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.