Pending Home Sales Just Sank to a Record Low

Pending home sales just hit the lowest level ever recorded.

NAR's Pending Home Sales Index fell 7.3% in September to 66.0. That's the lowest reading in the index's history, and 11.3% below last year.

Every region pulled back

• West: −9.2%
• South: −8.2%
• Midwest: −6.5%
• Northeast: −4.2%

Redfin's weekly numbers agree: pending sales in the 4 weeks to Oct. 25 hit the lowest level in its records.

“Buyers and sellers may simply be holding back until mortgage rates move favorably.”

Lawrence Yun, NAR Chief Economist

Fewer contracts means every serious buyer and seller matters more. The agents who stay in front of them now will own the rebound.