by Calculated Risk on 10/26/2023 10:00:00 AM

From the NAR: Pending Home Sales Grew 1.1% in September

Pending home sales augmented 1.1% in September, according to the National Association of REALTORS®. The Northeast, Midwest and South posted monthly gains in transactions while the West experienced a loss. All four U.S. regions had year-over-year declines in transactions.

"Despite the slight gain, pending contracts remain at historically low levels due to the highest mortgage rates in 20 years," said Lawrence Yun, NAR chief economist. "Furthermore, inventory remains tight, which hinders sales but keeps home prices elevated."

The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on contract signings – rose 1.1% to 72.6 in September. Year over year, pending transactions declined 11%. An index of 100 is equal to the level of contract activity in 2001.
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The Northeast PHSI increased 0.8% from last month to 63.1, a loss of 12.7% from September 2022. The Midwest index expanded 4.1% to 74.3 in September, down 9.2% from one year ago.

The South PHSI rose 0.7% to 87.1 in September, retreating 10.7% from the prior year. The West index declined 1.8% in September to 55.3, dropping 12.9% from September 2022.
emphasis added

This was above expectations. Note: Contract signings usually lead sales by about 45 to 60 days, so this would usually be for closed sales in October and November.