Pending home sales in September were unchanged from August and were down 0.9% from one year earlier, according to the data from the National Association of Realtors.
Month-over-month and year-over-year pending home sales were up in the Northeast and South but declined in the Midwest and West. September’s Realtors Confidence Index survey found 20% of NAR members predicting an increase in buyer traffic over the next three months, up slightly from 19% last month and down slightly from 21% one year ago. Meanwhile, 19% expect an increase in seller traffic, unchanged from last month and down slightly from 20% in September 2024.
“Contract signings matched the second-strongest pace of the year. However, signings have yet to fully reach the level needed for a healthy market despite mortgage rates reaching a one-year low,” said NAR Chief Economist Lawrence Yun. “A record-high stock market and growing housing wealth in September were not enough to offset a likely softening job market. Inventory has climbed to a five-year high, giving home buyers more options and room for price negotiation. Looking ahead, mortgage rates are trending toward three-year lows, which should further improve affordability, though the government shutdown could temporarily slow home sales activity.”
