U.S. pending home sales fell 7.3% in September from August and were 11.3% lower than a year earlier, the National Association of Realtors said. Pending home sales are contract signings and serve as a leading indicator of existing-home sales one to two months ahead.
The West had the largest month-over-month decrease, followed by the South; both regions also declined year over year. The Midwest and Northeast also recorded month-over-month and year-over-year declines.
“Market conditions weakened in September due to fast-rising mortgage rates,” said Lawrence Yun, chief economist at the National Association of Realtors, in a statement.