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WorldPosted at: Nov 30 2021 12:24AM


US pending home sales up in October amid rising interest rates concern - Realtors Group

Washington, Nov 29 (UNI/Sputnik) US pending home sales, or signed contracts to buy existing homes, rose 7.5% in October from a decline the previous month as purchasers sought to get ahead of a widely anticipated hike in interest and mortgage rates, the National Association of Realtors (NAR) said.
“Motivated by fast-rising rents and the anticipated increase in mortgage rates, consumers that are on strong financial footing are signing contracts to purchase a home sooner rather than later,” NAR Chief Economist Lawrence Yun said in a news release. “This solid buying is a testament to demand still being relatively high, as it is occurring during a time when inventory is still markedly low.”
Pending home sales fell an unexpected 2.3% in September, according to NAR’s records.
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