U.S. Pending Home Sales Rebound From Six-Month Low In August
- On Thursday, the National Association of Realtors reported U.S. pending home sales unexpectedly rose 0.3% in August to an index reading of 71.2, marking a modest monthly rebound.
- Despite this monthly gain, August pending home sales fell 4.7% year-on-year, with contract signings remaining roughly 30% below pre-pandemic levels, according to NAR chief economist Lawrence Yun.
- Regional results varied sharply; the South and West posted monthly gains while the Northeast and Midwest declined, as the 30-year fixed mortgage rate averaged 6.76% last week, weighing on demand.
- Richmond, Virginia, led all major metros with an 11.3% jump in pending sales, while San Antonio-New Braunfels, Texas, and Memphis also recorded notable annual increases.
- Elevated mortgage rates and broader economic pressures continue to sideline prospective buyers, suggesting the modest monthly rebound may prove temporary as the housing market struggles to regain momentum.
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Higher housing prices and fluctuation in mortgage rates keep future buyers out of the market
US pending home sales unexpectedly rise in August, trend remains weak
U.S. Pending Home Sales Rebound From Six-Month Low In August
A report released by the National Association of Realtors on Thursday showed a modest rebound in pending home sales in the month of August. NAR said pending home sales index rose by 0.3 percent to 71.2 in August after tumbling by 2.6 percent to a revised 71.0 in July. Economists had expected pending home sales to climb by 0.5 percent.
The index of outstanding sales of housing in the United States, a previous indicator of sales of real estate based on contract signatures, rose 0.3% in August, to 71.2 points, after having recorded a decrease of 2.3% in July. The data are from the National Association of Real Estate Brokers (NAR). The result was below the average estimate of a group of analysts, which pointed to a discharge of 0.5%. In relation to the same period in the previous…
August Home Signings Tick Up 0.3%, But Overall Sales Still Trail Last Year
More Americans signed contracts to buy homes in August, posting a modest 0.3% rise from July, though overall activity remained below 2025 levels, according to the National Association of Realtors. The group’s Pending Home Sales report released Thursday revealed that while monthly numbers edged up, contract signings dropped 4.7% compared to August of last year. […] August Home Signings Tick Up 0.3%, But Overall Sales Still Trail Last Year
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