Summary: Pending Home Sales Increase by 1.1% in September
- Pending home sales grew by 1.1% in September.
- However, pending contracts remain at historically low levels due to the highest mortgage rates in 20 years.
Pending Home Sales See a Slight Growth in September
According to the National Association of Realtors (NAR), pending home sales experienced a 1.1% growth in September. Despite this increase, pending contracts remain at historically low levels due to the highest mortgage rates in 20 years.
The rise in mortgage rates has made it more challenging for potential homebuyers to secure financing for their dream homes. This has led to a slowdown in the housing market, with fewer people being able to afford the higher monthly payments associated with increased mortgage rates.
In conclusion, while pending home sales saw a slight growth of 1.1% in September, the historically low levels of pending contracts can be attributed to the highest mortgage rates in 20 years. This has made it more difficult for potential homebuyers to secure financing, leading to a slowdown in the real estate market.
Orginal article: Link To Article – provided by Kansas City Realtors