Pending Home Sales Rose by 7.4% in September

The National Association of Realtors (NAR) just released September pending sales numbers, showing a whopping 7.4% increase from August and up 2.6% compared to last year. New home sales also went up 4.2% compared to last year.

Buyers took advantage of the lowest rate in almost two years in September and came out very strong.

The increase in pending home sales, which reflects homes under contract but not yet closed, may signal a strengthening housing market if this trend continues into winter.

This rise in buyer interest seems to be prompting a response from sellers, as evidenced by an 11.6% increase in homes available for sale in September compared to last year.

This boost in supply, combined with a deceleration in home price appreciation, suggests that a more balanced housing market could be emerging.

A balanced market is good for both buyers and sellers, potentially easing competition and stabilizing prices.

Such trends are especially significant given the current economic climate, where mortgage rates and affordability concerns are impacting homeownership.

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If you are interested in buying or selling in this market, please do not hesitate to reach out.