Pending home sales drop 2.2 percent in September
The summer’s hot housing market has cooled considerably
After an extremely hot sales summer, home sales cooled significantly in September. Pending home sales, which reflect contracts that were signed during the month, dropped 2.2 percent from August to September.
Putting that in context, however, is how September sales compared to 12 months earlier. Year-over-year, sales contract signings were up 20.5 percent from September 2019, showing just how active the market has been since the coronavirus (COVID-19) pandemic began.
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