Pending home sales fall 2.2% in September as prices rise

 

A “For Sale” sign is seen in front of a house in the Georgetown neighborhood of Washington, DC. (NICHOLAS KAMM/AFP via Getty Images)

OAN Newsroom
UPDATED 2:10 PM PT – Thursday, October 29, 2020

Pending home sales fell unexpectedly in September as prices have continued to rise.

The National Association of Realtors reported pending sales fell 2.2 percent in September but were still more than 20 percent higher when compared to a year ago.

That was the first monthly decline in four months as the housing market has boomed amid the pandemic.

However, buyers looking to enter the market amid record-low mortgage rates have faced a shrinking supply of homes for sale which has pushed the prices higher.

Data earlier this week showed home prices rising at the fastest pace in more than two years.

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