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Home Sales Are Still Hot

Home Sales are still Hot

According to Axios:

Momentum is still building in the housing market. Pending home sales jumped 8.1% in August — far exceeding analyst expectations for around 1% growth.

State of play: Pending sales, or signed contracts, had cooled during the prior two months, though remained above pre-pandemic levels. 

  • The latest figures, out Wednesday from the National Association of Realtors, imply that September’s existing-home closed sales will be the highest since January, according to a research note from Pantheon Macroeconomics. 

The big picture: “Rising inventory and moderating price conditions are bringing buyers back to the market,” said Lawrence Yun, chief economist at NAR, in the release.