{"id":6632,"date":"2024-10-30T18:51:48","date_gmt":"2024-10-30T18:51:48","guid":{"rendered":"https:\/\/realestateagentmagazine.com\/?p=6632"},"modified":"2024-10-30T18:51:48","modified_gmt":"2024-10-30T18:51:48","slug":"pending-home-sales-advanced-7-4-in-september","status":"publish","type":"post","link":"https:\/\/realestateagentmagazine.com\/pending-home-sales-advanced-7-4-in-september","title":{"rendered":"Pending Home Sales Advanced 7.4% in September"},"content":{"rendered":"<p><b><u><span data-olk-copy-source=\"MessageBody\">Key Highlights<\/span><\/u><\/b><\/p>\n<ul type=\"disc\">\n<li>Pending home sales in September bounced 7.4% to the highest level since March.<\/li>\n<li>Compared to one month ago, pending sales climbed in all four major U.S. regions, led by the West.<\/li>\n<li>Year-over-year, contract signings grew in the Northeast and West and were unchanged in the Midwest and South.<\/li>\n<\/ul>\n<p>WASHINGTON, D.C\u2014Pending home sales rose in September, according to the National Association of Realtors. All four major regions experienced month-over-month gains in transactions. Year-over-year, the Northeast and West registered increases while sales remained steady in the Midwest and South.<\/p>\n<p><a name=\"x_x__Hlk41484024\"><\/a>The\u00a0<b>Pending Home Sales Index (PHSI)<\/b><sup>*<\/sup>\u00a0<a name=\"x_x__Hlk41483624\"><\/a>\u2013 a forward-looking indicator of home sales based on contract signings\u00a0\u2013 jumped 7.4% to 75.8 in September, the highest level since March (78.3). Year-over-year, pending transactions ascended 2.6%. An index of 100 is equal to the level of contract activity in 2001.<a name=\"x_x__Hlk72857016\"><\/a><a name=\"x_x__Hlk83719194\"><\/a><\/p>\n<p>\u201cContract 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,\u201d said NAR Chief Economist Lawrence Yun. \u201cFurther gains are expected if the economy continues to add jobs, inventory levels grow, and mortgage rates hold steady.\u201d<\/p>\n<h2><b>NAR Economic and Housing Outlook<\/b><\/h2>\n<p>In the next two years, Yun foresees slower home price appreciation and corresponding increases in sales.<\/p>\n<p>\u201cAfter two years of sluggish home sales in 2023 and 2024, existing-home sales are forecasted to rise to 4.47 million in 2025 and more than 5 million in 2026,\u201d Yun said. \u201cDuring the next two years, expect a slower rate of growth in home prices that\u2019s roughly in line with the consumer price index because of additional supply reaching the market.\u201d<\/p>\n<p>Yun predicts the median existing-home price will rise to $410,700 in 2025 and to $420,000 in 2026. The annual 30-year fixed mortgage rate will slide to 5.9% in 2025 but then move higher to 6.1% in 2026.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Highlights Pending home sales in September bounced 7.4% to the highest level since March. Compared to one month ago, pending sales climbed in all four major U.S. regions, led by the West. Year-over-year, contract signings grew in the Northeast and West and were unchanged in the Midwest and South. WASHINGTON, D.C\u2014Pending home sales rose [&hellip;]<\/p>\n","protected":false},"author":45,"featured_media":6635,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-6632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/6632","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/users\/45"}],"replies":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/comments?post=6632"}],"version-history":[{"count":1,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/6632\/revisions"}],"predecessor-version":[{"id":6633,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/6632\/revisions\/6633"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/media\/6635"}],"wp:attachment":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/media?parent=6632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/categories?post=6632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/tags?post=6632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}