(NAR) The US pending home sales fell in September, with the index down 2.3% from August to 116.7. On a year-over-year basis, pending home sales were down by 8.0%.
All the four regions of the US posted a decline in pending home sales, with contract activity falling the most in the Northeast.
NAR chief economist Lawrence Yun says the slowdown in pending home sales reflects a market that is already returning to the pre-pandemic trends. He expects a fall in inventory towards the end of the year, compared to the summer.
Yun says some potential buyers are postponing home search until 2022, with the inventory levels expected to rise by then.
NAR expects home sales to have gained by 6.4% this year before declining by 1.7% in 2022. Home prices are expected to post a moderate 2.8% increase in 2022, after a 14.7% gain this year.
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