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.
NAR's latest pending home sales show that nationally, contract signings climbed 20.5% compared to a year ago.https://t.co/G0LEiJUsQR
— National Association of REALTORS® (@nardotrealtor) October 29, 2020
That was the first monthly decline in four months as the housing market has boomed amid the pandemic.
Pending sales were still 20.5% higher year-over-year
Drop comes as shrinking supply continues to push prices up
— Greta Wall (@GretaLWall) October 29, 2020
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.