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Pending Home Sales Rise Nearly 7.5%

  • October 30th

by UrbanTurf Staff

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A Kensington home that went under contract in September.

Pending home sales rose in September as mortgage rates fell and the supply of homes for sale increased. 

The National Association of Realtors (NAR) announced Wednesday that home contract signings rose 7.4% in September, the highest level since March.

“Contract signings rose across all regions of the country as buyers took advantage of the combination of lower mortgage rates in late summer and more inventory choices,” said NAR Chief Economist Lawrence Yun. “Further gains are expected if the economy continues to add jobs, inventory levels grow, and mortgage rates hold steady.”

Yun's forward looking take is an optimistic one, as long-term mortgage rates have surged in recent weeks, likely giving homebuyers pause.

Photo by Housefli.

See other articles related to: pending home sales

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/pending_home_sales_rise_nearly_7_5/22874.

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