The National Association of Realtors' Pending Home Sales Index measures the number of contracts to buy homes signed each month. Because contract signings precede closings by several weeks, the index is considered a good predictor of where future home sales numbers are headed. In September, the index found pending sales up 1.1 percent from the previous month, with gains in every region but the West. Lawrence Yun, NAR's chief economist, says home sales are expected to bounce back early in 2024. “Sales are expected to turn positive by early next year, with affordable regions and fast job-creating markets in better positions to recover, led by the Midwest and South,” Yun said. But while the improvement is good news for the housing market, pending sales are still down from last year. In fact, contract signings in September were down 11 percent from September 2022.
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