Pending home sales fall 5.6% in September

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    Ruth Mantell

    WASHINGTON (MarketWatch) — A gauge of upcoming home sales dropped in September to the lowest level in nine months, a sign that higher prices and rates are slowing down the housing market’s rebound, according to data released Monday by the National Association of Realtors. Pending-home sales fell 5.6% in September — a fourth month of declines — to hit the lowest level since December. Pending sales of homes were down across the country in September, with a monthly decline of 9.6% in the Northeast, 9% in the West, 8.3% in the Midwest and 0.4% in the South. September is the first period in more than two years that pending sales weren’t higher than year-earlier levels, and home sales could be lower in the fourth quarter, said Lawrence Yun, NAR’s chief economist. However, NAR expects this year’s sales of existing homes to be up 10% from last year. A sale is listed as pending when the contract has been signed. Sales are typically finalized within one or two months of signing.

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    Higher rates, prices cut pending home sales

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