US pending home sales fell 7.3% in September to 66.0, the lowest since records began in 2001, as 30-year mortgage rates reached 7.40%. Jobless claims of 199,000 show the job market is still strong ahead of the Fed's October 28 decision.
NAR's contract pipeline is now weaker than any month of the 2008 crash or the 2020 lockdowns, with 7.40% 30-year rates freezing buyers before prices crack. Source
September pending home sales fell 7.3%, against a consensus of −0.7% and August's +0.3%. The index dropped to 66.0, its lowest since the National Association of Realtors (NAR) began the series in 2001. The consensus figure is from Investing.com. Contracts are down 11.3% from a year ago, and every region fell on both measures: West (−9.2% on the month, −15.0% on the year), South (−8.2%, −12.0%), Midwest (−6.5%, −8.7%) and Northeast (−4.2%, −9.4%).
