September pending home sales rose 1.5 percent compared to August and are 2.4 percent higher than last year at this time, according to the latest National Association of REALTORS® (NAR) Pending Home Sales Index. The index is a forward-looking indicator that tracks contract signings.
“Buyer demand is holding up impressively well this fall with Realtors® reporting much stronger foot traffic compared to a year ago 1,” said NAR Chief Economist Lawrence Yun. “Although depressed inventory levels are keeping home prices elevated in most of the country, steady job gains and growing evidence that wages are finally starting to tick up are encouraging more households to consider buying a home.”
In other headlines:
Pending home sales leap as demand bolsters housing market – Market Watch