- NAR's monthly index declines by most since December 2013
- Purchase contracts decrease in all four U.S. regions
Contract signings to purchase previously owned U.S. homes unexpectedly fell in September by the most since the end of 2013, indicating the residential real estate market is cooling from its recent brisk pace.
An index of pending home sales dropped 2.3 percent in September after a 1.4 percent decline a month earlier, the National Association of Realtors said Thursday. The decrease exceeded the most pessimistic forecast in a Bloomberg survey of economists.
A limited selection of properties may be dissuading some from trading up, while stricter credit standards are making it difficult for others to qualify for loans. At the same time, housing demand will probably be underpinned by cheap borrowing costs and employment opportunities. Read more
No comments:
Post a Comment