Pending Home Sales Just Sank to a Record Low
NAR’s Pending Home Sales Index fell 7.3% in September to 66.0, the lowest reading in its history, and every region pulled back.
30%Of inventory is new construction
30% of today's housing inventory is new construction.
More choices, more incentives, more buyers exploring builder communities. The market is shifting.
What it means
- Buyers: builders often compete with incentives such as rate buydowns and closing cost help. 54% of builders are offering them, so compare the full package, not just the price.
- Resale sellers: new construction nearby is your competition. Price and present the home with that in mind.
- Agents: know the builder communities in your area, their current incentives and how each builder works with buyer agents.
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