U.S. Housing Contracts Fall 7.3% While Completed Sales Rise

U.S. home purchase contracts fell in September even as completed sales rose, giving the Federal Reserve a weaker reading on housing demand before its next meeting amid elevated inflation and borrowing costs. Pending sales, which track contracts signed for existing homes, dropped 7.3% from August and 11.3% from a year earlier. All four U.S. regions recorded monthly declines, led by a 9.2% drop in the West. The fall in September contract signings contrasted with a 1.5% monthly rise in completed existing-home sales. Contracts typically precede closings by one or two months.

Source: TokenPost