Mortgage & housing market update
Pending Home Sales Edge Higher as Regional Trends Diverge
Signed contracts on existing homes increased slightly in August as gains in the South and West outweighed declines in the Northeast and Midwest.
The National Association of REALTORS® Pending Home Sales Index increased 0.3% from July but remained 4.7% below its year-earlier level. Because pending sales track signed contracts, the measure can offer an early view of future existing-home closings rather than completed transactions.
Results varied widely by region. Pending sales rose 2.3% in the South and 3.0% in the West during August, while the Northeast and Midwest declined. All four regions remained below their year-earlier levels, reinforcing that the national improvement was modest and local conditions remain uneven.
For buyers and real estate professionals, a small national increase does not automatically mean more competition in every neighborhood. Current listings, days on market, seller concessions and property-specific payment estimates are more useful when shaping an offer strategy.
Mortgage-rate information is provided for education only and is not a rate quote, offer, or commitment to lend. Actual rates, fees and terms vary by borrower, property, loan program, market conditions and lock period. Home-price indexes are not appraisals or forecasts for a specific property.
Source reporting: Housing Brief Housing News. This market update is an original summary and commentary prepared by the Carson Home Team.