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Thursday, October 29, 2020

Pending home sales take a breather in September

September pending home sales -2.2% M/M vs. +3.5% consensus and +8.8% in August.

Decline comes after four straight months of contract activity growth.

The Northeast was the only region registering a monthly gain.

Nationally, contract signings were still up 20.5% Y/Y.

"The demand for home buying remains super strong, even with a slight monthly pullback in September, and we're still likely to end the year with more homes sold overall in 2020 than in 2019," said Lawrence Yun, NAR's chief economist.

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