Pending Home Sales Improve in September

Pending home sales were little changed in September but remain well above a year ago, according to NAR.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, edged up 0.3 percent to 99.5 in September from 99.2 in August and is 14.5 percent above September 2011 when it was 86.9. The data reflect contracts but not closings.

Lawrence Yun, NAR chief economist, said pending home sales continue to hold a higher ground. “Home contract activity remains at an elevated level in contrast with recent years, but currently appears to be bouncing around in a narrow range,” he said. “This means only minor movement is likely in near-term existing-home sales, but with positive underlying market fundamentals they should continue on an uptrend in 2013.”

Pending Home Sales Improve in September