November 27, 2024
Pending Home Sales and Contract Signings Surge, Signaling Ongoing Housing Momentum
According to the National Association of REALTORS® (NAR), pending home sales rose by 2.0% in October, indicating a resurgence in homebuying activity after two years of stagnation. All four regions experienced an uptick in pending home sales, with the Northeast seeing the largest increase—up 4.7% from September. The Midwest followed with a 4.0% rise, while the South saw an increase of 0.9%. The West had the smallest gain, up by just 0.2%.
Contract signings have been trending upward for the past three months, with October marking a 5.4% increase compared to the same time last year. Overall, buyer traffic is up by 7% year-over-year, and housing inventory has increased by 19%.