September Pending Home Sales Flat Month-Over-Month, Down Year-Over-Year

September Pending Home Sales Data

• 🏠 Pending home sales in September remained unchanged from August, according to the National Association of Realtors.
• 📉 Year-over-year, sales dropped by 0.9%.
• 📊 The market was expecting a 1% gain, following a larger gain in August.

Factors Influencing Sales

• 📈 Sales are based on signed contracts made in September when the average 30-year fixed mortgage rate was between 6.4% and 6.5%.
• 📉 This is compared to the current rate of 6.1%, indicating rates had not yet dropped as significantly as they have recently.
• 🗺️ Regionally, sales increased in the Northeast and South, but decreased in the Midwest and West.

Market Conditions and Outlook

• 📈 Inventory has reached a 5-year high, though it remains historically lean.
• ⚠️ The chief economist noted that a record high stock market and growing housing wealth were insufficient to counteract a softening job market.