of Realtors showed Thursday. Here are the
report's main takeaways:
--The Pending Home Sales Index, a forward-looking indicator of
home sales based on contract signings, fell 2.2% to 130.0 in
September. The decrease follows four consecutive months of extended
gains, reaching in August the highest level in the historical
--Economists polled by The Wall Street Journal expected the
indicator to grow at a rate of 3%. In August, the index had
increased by 8.8%.
--Pending home sales were up 20.5% in September compared with
the same month a year earlier.
--"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," said
Lawrence Yun, the National Association of Realtors' chief
economist. Mr. Yun expected more contract signings in the near
future, fueled by persistent low mortgage rates and some degree of
a continuing jobs recovery.
--By region, the index only climbed in September in the
Northeast, by 2%. The highest decline was registered in the
Midwest, by 3.2% compared with the previous month, followed by the
South and the West, with declines of 3% and 2.6%, respectively.
Write to Xavier Fontdegloria at email@example.com
(END) Dow Jones Newswires
October 29, 2020 10:14 ET (14:14 GMT)
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