According to the National Association of REALTORS (NAR) Pending Home Sales Report, pending home sales rose 0.3% month over month in August. Pending home sales rose month-over-month in the South and West but fell in the Northeast and Midwest. Year-over-year, pending home sales decreased 4.7%.
“Buyers steadily entered into contracts in August even though mortgage rates increased,” said NAR Chief Economist Dr. Lawrence Yun. “However, the housing market is still sluggish, with contract signings below last year. This is due to higher mortgage rates offsetting the increased buying power created by job gains and income growth outpacing home price growth.”
