A better selection of homes offered for sale coupled with gently rising home prices boosted pending home sales in September.
Pending home sales rose 0.3% in September 2014, posting a positive gain for the first time in 11 months, data from the NATIONAL ASSOCIATION OF REALTORS® show.
NAR’s Pending Home Sales Index showed the number of homes under contract to sell was also up 1% over September 2013.
“Housing supply for existing homes was up in September 2014 6% from a year ago, which is preventing prices from rising at the accelerated clip seen earlier this year,” he said. “Additionally, the current spectacularly low mortgage rates should help more buyers reach the market.”
Despite improved housing conditions and low interest rates, tight credit conditions continue to be a barrier for some buyers.
About 15% of REALTORS® said they had at clients who couldn’t close on their home purchase because they were unable to get a mortgage.
“The rule provides clarity for lenders and is a win for creditworthy consumers by ensuring they continue to have access to safe and affordable loan products without overly burdensome downpayment requirements,” he said.
Pending Home Sales by Region
|September 2014||September 2013|
|National||Up 0.3%||Up 1.0%|
|Northeast||Up 1.2%||Up 2.9%|
|Midwest||Down 1.2%||Down 4.0 %|
|South||Up 1.4%||Up 1.7%|
|West||Down 0.8%||Up 3.6%|
By: Dona DeZube