What You Should Know About Pending Home Sales This Month

Marki Lemons Real Estate Blog

Pending home sales fell in September by -5.60 percent, and were 1.20 percent lower year-over-year. This is the first time in more than two years that pending home sales have fallen below year-earlier readings. September’s reading was below August’s reading of -1.60 percent. The National Association of REALTORS®, which released the report, expects lower home sales for the fourth quarter of 2013 and flat sales into 2014. NAR provided good news in its forecast of 10 percent growth in existing home sales in 2013 as compared to 2012. A spike in mortgage rates in August coupled with rapidly rising home prices were seen as major factors leading to lower pending sales. Real estate analysis firm CoreLogic has reported that August home prices were 12.4 percent higher than for the previous 12 months; this was the fastest annual growth rate for home prices since February 2006. While positive news for homeowners…

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