Market Updates
Pending Home Sales Plunge 10% In September, 4th Monthly Decline
Brian Turner
28 Oct, 2022
New York City
Pending home sales fell for the fourth month in a row after rising mortgage rates and elevated prices kept buyers away.
Pending home sales in September declined 10.5% from August and plunged 31% from a year ago, the National Association of Realtors said in a statement today.
"Persistent inflation has proven quite harmful to the housing market," said NAR Chief Economist Lawrence Yun.
"The Federal Reserve has had to drastically raise interest rates to quell inflation, which has resulted in far fewer buyers and even fewer sellers," added Yun.
The pending home sales index is at a low last seen in June 2010, excluding the onset of the coronavirus pandemic in April 2020.
Home prices across the nation are still 40% higher than pre-pandemic 2019 levels.
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