Pending Home Sales Up Again
October 29, 2019
September’s pending home sales data marked a second consecutive month of increases, according to new data from the National Association of Realtors (NAR).
The Pending Home Sales Index (PHSI) for September was up by 1.5 percent 108.7 while year-over-year activity was up by 3.9 percent. On a regional basis, the PHSI was up in the Midwest by 3.1 percent to 104.4 and up in the South by 2.6 percent to 127.5, but down in the Northeast 0.4 by 93.9 and down in the West by 1.3 percent to 95.1.
“Even though home prices are rising faster than income, national buying power has increased by six percent because of better interest rates,” said Lawrence Yun, NAR’s Chief Economist. “Furthermore, we’ve seen increased foot traffic as more buyers are evidently eager searching to become homeowners.”