Economic Buzz: US Pending Home Sales Falls 10.2% In September

31 Oct 2022 , 09:34 AM

The National Association of Realtors released a report on Friday showing pending home sales in the U.S. plunged by much more than expected in the month of September. NAR said its pending home sales index tumbled by 10.2 percent to 79.5 in September after falling by 1.9 percent to a revised 88.5 in August. A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale. Pending home sales fell for the fourth straight month, resulting in a 31.0 percent nosedive compared to the same month a year ago.Powered by Commodity Insights