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    Home » US Pending Home Sales Drops Unexpectedly in September On Higher Mortgage Rates
    Indices News

    US Pending Home Sales Drops Unexpectedly in September On Higher Mortgage Rates

    October 28, 20211 Min Read
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    House Prices Down Indicating Descend Downward And Housing
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    Pending home sales, a measure of signed contracts to buy existing homes dropped to an unexpected 2.3% in September compared with August.

    • Analysts were estimating a slight monthly gain. Sales were 8% lower than the figures recorded in September 2020.
    • Pending sales are a forward-looking measure of closed sales in one to two months.
    • Sales might have plunged, driven by higher mortgage rates. The average rate on 30-year fixed mortgages dropped below 3% in July and remained there until the first week of September.
    • Lawrence Yun, NAR’s chief economist, stated that contract transactions had slowed a little in September and were showing signs of a moderating home price trend as the market is running over the pre-pandemic activity.

    Regionally, pending sales in the Northeast dropped 3.2% month-over-month and were down 18.5% from a year ago. In the Midwest, sales declined 3.5% for the month and 5.8% over the year.

    DXY down -0.51%, EUR USD up +0.63%

    Source: National Association of Realtors

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