The National Association of Realtors is reporting that pending home sales rose 0.6% in in August, 2024. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 70.6 in August.
“A slight upward turn reflects a modest improvement in housing affordability, primarily because mortgage rates descended to 6.5% in August…However, contract signings remain near cyclical lows even as home prices keep marching to new record highs.” Said the NAR’s Chief Economist, Lawrence Yun.
