U.S. Pending Home Sales Stay Near Record Low Despite Modest Pickup in September
Joe Raedle/ Getty ImagesThe numbers: U.S. pending home sales rebounded in September but remain near a record low as high mortgage rates and low inventory continue to hurt the real-estate sector.Pending home sales rose 1.1% in September from the previous month, according to the monthly index released
NAR: Pending Sales Rise 1.1% in Sept.
It’s a slight gain, but NAR’s chief economist says pending sales “remain at historically low levels.” Year-over-year, pending transactions were down 11%.
Short ‘Days on Market’ Shifts to the North
Albany, N.Y., homes went under contract in 8 days in Sept., followed by Rochester (9) and Grand Rapids, Mich. (9). In 8 Fla. metros, it ranged from 25-58 days.
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