Pending Home Sales Rise Slightly in August

Despite earlier reports of lagging home sales, pending home sales in August appear to have improved slightly. In August, pending home sales increased by 0.6%, according to a recent report from the National Association of Realtors. Most regions of the U.S. saw a monthly increase in pending sales, with just the Northeast seeing a decline in sales. However, on a year-over-year basis, only the Western U.S. saw an improvement in pending sales.  

“A slight upward turn reflects a modest improvement in housing affordability, primarily because mortgage rates descended to 6.5% in August,” said NAR Chief Economist Lawrence Yun. “However, contract signings remain near cyclical lows even as home prices keep marching to new record highs.”

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