US pending home sales fell to their lowest level in 20 years in October as mortgage rates surged to their highest levels of the year, according to a report released Thursday.
Pending home sales dropped 1.5% last month from September, monthly data from the National Association of Realtors showed. The pending home sales index — a forward-looking indicator based on contract signings rather than closings — was down 8.5% from a year ago.
Only the Northeast saw monthly gains in pending transactions in October, while the Midwest, South and West all experienced a loss. All four US regions had year-over-year declines in transactions.
Came here to say the same thing - sales down but prices up because it’s a lack of inventory. Kind of amazing when you consider interest rates around 8 percent.