This trend is expected to continue over the next two years as home prices stabilize
Oct. 30, 2024
Image: Jacob Lund / stock.adobe.com
Pending home sales increased by more than 7% in September.
Pending home sales rose in September. The National Association of Realtors’ (NAR) Pending Home Sales Index increased 7.4% to 75.8, the highest rating since March. Compared with the previous year, pending transactions were up 2.6%. Lawrence Yun, NAR's chief economist, expects this trend will continue over the next several years as home price growth cools down.
“After 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,” Yun said. “During the next two years, expect a slower rate of growth in home prices that’s roughly in line with the consumer price index because of additional supply reaching the market.”
