The National Association of Realtors is reporting that pending home sales rose 2% in in October, 2024. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 77.4 in October. The NAR says momentum is building…Indeed.
“Homebuying momentum is building after nearly two years of suppressed home sales…Even with mortgage rates modestly rising despite the Federal Reserve’s decision to cut the short-term interbank lending rate in September, continuous job additions and more housing inventory are bringing more consumers to the market.” Said the NAR’s Chief Economist, Lawrence Yun.
