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US Pending Home Sales Bounces Back, Soar 8.1% in August

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The US housing market signaled little signs of slowing down at the end of this summer.

Source: National Association of Realtors

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Pending home sales increased in August, reversing two consecutive months of declines. The National Association of Realtors (NAR) Pending Home Sales Index jumped 8.1% in August from the previous month.

Lawrence Yun, NAR’s chief economist, stated that increasing inventory and moderating the price environment bring back buyers to the real estate market.

Yun further stated more moderately priced areas of the South and Midwest are enjoying stronger signing of contracts to buy, which is expected.  The trend can be attributed to flexible workers choosing to reside in more affordable places.

In the South and Midwest, pending home sales jumped 8.6% and 10.4%, respectively, last month from July, while sales rose by 4.6% in the Northeast and 7.2% in the West.

Nationwide, contract signings dropped 8.3% from the same month a year ago, an expected decline since there was a spike of activity during the COVID-19 pandemic.

Fed’s Harker Doesn’t Foresee Interest Rate Hikes until Late Next Year or Early 2023

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