Association: Pending home sales in US decrease 2 percent amid peak mortgage levels

2022-09-29 05:04:35

(MENAFN) Pending home sales in the US decreased for the third month in a row, dropping 2 percent last month in comparison to the month before (July), as shown by data issued by the National Association of Realtors (NAR) on Wednesday. 

"For the second month in a row, pending sales retreated in the Northeast, Midwest and South, while the West, again, registered a small increase," the NAR also mentioned in a press release.

In the meantime, on a yearly basis, all areas recorded double-digit decreases last month, "Year-over-year, pending transactions dwindled by 24.2 percent."

The association stated that decade-peak mortgage levels were the major cause for the decrease.

"If mortgage rates moderate and the economy continues adding jobs, then home buying should also stabilize," it also reported.

The Federal Reserve has up to now collected rates an overall of 300 basis points, or 3 percent, since March, whereas the Federal Open Market Committee stated that it "anticipates that ongoing increases in the target range will be appropriate."

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