When a seller accepts an offer to buy, their home’s sale is considered pending until it closes weeks later. Because of this, pending sales are a reliable indicator of future home sales numbers. That’s why The National Association of Realtors tracks them each month with its Pending Home Sales Index. According to the most recent data, contract signings were down in October, falling 4.6 percent from the previous month. Lawrence Yun, NAR’s chief economist, says October was hard for buyers but things may soon ease up. “October was a difficult month for home buyers as they faced 20-year-high mortgage rates,” Yun said. “The upcoming months should see a return of buyers, as mortgage rates appear to have already peaked and have been coming down since mid-November.” Regionally, contract signings were down in three of four regions, with only the Midwest seeing a month-over-month increase. (source)
