Pending home sales declined by 2.3 percent in September, much to the surprise of most analysts, many of whom were expecting a modest monthly gain. Continued high home prices and a rise in the mortgage rate to 3.15 percent may have contributed to the decrease.
With low inventory expected to continue, it may be that buyers will pause their home search until 2022. On the other hand, rising rents may push would-be buyers back in the market sooner than expected.
Leave a Reply