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Contract Signings Stall In August
Dated: October 20 2022
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The National Association of Realtors’ Pending Home Sales Index measures the number of monthly contracts to buy homes. Because it tracks contracts, not closings, it’s considered a good indicator of the future of home sales. The index registered a 2 percent decrease in August, marking the third consecutive month of decline. Lawrence Yun, NAR’s chief economist, says mortgage rates are the number one factor with buyers. “The direction of mortgage rates – upward or downward – is the prime mover for home buying, and decade-high rates have deeply cut into contract signings,” Yun said. “If mortgage rates moderate and the economy continues adding jobs, home buying should also stabilize.” Yun expects mortgage rates to become more steady once inflation calms. That, and slower price appreciation, should lead sales to pick up. Regionally, August’s results show contracts to buy homes were down in the Midwest, Northeast, and South but rose in the West.
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