In September, pending home sales for existing homes jumped 7.4% month-over-month, surpassing analysts’ 1% forecast, according to the National Association of Realtors (NAR). Regionally, the West saw the highest growth with a 12.3% year-over-year gain, boosted by slight mortgage rate decreases. The Northeast also showed a positive 3.3% increase, while the Midwest and South remained stable.
Our Take on the Market
These pending sales are a strong indicator of current buyer demand and mortgage rate sensitivity. However, with rates reaching 7%, the spike in activity may be short-lived, and 2024 home sales may not surpass 2023 levels. The market, though, has consistently defied predictions, so stay tuned.
Contact Westside Los Angeles Luxury Real Estate Broker Abdo Pierre Faissal at Nourmand & Associates for more information 310-620-1038 / [email protected]