US Pending Home Sales Down 2.3% in September

Source: National Association of Realtors

Pending Home Sales in the United States retreated in September, as some prospective buyers have paused their plans until next year. XHB is up 1.78%.

• The Pending Home Sales Index stood at 116.7 in September, down by 2.3% from August’s 119.4 and 8.0% lower than the 126.9 in September 2020.
• The month-on-month decline was the biggest in the midwest at -3.5%, followed by the northeast at -3.2%, the south at -1.8%, and the west at -1.4%.
• Annual declines were much larger, led by the Northeast at -18.5%, the west at -7.2%, and both the midwest and south at -5.8%.
• NAR Chief Economist Lawrence Yun said transactions are showing signs of a “calmer” home price trend, but less inventory is expected until end-2021.
• Yun also noted that potential buyers have pushed back their purchases until 2022, but falling rental vacancy rates could lead to more sales.