Pending home sales rose by 0.6% in August, with gains in some regions and decline in the Northeast

From GlobeNewswire: 2024-09-26 10:00:00

Pending home sales increased by 0.6% in August, with gains in the Midwest, South, and West, but a drop in the Northeast. Year-over-year, the West saw growth while the Northeast, Midwest, and South declined. The Pending Home Sales Index (PHSI) rose to 70.6 in August, with a 3.0% decrease compared to last year. Mortgage rate drops to 6.5% in August improved affordability, but contract signings remain low. The Northeast saw a 4.6% decrease in PHSI, while the Midwest, South, and West experienced increases. Anticipation of rate cuts has led to near 6% mortgage rates, resulting in $300 monthly savings on a $300,000 mortgage.



Read more at GlobeNewswire: Pending Home Sales Edged Up 0.6% in August