While national existing-home sales in September climbed by 4.7% over August, and made a 8.8% year-over-year gain, the National Association of Realtors’ (NAR) Pending Home Sales Index showed a decline in contract signings for the 2nd-consecutive month. Nationally, September pending home sales declined 2.3% on a month-over-month basis. Nevertheless, pending home sales increased by 3.0% over the same time last year, marking the 13th-consecutive month of year-over-year gains.
NAR Chief Economist, Lawrence Yun, stated, “Despite persistent inventory shortages, the housing market has made great strides this year, backed by an increasing share of pent-up sellers realizing the increased equity they’ve gained from rising home prices and using it towards trading up or moving into a smaller home. Unfortunately, first-time buyers are still failing to generate any meaningful traction this year.” Yun pointed out that a shortage in lower-end housing inventory has been a culprit in keeping first-time homebuyers out of the market.
In the West, September pending home sales increased by 0.2% over August and were 6.6% greater than the same time last year. Existing-home sales in the West rose 6.7% on a month-over-month basis and were 5.7% higher than in September 2014. To read more, click on the links below.