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Pending Home Sales Fall Back to The 2nd Highest Level on Record; Rates Edge Higher as Risks Increase

Pending Home Sales Fall Back to The 2nd Highest Level on Record; Rates Edge Higher as Risks Increase

Pending home sales faltered a bit in Septembe r, like new home sales announced earlier this week, the decline ended a four-month winning streak. The National Association of Realtors® (NAR) said that its Pending Home Sales Index (PHSI) fell to 130.0, a 2.2 percent retreat from the August level. The index, based on signed contracts to purchase existing single-family homes, townhouses, condominiums, and cooperative apartment, fell in every region but the Northeast. However, it is still 20.5 percent higher than in September 2019 and retained double digit annual growth in all regional indices. Analysts had expected the positive run to continue. Those polled by Econoday were not universally upbeat, their forecasts were, in fact, wild. They ranged from a 4.0 percent downturn to a 9.5 percent increase
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