Pending home sales hit all-time high

Photo by Micheile Henderson on Unsplash

MPA | Candyd Mendoza

Pending home sales increased for the fourth consecutive month in August, according to the National Association of Realtors.

“Tremendously low mortgage rates – below 3% – have again helped pending home sales climb in August,” said NAR Chief Economist Lawrence Yun. “Additionally, the Fed intends to hold short-term fed funds rates near 0% for the foreseeable future, which should in the absence of inflationary pressure keep mortgage rates low, and that will undoubtedly aid homebuyers continuing to enter the marketplace.”

NAR’s Pending Home Sales Index (PHSI) shot up 8.8% to 132.8 in August, topping the previous record high of 122.1 in July. Contract signings rose 24.2% year over year.

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