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Pending home sales fell 4.6 percent to 77.1 in October, according to data released Wednesday by the National Association of Realtors (NAR).
This is the fifth consecutive month of decline. Existing home sales have fallen in 11 of the last 12 months.
The Pending Home Sales Index is down 37.0% this year, marking the 17th consecutive month of decline. An index of 100 equals the level of activity in the 2001 contract.
NAR Chief Economist Lawrence Yun said in a statement that October was a tough month for homebuyers as they faced the highest mortgage rates in 20 years.
However, mortgage rates have fallen to around 6.0% in recent weeks, and analysts believe a decline in home sales is expected in the coming months, which could lead to lower annual rates.
HousingWire Senior Analyst Logan Mohtashami said that sales of exceptional homes have fallen again, but one thing that has happened recently is that mortgage rates have recently fallen and are now flat for the first time since the first rate hike in four weeks from the purchase request data.
This data appears to be 30-90 days, so you may see more data from January and February. The year-over-year decline in in-app purchases isn’t slowing down either. Context matters.
We work at a very low level for persistent shopping and shopping applications. This is another encouraging sign.
Three of the four major US regions posted monthly declines, with the Western Region falling from 11.3% to 55.6%.
The Midwest was the only region to post a monthly increase, up 3.3 percent from September to 83.5 points.
Year-on-year declines were seen in all four regions, with the West region recording the largest decline of 46.2%.
CEO Yoon said the western region is suffering from a combination of high-interest rates and high housing prices. Only the Midwest squeaked by again.
Reference Source: Housing Wire
