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10/28, 4:00 PM (Source: TeleTrader)
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US pending home sales down 2.3% in September

Pending home sales in the United States declined 2.3% in September when compared to the previous month, according to a report published by the National Association of Realtors (NAR) on Thursday. The Pending Home Sales Index (PHSI) fell to 116.7 in September, missing analysts' expectations, constituting a yearly loss of 8%.

The regional PHSIs were down in all sectors, with the Midwest region falling the most month-over-month at 3.5% to 111.4. Meanwhile, the West and South PHSI were registered monthly losses of 1.4% and 1.8% to land at 105.3 and 139.1 respectively. Lastly, the Northeast PHSI was down by 3.2% to 93.1.

NAR's Chief Economist Lawrence Yun commented on the report saying: "Contract transactions slowed a bit in September and are showing signs of a calmer home price trend, as the market is running comfortably ahead of the pre-pandemic activity. It’s worth noting that there will be less inventory until the end of the year compared to the summer months, which happens nearly every year."

Breaking the News / OL